October 15, 2020 - World Trade Center Savannah (WTCSav) announced that they received official notification from the Foreign-Trade Zones board that WTCSav Savannah is approved to expand Foreign-Trade Zone 104 Alternative Site Framework service area to include a portion of Burke County. World Trade Center Savannah is the grantee of Foreign-Trade Zone 104.
Authorized by the Foreign-Trade Zones Act of 1934, the FTZ program expedites and encourages foreign commerce by lowering the costs of U.S. based operations engaged in international trade thus providing a secure, efficient and profitable way to compete effectively in domestic and global markets. Foreign-Trade Zone 104 was created in 1984 in Savannah and is available to companies in the greater region of Georgia.
Foreign-Trade Zones are designated areas within the United States, which for the purpose of tariff laws, and Customs entry procedures are treated as though they are outside of the U.S. customs territory. The FTZ program allows the U.S. to achieve its trade policy goals, including export promotion, while at the same time supporting domestic job growth and economic development. Companies operating FTZs have become a thriving sector in the U.S. economy.
While it sounds like a single entity, FTZ 104 is not a single location. It actually encompasses a designated system and operation within a number of businesses and locations around the region including Dorel Home Furnishings in Bryan County, John Deere in Richmond County and Floor & Décor in Chatham County.
“Foreign-Trade Zone 104 has proven to be a valuable asset in attracting foreign direct investment projects and helping regional businesses grow,” said World Trade Center Savannah President and CEO Trip Tollison. “I’m confident Burke County will benefit greatly from being added to the service area, and I’m excited to see how World Trade Center Savannah can help the county’s businesses and community grow.
World Trade Center Savannah and Foreign-Trade Zone 104 Vice President Leigh Ryan added “The added advantage to Burke County companies is the efficiency in reducing paperwork, time and money savings when going through the process of establishing a Foreign-Trade Zone.”
“Becoming a part of FTZ 104 is a positive addition to the business development efforts of Burke County,” said Development Authority of Burke County Executive Director Molly Olson. “This is an asset to new companies that choose to make Burke County their home and to existing businesses in the area specifically those in the manufacturing, distribution and warehousing industries. We are delighted to be a part of this program.”
For more information about Foreign-Trade Zone 104 and World Trade Center Savannah visit wtcsavananh.org.