Mayor Keller Promoting Albuquerque as Foreign Trade Zone
Today, Mayor Tim Keller unveiled a new website to promote Albuquerque’s foreign trade zone (FTZ). The new website will position and promote Albuquerque as the ideal location for global companies who are looking to relocate to more stable, healthy, and strategically-located cities as they adjust to supply chain disruptions due to COVID-19.
“We anticipate a significant amount of reshoring of manufacturing as a result of the COVID-19 pandemic supply chain disruptions,” said Albuquerque Mayor Tim Keller. “Albuquerque’s location along the country’s two major interstates, our rail infrastructure, our proximity to Mexico, and our foreign trade zone capabilities have always made Albuquerque an ideal location for foreign trade.”
The website is among the most comprehensive in the country. It provides information about the benefits of foreign trade zones, how to apply to operate within an FTZ and highlights the many advantages of choosing Albuquerque FTZ #110.
The City’s new FTZ promotional efforts also include a new “FTZ Ready” program. This program is designed to educate local industrial real estate developers about what types of industry utilize FTZs and their benefits. Participating in the program allows developers to be certified “FTZ Ready” which they can leverage to recruit industrial tenants.
Synthia Jaramillo, Director of Economic Development for the City of Albuquerque said, “International trade is one of the six key pillars of our economic development strategy at the City. Albuquerque for a long-time now has had an opportunity to be a major player in foreign trade. It is very timely that we unveil this new tool to promote our FTZ as we look at every opportunity to position Albuquerque to capitalize on some of the long-term economic changes to come in the near future.”
Users of FTZs avoid or defer paying import duties on raw materials, parts, and components, among many other benefits. Albuquerque Foreign Trade Zone #110 encompasses over 60 acres of land at the Albuquerque International Sunport that was granted to the City’s Aviation Department in 1984. In 2017, the City reorganized under Alternative Site Framework, which identified a geographical service area encompassing much of central New Mexico, allowing companies to utilize the FTZ without having a physical location at the Sunport.
“We’re thrilled to see this new website come to fruition,” added Nyika Allen, Director of Aviation for the City of Albuquerque. “The progress we’ve made in developing our FTZ program will prove to have exponential impacts to not only the Sunport or the City of Albuquerque, but our entire state’s economy and trade infrastructure. Once word spreads about the immense value that comes with operating in FTZ #110, we expect to see a lot of exciting economic activity follow suit.”
In addition to the new website, City officials together with Brian Connell, Business Development Manager at New Mexico Transloading, announced that New Mexico Transloading has been approved as a third-party operator within Albuquerque’s FTZ #110. New Mexico Transloading is a multi-modal (train/truck) freight facility, able to receive, store and deliver goods for local, domestic, and international companies. Their new designation will now allow goods to be traded within Albuquerque’s FTZ.
“New Mexico Transloading has an outstanding track record of being the catalyst to economic development and business growth to our local community and state. We embarked the Foreign-Trade Zone Operator designation to provide more savings options for our current customers and to reestablish the trade routes with Mexico, Latin America and Asia that have been underutilized. More importantly, the Foreign-Trade Zone at New Mexico Transloading creates an avenue to bring “New Mexico True” products to a global market. It is a true honor to be an integral part of this significant momentous,” said Brian Connell, Business Development Manager, New Mexico Transloading.
To learn more about New Mexico Transloading, contact Brian Connell at brian.connell@nmtransload.com (505)220-7643. To learn more about Albuquerque Foreign Trade Zone #110 or the FTZ Ready program, visit www.abqftz.com or contact Randy Trask, President of the New Mexico Trade Alliance at randy@nmtradealliance.org.