DUNCAN — Economic development is very competitive. Every day, the Duncan Area Economic Development Foundation (DAEDF) competes against other communities across Oklahoma, the nation and even internationally for companies to look at us as their next location. We also vie to retain companies in our area. To stay competitive, it is necessary to see what other programs, incentives or functions we can offer and add to our “tool chest.” Recently, the DAEDF board decided to pursue the designation of a Foreign Trade Zone (FTZ) to aid in our marketing efforts. Because of the number of companies that are located in Duncan that trade internationally and for companies interested in relocating to our area, having a FTZ subzone in the Duncan vicinity will be very beneficial.
What is a FTZ? The definition of a Foreign Trade Zone is an area considered outside of the U.S. Customs territory in which duties on merchandise can be deferred, reduced or, in some cases, eliminated. A Foreign Trade Zone is an area where domestic and foreign merchandise is brought for the purpose of storage, manufacturing, assembly, salvage, repackaging, repair, re-export, transfer shipping, exhibiting goods and other operations (www.foreigntradezone106.org).
According to the National Association of Foreign Trade Zones (NAFTZ), the Foreign Trade Zone program has promoted American competitiveness by encouraging companies to keep and expand their business domestically. FTZs are one of the best pro-manufacturing job programs available in the United States. By eliminating “disincentives” to manufacture in the United States, FTZs help level the playing field and encourage companies to establish or keep their operations in the United States.
• Duty Exemption
• Duty Deferral
• Inverted Tariff — pay tax only on final product, not on each of the component parts.
• Reduced Merchandise Processing Fees
• Logistical Benefits — May have access to streamlined customs procedures.
• Exemption from state/local inventory taxes
Benefits to the Public:
• Help facilitate and expedite international trade
• Encourage and facilitate exports
• Help attract offshore activity and encourage retention of domestic activity
• Assist state/local economic development efforts
• Help create employment opportunities
A FTZ is a unique way of expanding international trade in Oklahoma as well as stimulating the local economy to provide greater economic growth and employment opportunities. The application process takes 10-12 months, but once we receive our FTZ Subzone designation, we will continue to set ourselves apart from the competition. In addition, we will not activate the zone until we have a company that wants to take advantage of the potential savings. The more we do to set ourselves apart from the rest, the better we are.
Make sure you play your part in keeping the community clean and vibrant so others may see what a wonderful place Duncan is and observe our quality of life. If you have questions, I can be contacted at the Duncan Area Economic Development Foundation office at 580-255-9675, or just send me an e-mail at jessika@ok-duncan.com. Visit our Web site at www.ok-duncan.com to let us know if you want to come home to Duncan and are looking for a job opportunity.
— Jessika Davis can be reached at 580-255-9675 or by e-mail at jessika@ok-duncan.com.
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