The Government of Canada has granted Foreign Trade Zone Point designation (FTZ-VI) to Vancouver Island, through the efforts of Vancouver Island Economic Alliance (VIEA). The designation has been a priority project for VIEA, and Economic Development Cowichan has contributed financially to this island-wide initiative to mature and diversify a sustainable island economy.
The FTZ will help island businesses produce goods for export through programs designed to defer duties and taxes to improve cash flow. With the new Foreign Trade designation, VIEA will highlight the region’s network of export ready businesses and our region’s deep-water port and transportation advantages. The designation is an important factor in strengthening traditional island industries on the world stage while attracting new manufacturing opportunities.
FTZ-VI is unique amongst the eleven FTZ Points across Canada. It is the broad regional designation and the only designation awarded to a non-governmental organization. All others have been awarded to municipalities. FTZ – Vancouver Island is also the only FTZ point west of Quebec with direct access to ocean transport.
Designating Vancouver Island as an FTZ Point aligns with the Government of Canada’s goal to help businesses compete in international markets and global value chains. Through the designation, Vancouver Island will continue to play a key role as a strategic location for international trade.
For more information:
Foreign Trade Zones (Department of Finance Canada)
Vancouver Island Economic Alliance
Contacts:
George Hanson
President & CEO
Vancouver Island Economic Alliance
250.667.5225 / George@viea.ca
