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The Genesee County Economic Development Center said Tuesday the county has been approved as a foreign-trade zone.
It is the first foreign-trade zone in the Finger Lakes Region since a similar zone was created in Monroe County in 1987, the agency said.
A foreign-trade zone is a site within the United States designated by the U.S. Department of Commerce where foreign and domestic merchandise is considered to be in international commerce.
The application designates two Genesee County industrial parks—Apple Tree Acres and the Genesee Valley Agri-Business Park—as magnet sites, which allows businesses looking to develop at these sites an expedited application process. Other magnet sites can be added.
“This is a historic day for economic development in Genesee County and a critical component of our broader efforts to sustain job creation and investment in our region,” said Steven Hyde, president and CEO of GCEDC, in a statement. “The approval of this application for (this) status will help spur economic growth and foreign investment by incentivizing businesses with customs duty savings and other tax advantages, as well as increased flexibility in the handling of domestic and imported merchandise.”
There are 14 of the free-trade zones approved in New York, including four in or near New York City.
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