Hamblen County, TN Approved as Foreign Trade Zone

Hamblen County, TN Approved as Foreign Trade Zone

 

Hamblen County has recently been approved as a member of Foreign Trade Zone 204 out of the Tri Cities.
 
“All of our industrial parks and the entirety of our county and city lie within the zone now so this could have potential financial impacts for existing industries in our community as well as a tool to offer potential new industries considering Morristown,” Marshall Ramsey, president of the Morristown Area Chamber of Commerce, said.
 
Foreign Trade Zones have grown since their creation by the Foreign Trade Zones Act of 1934. A Foreign Trade Zone is a geographical area where commercial merchandise, both domestic and foreign, receives the same U.S. Customs treatment it would if it were outside the commerce of the United States. Merchandise of every description may be held in the Zone without being subject to Customs duties and other ad valorem taxes
 
This tariff and tax relief is designed to lower the costs of U.S.-based operations engaged in international trade and thereby create and retain the employment and capital investment opportunities that result from those operations.
 
“This designation is a partnership between the city of Morristown, Hamblen County, and the Morristown Area Chamber of Commerce,” Ramsey said. “The days of having one privately owned industrial park that is certified are transitioning toward a county-wide designation and we are happy to offer that in Hamblen County.”
 
R. Jack Fishman, Chairman of the Industrial Development Board of the City of Morristown said, “This will provide opportunity for existing and new firms interested in international commerce to locate and expand in our county. This is a distinct advantage as the entirety of our county is Foreign Trade Zone Certified, so if any industry chooses to locate or expand here, this zone designation is available to them and can mean significant cost savings.”
 
“Hamblen County and the city of Morristown are committed to creating a business environment that helps our companies grow and prosper,” said Hamblen County Mayor Bill Brittain. “We encourage our importers to take advantage of this designation when helpful and to tell their colleagues about it.”
 
“Foreign-Trade Zones are vital components of economic development. FTZ’s help existing businesses save time and money by allowing them to defer the Customs clearance process (and payment of associated Customs duties) until merchandise leaves the importer’s facility. For prospects and site selection consultants, the availability of FTZ access will keep a community on the short list of relocation possibilities and provide an advantage over neighboring communities without an FTZ,” said Mark Canty, Trade Development Specialist and Administrator of FTZ 204.
 
Morristown Mayor Danny Thomas said, “Having our entire county designated as a member of the Foreign Trade Zone is another benefit for our existing industry and a tool to recruit new industry into our industrial parks. It is important that we continue to partner with Hamblen County Government and the Morristown Area Chamber of Commerce to find ways to help our existing industries and make our city more attractive to locate new industry.”
 
If any industries have questions on savings or a no cost savings analysis, please contact Ramsey at the Morristown Area Chamber of Commerce.

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