Foreign trade zones expand in Bangor, Waterville
The U.S. Department of Commerce has recently approved the expansion of foreign trade zones in Bangor and Waterville, allowing companies in surrounding companies to benefit.
The Bangor Daily News reported that the expansion of Bangor’s foreign trade zone will give companies across Penobscot, Hancock, Piscataquis, Waldo and Washington counties access to duty-free import privileges. Waterville’s newly expanded foreign trade zone will allow similar privileges for companies in the counties of Lincoln, Cumberland, Sagadahoc, Androscoggin, Kennebec, Waldo, Knox and part of Somerset.
The expansion of both foreign trade zones is the result of a new “alternative site framework” that allows “usage-driven sites” at individual companies to be included within trade zones. For instance, “a company could operate on its site in Calais and still receive the benefits of a foreign trade zone,” Steve Bolduc, an economic development officer for the city of Bangor, told the newspaper.
Source: Bangor Daily News
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