Another streak has begun: The Georgia Foreign Trade Zone was named best in the nation for the second year in a row by Site Selection magazine.
The announcement came just days after the magazine chose Georgia as the best state for business for the sixth year running.
GFTZ, in fact, directly contributed to the overall business ranking: Federally designated foreign trade zones boost competitiveness of U.S. manufacturers by allowing them to defer or reduce tariffs on imported components until they’re assembled and sold or re-exported as finished goods. That makes trade less costly and more predictable.
The zone was selected after a survey of more than 1,000 supply chain executives and site-selection consultants, according to a news release. They were asked to rate track record of success, assistance, ease access to information, staff, ability to cater to customers speaking different languages and other factors.
GFTZ CEO Julie Brown chalks the honor up to service: making users aware of ways to better manage their global supply chains at a time of rapid trade-policy change.
“Our national network of leading trade experts helps to keep the businesses in our community well-informed on shifts in trade policy with insights and recommendations on how to maximize their savings and efficiencies,” Ms. Brown said in a statement. “It’s our goal to be the best partner that our clients have to optimize the receipt of merchandise from a global supply chain.”
GFTZ Board Chairman Joe Bankoff, also outgoing chair of the Sam Nunn School of International Affairs at Georgia Tech, said the FTZ program has become a vital ingredient for many companies’ success.
“By reducing the cost of doing business for job creators in our economy we’re supporting job growth, wage growth and productivity,” he said in the news release. “This is an important program and I’m proud of the work that we’re doing to keep Georgia moving.”
Read a commentary by Ms. Brown explaining more about the program: Amid Trade Uncertainty, an 84-Year-Old Program Can Help American Manufacturers Compete