The Government of Saskatchewan recently announced the federal government has approved creation of a Foreign Trade Zone (FTZ) at the Global Transportation Hub (GTH). An FTZ Point is a federally authorized location where imported goods may be stored, processed or assembled without being subject to import duties. The GTH is one of only six regions in Canada that have been granted this status.
An FTZ gives companies involved in import and export activities the ability to reduce and eliminate trade barriers such as tariffs, quotas and compliance costs. This in turn leads to lower operating costs and the ability to get goods to market faster and more efficiently.
“Being declared an FTZ puts the GTH on a more level playing field with other global locations and showcases Saskatchewan as a more attractive trading partner,” Minister of the Economy and Minister Responsible for the GTH Bill Boyd said. “The GTH as a FTZ opens the door to additional market opportunities and foreign investors, which we expect will create more economic growth and jobs in Saskatchewan. ”
In its five years of operation, the GTH has generated $485 million in private investment into Saskatchewan and has helped create nearly 800 jobs. Operating as a self-governing inland port authority, the GTH is ideally situated adjacent to the CP Rail mainline and in close proximity to two major highways that offers quick turnaround and efficient transportation access to markets across the globe.
“Foreign investors look to establish in trading and distribution hubs that offer lower operating costs and flexible, streamlined approaches with the movement of goods,” President and Chief Executive Office of the GTH Bryan Richards said. “By offering our clients eligibility for federal tariff and tax exemptions and duty deferrals, we’re cutting red tape and reducing the cost of doing business. That’s a significant competitive advantage for the GTH and for our province.”
Known in the import and export industry as a “single window,” the GTH will provide a single point of contact and coordinated service on Canada’s FTZ programming – something that potential international investors consistently inquire about, Richards added. “In addition to creating increased international awareness, companies are attracted to FTZ zones because they can improve their bottom line,” Richards said.
Comprising 1,800 acres, the GTH is Saskatchewan’s premier road, rail, transportation and warehousing distribution hub. Designed to help local, national and international companies connect to global markets through an efficient rail and road infrastructure, the GTH offers land for sale or lease to businesses in the following segments: transportation and logistics, warehousing and distribution, import and export operations, as well as light processing and manufacturing.
For more information visit www.THEGTH.com
