Companies Can Tap into the Benefits Of Orange County’s Foreign Trade Zone
Real Estate In-Depth | September 20, 2023
GOSHEN—Orange County operates US Foreign Trade Zone #37. The Foreign Trade Zone was established by the federal government in May of 1978. It was intended to provide an economic boost to the greater Newburgh/New Windsor area that endured a significant blow when Stewart Air Force Base closed in 1971.
Presently, the Orange County-Foreign Trade Zone consists of the following sites:
• Newburgh Foreign-Trade Zone Industrial Incubator facility, adjacent to Port Newburgh, in Newburgh.
• Stewart International Airport/Northeast Business Center, near the intersection of I-87 and I-84, New Windsor/Newburgh.
• Newburgh/New Windsor site (Port Newburgh) off Exit 10, Interstate 84 at the Newburgh/Beacon Bridge. The site includes only that area bounded by the Hudson River, Quassick Creek, South Water Street and South Williams Street.
• Goshen/Westgate FTZ Industrial Park, off Exit 124 of NY Route 17, Village of Goshen.
• The Gap Distribution Facility, Fishkill.
• Takasago Inc., at Harriman.
What is a Foreign Trade Zone?
FTZs are secure, designated areas around the United States, located in or near a U.S. Customs and Border Protection (CBP) Port of Entry. Foreign and domestic merchandise that enters an active FTZ is considered to be in international territory, thus providing a number of advantages for FTZ clients who regularly import finished goods, raw materials or component parts for manufacturing or distribution.
For those involved in international trade, advantages may include the elimination, reduction and/or deferral of costly duties or tariffs on imports. FTZ-37 has premier corporate operators that include Takasago International, The Gap, Konica-Minolta and Findlay’s Tall Timbers.
“Our Foreign Trade Zone is a critical economic development tool that helps create business and jobs in Orange County and beyond,” said Orange County Executive Steve Neuhaus. “FTZ #37 directly impacts a company’s bottom line, especially in the current global trade climate.”
“As we grow our FTZ we continue to attract top manufacturers and distributors to Orange County and to the Hudson Valley region,” said Steve Gross, Orange County Director of Economic Development. “The FTZ is a catalyst in our economic development formula that leads to job creation and positive business development.”
If you want to know how the FTZ can be beneficial to your business, contact Steve Gross, Orange County Director of Economic Development at email@example.com.