Government of Canada Designates Niagara Foreign Trade Zone Point

NIAGARA, ONTARIO--(Marketwired - April 15, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, Vance Badawey, Member of Parliament for Niagara Centre, along with Chris Bittle, Member of Parliament for St. Catharines, announced the designation of the Niagara Foreign Trade Zone (FTZ) Point, serving the region's 12 municipalities from east of Hamilton to the United States border.

To foster a supportive business climate, we need to help spur innovation and investment and open up international markets. This Point will serve as a one-stop shop for businesses to access information on Canada's FTZ policies and programs. This is the first FTZ Point established in Ontario.

The FTZ Point will promote Niagara as a hub for international trade and will attract foreign and domestic investment.

Designating a FTZ Point in Niagara aligns with the Government of Canada's priorities to help businesses integrate into foreign markets and global value chains.

Quick Facts

- The Niagara FTZ Point will provide streamlined information on the Government of Canada's tax and tariff export-related programs that can make it easier for businesses looking to expand and export.

- FTZ programming includes, for example, the Duty Deferral Program, the Drawback Program, the Customs Bonded Warehouse Program, the Export Distribution Centre Program and the Exporters of Processing Services Program. To establish the Niagara FTZ Point, Niagara Region partnered with the Niagara Development Corridor Partnership Inc. (NDCPI), Niagara's business community, Brock University, Niagara College, and its 12 local municipalities. A task force of federal, provincial and municipal representatives will meet regularly with regional industry exporters.

- This designation supports the Niagara region's plans to leverage its central position, high-quality infrastructure, favourable business environment and world-renowned location to further lead the region and Canada into international markets.

Quotes

"The expansion of trade opportunities across Canada is a key part of the Government of Canada's plan for job creation and economic growth. By designating this Foreign Trade Zone Point in Niagara, we are strengthening the region and all of southern Ontario as an international hub with world market accessibility."

- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

"The Niagara FTZ Point is an integral part of a greater strategy for economic prosperity in this region, intended to grow employment, boost the local economy and increase opportunities for export."

- Vance Badawey, Member of Parliament for Niagara Centre

"Today's designation will competitively position the Niagara Region as a hub for international trade and will help attract foreign and domestic investment. This means more opportunities for jobs, and innovation in Canada, as well as new markets domestically and abroad."

- Chris Bittle, Member of Parliament for St. Catharines

"By creating this one-stop shop, the process of investing and trading in the Niagara region will be streamlined, making the process of doing business here that much easier. This government's priority is to grow the economy, create the conditions where good jobs are created and ultimately to make Ontario the easiest place to do business in Canada. This marks an important step in getting us to where we want to go."

- The Honourable Brad Duguid, Minister Economic Development, Employment and Infrastructure

"I welcome today's announcement that Niagara Region will be designated the first Foreign Trade Zone in Ontario. As a Foreign Trade Zone, Niagara will be uniquely positioned to attract both foreign and domestic investment while opening up new global markets for local businesses. Securing this designation provides the resources that will enhance Niagara's competitiveness and demonstrates our ongoing commitment to fostering an environment for economic prosperity."

- Alan Caslin, Regional Chair, Niagara Region

Associated Links

- Information on Foreign Trade Zones (Department of Finance Canada)

- Niagara Region

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