Hamilton was recently named a Foreign Trade Zone (FTZ) by the Canadian government. It is just the third such zone in Ontario and will position the region as a hub for international trade.
The designation allows for eligibility for tariff and tax exemptions on raw materials, components or finished goods. It offers a single point of access to resources and programs that relieve duties, tariffs and taxes for business and will boost trade and export opportunities for businesses.
“As a trading nation, Canada recognizes the strong connection between trade and good jobs. That is why we have designated Hamilton as the newest FTZ Point in southern Ontario as part of our commitment to strengthening this region as an international hub for global opportunity,” said Mélanie Joly, Minister of Economic Development.
Being named a foreign trade zone injects more resources into concierge services, and will help businesses expand into new global markets and supply chains, says Jennifer Patterson, senior development consultant for investment and trade at the City of Hamilton.
“The announcement naming Hamilton as a Foreign Trade Zone point marks a new chapter in our city’s efforts to attract foreign direct investment and expand markets for our existing businesses,” said Hamilton Mayor Fred Eisenberger.
“This new designation will accelerate economic activity and enhance Hamilton’s renowned reputation as a goods movement leader in Canada.”
Being named an FTZ will help Hamilton companies, including more than 1,100 manufacturers, move their goods around the globe efficiently, said Norm Schleehahn, director of economic development with the City of Hamilton.
It will also solidify the city’s position as a goods movement leader and key trade gateway and signals its “open to the world attitude,” said Ian Hamilton, president and CEO of HOPA Ports.
Simple and proactive assistance will be crucial to businesses that are growing, he added.
“Hamilton’s designation as a Foreign Trade Zone (FTZ) point brings Hamilton International Airport another step closer to realizing its vision to be recognized by the world as the best global gateway in Canada for affordable travel and goods movement,” added president and CEO Cathie Puckering.
“The FTZ designation is beneficial for Hamilton International and the entire logistics and transportation sector, as it provides another tool for the City to strengthen its position as a strategic location for international trade and foreign direct investment.”
The Hamilton FTZ will seamlessly link companies with a range of federal incentive programs that waive or defer duties and taxes on imported and exported goods.
For more information visit: investinhamilton.ca/ftz/