Council passed a motion during Monday evening’s meeting to support the Sault Ste. Marie Economic Development Corporation in their endeavour to designate Sault Ste. Marie as a Foreign Trade Zone.
The SSMEDC, through its Invest Sault Ste. Marie program, has been working with stakeholders and government officials to explore the benefits of a Foreign Trade Zone Point designation from the federal government. If granted, this status will help enhance international trade and investment opportunities for the Sault.
“SSMEDC has determined that such a designation would provide clear benefits for the community and is developing a formal application that require the support of the City of Sault Ste. Marie and other stakeholders to ensure its success,” says a report to council.
“Obtaining this official designation provides additional benefits for a community or region as these areas are promoted to a greater extent as trade gateways.”
The overriding goals for achieving this designation include:
- To become a Northern Ontario focal point for international trade
- To significantly strengthen international trade for existing businesses in the region
- To attract more new businesses and investment to Sault Ste. Marie that engage in international trade activities.
This designation would offer an advantage for marketing and branding purposes, highlighting the strategic location of the Sault and attracting investment.