Paducah-McCracken County Riverport Authority Works to Get Foreign Trade Zone Approved
The Paducah-McCracken County Riverport Authority is sending its Foreign Trade Zone application next week for final review in a move that could bring more industry and jobs to the region.
The designation would allow imports or exports to stay within that zone duty free.
The authority’s Executive Director Ken Canter says the port would allocate portions of the Foreign Trade Zone to western Kentucky manufacturers, allowing them to share the benefits.
“They get the same tax abatement and tax savings while their products are moving in or out into our zone or theirs. Ours for shipping, theirs for manufacturing,” he said.
Canter says application includes the eight Purchase Area Development District counties plus Livingston County. If approved, he says it would encourage new industry if the application passes review.
“Every auto manufacturing that is located in the US actually requires that all of their vendors, the suppliers that make smaller components for the automobiles have to be in a Foreign Trade Zone,” he said.
Canter says the authority has been working on this project for several years. It will likely take a year before the review is finished.