Source: UtahPulse by Jeff Edwards, President and CEO, EDCUtah Recently, Mayor Ralph Becker and other Salt Lake City leaders hosted a launch event celebrating the recent re-activation of Utah’s Foreign Trade Zone (FTZ). This is an exciting, business-friendly development for the state. An FTZ gives a community the ability to defer, reduce or eliminate customs duties. It also encourages and expedites U.S. participation in international trade and enhances the importation of foreign goods for domestic consumption, or for exportation after use in domestic manufacturing. Within an FTZ, merchandise may be assembled, exhibited, cleaned, manipulated, manufactured, mixed, processed, relabeled, repackaged, repaired, salvaged, sampled, stored, tested, displayed and even destroyed before processing through customs, however, retail sales are prohibited. The impacts of having an FTZ in Utah are very good for economic development.

Jeff Edwards, President and CEO, EDCUtah

Salt Lake City’s FTZ will be located at 1105 S. 4800 West, where a new building will be completed by 2010. However, the FTZ can also be used by companies who wish to create subzones at their sites. Top industries that utilize or can benefit from FTZs include consumer goods distribution and manufacturing. The Rockefeller Group is managing the FTZ process for Salt Lake City. The Rockefeller Group brings 30 years of experience to the table and Utah is fortunate to have such experience as a resource. Also of note, perhaps you read the great story about the City Creek Center, published last week by The New York Times. The article really highlights how extraordinary the investment to our capital city is, especially in light of the difficult economy.