SAULT STE. MARIE -- Sault Ste Marie is receiving a designation meant to help boost exports and create trade opportunities. It’s the first city in northern Ontario to receive a Foreign Trade Zone - or FTZ - designation.
The new designation announced Tuesday by Minister of Economic Development Melanie Joly is expected to strengthen Sault Ste Marie’s position as a transportation hub, which in turn will make the region more attractive to business and foreign investment.
“This is just another tool that we can offer companies operating in Sault Ste Marie and to locate to Sault Ste Marie,” said Mayor Christian Provenzano. “We’re really trying to develop our export markets, so this is a positive development for our community.”
Rory Ring, chief executive officer of the Sault Ste Marie Chamber of Commerce, said the benefits stemming from the FTZ designation will be felt across Algoma.
Will benefit all of Algoma
“The concept is really to bring, let’s just say components from another country, land it here without any duty and excise taxes, bring other resources from the region, and put those together to create a new product that can be resold to other countries around the globe,” Ring said.
Joly said Sault Ste Marie was chosen for a number of reasons, including the city’s steel industry.
“It is a community that is also very well connected to the American markets,” she said. “We want to increase the possibilities for entrepreneurs and businesses that want to export to the American Midwest, but also to other parts of the world.”
The Sault chamber said Tuesday’s announcement is a step toward diversifying the northern economy and will ultimately lead to jobs in the Sault and around Algoma District.
