Northwest Iowa Development chairman Steve Simons of Larchwood tells us about it.
Simons, who is also the Lyon County Economic Development Director says that the foreign trade zone gives developers another tool with which to work as they work with companies that are already in northwest Iowa and as they help to bring companies into northwest Iowa. He says there are two ways that the zone could help northwest Iowa businesses.
He gives us an idea of how a foreign trade zone works.
Simons says the northwest Iowa foreign trade zone is one of six in Iowa, and the only rural foreign trade zone. He says Northwest Iowa Development received the grant of authority about a month ago.
Simons says foreign trade zones facilitate and expedite international trade, providing special customs procedures as a public service to help firms conduct international trade-related operations in competition with foreign plants, encouraging and facilitating exports, helping attract offshore activity and encouraging retention of domestic activity, assisting state and local economic development efforts, and helping create employment opportunities.
He says if you run a business that imports or exports, you are encouraged to call your local economic development director for more information.