City gets Foreign Trade Zone designation
Prince George is the first city in B.C. to receive the Foreign Trade Zone Designation, Pamela Goldsmith-Jones, parliamentary secretary to the minister of international trade, announced Friday morning at the Wood Innovation and Design Centre.
There are only nine locations designated as such in Canada. Being designated as a Foreign Trade Zone says Prince George is a hub for international trade, to hopefully attract investors by leveraging its North American location.
“The workforce of Prince George is the backbone of a region of over 300,000 people,” said Goldsmith-Jones.
“The population of over 70,000 who live here make Prince George the supply and service centre for business, industry, transportation, healthcare, post-secondary education and culture.
“Prince George’s highway and railway infrastructure is complemented by the international airport. Obviously these transportation links connect locals, businesses, natural resources and agricultural sectors with markets around the world.”
About 70 per cent of all proposed capital investments in the province are expected to be made in the region, Goldsmith-Jones added.
As a designated Foreign Trade Zone point, Prince George will serve as a single point of access for business and investors seeking information about programs that relieve duties, tariffs and taxes and will help gain better access to foreign markets and global supply chains, she added.
An investment of $335,566 was also announced for Prince George to develop a clean technology cluster. The funds come through Western Economic Diversification Canada.
“Through this funding Prince George’s clean tech cluster will be able to provide direct support to businesses to accelerate industry in the region,” Goldsmith-Jones said.
Minister of State for Trade George Chow was also in attendance and said the provincial government will continue to support Prince George amid the exciting opportunities coming from Friday’s announcements.
Mayor Lyn Hall expressed his gratitude to the Canadian government for designating Prince George as B.C.’s Foreign Trade Zone.
“Having a local Foreign Trade Zone gives our businesses access to important trade programs which will help them compete better internationally,” Hall said, while also thanking the government for investing in the clean tech sector.
“This will increase Prince George’s capacity to develop new, environmentally friendly tech products and services, which is as good for our economy as they are for the environment,” he said.