Reductions in trade barriers will support Edmonton Metro Area business growth
Businesses from the Edmonton Metro Area as well as Western Canada and the Canadian North will soon benefit from reduced trade barriers thanks to Western Economic Diversification’s establishment of a Foreign Trade Zone (FTZ) Point at Edmonton International Airport (EIA). The new FTZ will help Port Alberta, of which EIA is partner, boost foreign investment in the region.
An FTZ Point is a strategic location identified for international trade and foreign direct investment, supported by the federal government, acting as a single point of access to information on relevant government policies and programs. FTZ Points are utilized by investors around the world and are important drivers of international trade. FTZ designation allows Port Alberta to negotiate many incentives to attract new business and foreign investment www.wd-deo.gc.ca/eng/11140.asp
“An FTZ will further enhance the Edmonton Metro Area as Western Canada’s energy and industrial transportation hub and manufacturing leader,” says Brad Ferguson, President and CEO of Edmonton Economic Development Corporation. “Edmonton is the premier transportation hub in Western Canada, offering many transportation, warehousing and access advantages. Port Alberta is very excited to realize the competitive advantages an FTZ offers to drive more sustainable growth and economic diversification for the Edmonton Metro Area.”
“We are very grateful to Western Diversification for this boost to our region,” says Tom Ruth, President and CEO of EIA. “This FTZ will increase our ability to integrate transportation assets with major sectors such as energy, manufacturing, agriculture and health sciences, which will drive our region’s job creation and attract air service.”
EIA, a Port Alberta partner, has enjoyed recent international trade success, including adding international access and cargo capacity through Icelandair and KLM. Cargojet also expanded to wide-body operations and doubled frequency at EIA. Braden Burry Expeditors (BBE) moved in to a new facility in EIA’s Cargo Village, two times the size of its old one, with international air cargo, multi-modal cargo and support to Northern Canada’s development.
As well, Canada Border Services Agency moved to its new combined warehouse and inspection space, enabling the agency to conduct any required inspections of cargo on-site. Construction is underway for a 211,000 square foot facility to support a major logistics service provider, and for an additional warehouse development of 100,000-plus square feet. EIA’s multi-million dollar cargo apron expansion is operational and capable of handling the world’s largest aircraft.