MIA Foreign Trade Zone cleared for landing
Feb 2018: Last week, the Miami-Dade Aviation Department (MDAD) gained final approval from the U.S. Department of Commerce to designate Miami International Airport’s entire 3,230-acre land parcel as a Foreign Trade Zone (FTZ) magnet site. The magnet site designation allows existing or prospective airport tenants to operate manufacturing, warehousing and/or distribution centers on airport property, and have their federal tariffs deferred, reduced or eliminated – providing time and cost savings for approved importers and exporters.
The MIA FTZ creates a very attractive business opportunity for companies to begin or expand their operations directly on-site at the busiest international airport in Florida. Congratulations to the MIA team for achieving this significant milestone, which has strong potential for new business revenue and job creation at MIA and PortMiami – our two largest economic engines said Miami-Dade County Mayor Carlos A. Gimenez
See Press Release
The MIA FTZ creates a very attractive business opportunity for companies to begin or expand their operations directly on-site at the busiest international airport in Florida. Congratulations to the MIA team for achieving this significant milestone, which has strong potential for new business revenue and job creation at MIA and PortMiami – our two largest economic engines said Miami-Dade County Mayor Carlos A. Gimenez
See Press Release
Supply Chain Dive:
- The Miami International Airport has been granted Foreign Trade Zone (FTZ) status as a magnet site, Air Cargo News reported. FTZ status lets existing or potential airport tenants operate manufacturing, warehousing and/or distribution centers on airport property, allowing for federal tariffs to be deferred, reduced or eliminated – gaining time and cost savings for approved importers and exporters.
- Along with the Port of Miami, the airport magnet site permits companies to receive and process materials and merchandise with reduced or eliminated customs duties upon entry into the country.
- Companies handling high-traffic commodities at MIA — pharmaceuticals, electronics, textiles, footwear, auto parts, aircraft parts, avionics, machinery equipment, consumer goods and perishables — are likely to be the first to apply for FTZ permits.