Capital Region Foreign-Trade Zone Success Story Wins at National Trade Event
The Capital District Regional Planning Commission and FTZ #121 receives recognition from the National Association of Foreign-Trade Zones as part of its “Telling the FTZ Success Story” advocacy campaign.
The National Association of Foreign-Trade Zones (NAFTZ) has recognized the Capital District Regional Planning Commission (CDRPC) and the Capital Region Foreign-Trade Zone (FTZ) with its “FTZ Success Story” award at the NAFTZ Spring Seminar last week. CDRPC is the and administrator for the Capital Region FTZ which covers a 10-county service area in upstate New York.
Foreign-Trade Zones are catalysts for international trade, job creation, and regional economic development. An FTZ designation can help businesses be more profitable and competitive on a global stage. CDRPC administers the Capital Region Foreign-Trade Zone. It was established in 1985 and is available to businesses located within its 10-county service area.
Telling the FTZ Success Story
The Capital Region FTZ’s award-winning submission is entitled “Capital Opportunities in Foreign-Trade.” It highlights the overall economic impact of the FTZ in 2017. Based on data from FTZ users and operators, through 2017 the Capital Region FTZ had a $913 million impact on its 10-county service area. More than 1,700 jobs were impacted by FTZ activities and accounted for $161 million in labor income.
“I believe that it’s important to talk about the success that we have had in the Capital Region with our Foreign-Trade Zone program,” said Sean Maguire, Director of Economic Development for CDRPC and Administrator of the Capital Region Foreign-Trade Zone. “We’ve demonstrated that our FTZ businesses have an important impact on our region’s economy. The FTZ has been and remains a tremendous resource, available to companies across our greater Capital Region.”
“On behalf of the National Association of Foreign-Trade Zones, I again congratulate the Capital Region Foreign-Trade Zone, winner of the NAFTZ Foreign-Trade Zone Grantee Success Story contest,” said association president, Erik Autor. The award was presented on May 22 before an assembly of NAFTZ members at the association’s Spring Seminar in Portland, Oregon. “The Capital Region FTZ’s submission is particularly noteworthy because of the significant impact this FTZ has in Upstate New York and its success in attracting investment, growing the regional economy, and supporting local jobs. In the current political and economic environment, highlighting local FTZ success stories like this are essential to inform local, state and federal officials, the media, and the public about the importance of the FTZ program.”
Maguire said that he hopes that by telling the story of the state’s largest regional foreign-trade zone, more companies will explore FTZ opportunities. He noted that trade is important to the region’s economy because businesses engaged in international trade tend to offer better opportunities for employees and generate wealth for the region. The FTZ program helps reduce some of the cost barriers associated with importing goods and materials.
About the Capital Region FTZ
Capital Region FTZ designates foreign-trade zone sites at a company’s current place of business within the service area. It does not require a business to relocate its operations. The designation process takes approximately 30 days once submitted to the US Department of Commerce. The FTZ service area includes Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren, and Washington Counties. Businesses that are engaged in importing products, goods, or materials can contact CDRPC for more information about the program at (518) 453-0850 or by visiting www.CapitalRegionFTZ.com.