A new designation from the federal government will help Sarnia-Lambton compete on the international stage, officials say.
The Foreign Trade Zone (FTZ) status granted on April 13 gives international businesses tariff and tax exemptions and deferrals when importing, exporting and producing goods locally, the Trudeau government announced.
Stephen Thompson, CEO of the Sarnia-Lambton Economic Partnership, said the move will raise Sarnia–Lambton’s profile and reduce red tape for exporters.
It will also allow the area to market itself as an international trade hub to attract more business and foreign investment, said Sarnia-Lambton MP Marilyn Gladu.
“It will hugely benefit our local economy and create job opportunities, which is exactly what we need, coming out of the devastation of the pandemic,” she said.
Sarnia-Lambton becomes the 16th FTZ in Canada, said Marie-France Lalonde, Parliamentary Secretary to the Minister of Economic Development and Official Languages.