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Posted on: September 5, 2023

Learn how Minnesota's foreign trade zones can help your bottom line

MN Foreign Trade Zones graphic image

Are tariffs and duties for your global business a significant drain on your bottom line?

A Foreign Trade Zone designation may be the answer to serious savings. The Washington County Community Development Agency and Minnesota Department of Employment and Economic Development are ready to help explore the benefits and cost-savings offered by Foreign Trade Zones (FTZs) through a virtual workshop noon to 1:30 p.m. Wednesday, Sept. 27.

Whether importer, exporter, merchandise processing, warehouse, or manufacturer, however you work in the global economy, you may be paying significant tariff, duties, or processing fees. Foreign Trade Zones are designed to help global companies that have more than $2 million in revenue potentially realize hundreds of thousands or more in savings.

The virtual information session “Foreign Trade Zones: Possibly the best tax incentive you’ve never heard of” is provided at no cost.

This session, featuring Marshall Miller, president of Miller & Company, is a renowned expert in strategies and techniques for importing and exporting, special customs procedures, including analysis of benefits and establishment of U.S. Foreign Trade Zones, will help you learn the benefits of FTZs, such as how to defer and reduce duty payments, how to store imported goods and export without incurring duties, and much more.

Some of the leading companies in Minnesota are designated Foreign Trade Zones, including AGCO Corporation, Archer Daniels Midland, Mat Industries, Murphy Warehouse, Polaris Industries, Red Wing Shoe Company, Sick Industries, Tk Trading, and more.

See more details on the DEED website.

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