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Neosho Works to Create Foreign Trade Zone to Lure Manufacturers - KOAM TV 7

Neosho Works to Create Foreign Trade Zone to Lure Manufacturers

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Proposed Foreign Trade Zone Proposed Foreign Trade Zone
NEOSHO, MISSOURI -   Applications are being filed to turn a big part of the neosho, missouri industrial park into a foreign trade zone.

     The goal is to lure companies and create jobs.

Jarden Consumer  Solutions has trucks rolling in and out with products it distributes. Some come from overseas.  Jarden is a stand alone foreign trade zone.  And now economic development officials hope to turn much of the industrial park into a foreign trade zone too.

 Neosho Economic Development Director Michael Franks says, “If there’s a duty on an item you bring into this country,  then that duty is not due to be paid as long as that item is in the free trade zone. Once it exits the foreign trade zone the duty is to be paid.”

The zone is designed to help manufacturers.

 Companies like K and S Wiring or Lazyboy who import certain parts could lessen or even eliminate the import duty.

Franks says, “Now if they shipped it directly out, the duty would have to be paid. But, if they incorporate it inside a chair for example, and add a whole lot of domestic content and value to it, then the duty might be reduced. Then we keep the jobs in Neosho  that do all the assembling of the chairs  but at the same time we keep Lazyboy competitive in the marketplace. So you don’t bring the whole chair over from china.”

While the zone would benefit existing industries, of its 275 acres forty percent is undeveloped and becoming a zone could make that more marketable.

Franks says, “There will be new warehouses that will be built there over time as sources of distribution. And I believe  there will be manufacturers and existing manufacturers who will want to locate here in order to take advantage  of the foreign trade zone to make them competitive in their field.”

And that leads to the ultimate goal, employment opportunities.

“There’s no question this is a jobs related initiative on our part,” says Franks.  “It is about keeping jobs and about growing  jobs that’s what it is totally about for us.”

  The effort isn't costing the city.  Application fees have been paid by the Neosho Area Business and Industrial Foundation, Incorporated.

     If approved by the Springfield foreign trade zone, the application goes to the U.S. Department of Commerce.

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