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Issue: 966 Date: 2/26/2009
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"Perfectly Centered, Remarkably Connected"
Now An Expanded Foreign Trade Zone In Region As St. Louis County Port Authority Receives Federal Approval
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The St. Louis County Port Authority has received approval from the U.S. Department of Commerce Foreign-Trade Zone Board to expand the Foreign-Trade Zone to include new sites around and at Lambert-St. Louis International Airport. The site expansion will allow increased employment opportunities and investment by encouraging international business activities --- particularly the so-called St. Louis "Big Idea," the proposal for the bi-state St. Louis region to become a Midwestern commercial hub for China, the fastest-growing economy in the world.
Foreign-trade zones are intended to increase U.S. participation in international trade and foster growth and re-investment. The expansion sites consist of designated areas with existing businesses, land that is in the process of being developed, as well as undeveloped land that will be redeveloped to attract new business to the community. These zones allow foreign products to be admitted without being subject to customs duties.
"The Foreign-Trade Zone expansion is another step forward in a long-term effort by community leaders to increase our position in the global marketplace. These expansion sites are part of our re-investment strategy and key locations for businesses engaged in international trade," noted St. Louis County Executive Charlie Dooley.The expansion zone sites include:
NorthPark, the 550-acre redevelopment located east of Lambert-St. Louis International Airport;
Hazelwood Commerce Center, an industrial park on nearly 170 acres, directly northwest of Lambert and Interstates 70 and 170;
Lindbergh Distribution Center, a 528,000-square-foot distribution warehouse located southwest of the former Ford Motor Co. plant in Hazelwood; and
A 75-acre airport-owned tract adjacent to Lambert.
"This is great news for St. Louis County and economic development. The expansion of the Foreign-Trade Zone provides the region a real advantage as we as work to develop future job growth through increased economic activity with China and other countries. This also can benefit local companies that locate in the Trade Zone as they expand into foreign markets," added St. Louis Lambert-International Airport Director Dick Hrabko.
This expansion of the Foreign Trade Zone near Lambert-St. Louis International Airport compliments the already expanded Foreign Trade Zone at Mid America Airport, adding to the bi-state region's international attraction for distribution and shipping. In fact, their recent announcement of weekly international air cargo flights from South America would not have been possible if the Tri-City Regional Port District hadn't expanded Foreign Trade Zone #31 to a site at Mid America Airport. |
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