The Miami-Dade Aviation Department (MDAD) has gained final approval from the US 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 centres 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 an attractive business opportunity for companies to begin or expand their operations directly on-site at the passenger and cargo gateway of the Americas,” said Miami-Dade County Mayor Carlos A Gimenez. “Congratulations to the MIA team for achieving this significant milestone, which has strong potential for new business revenue and job creation in our community.”
The new magnet site – an expansion of Miami-Dade County’s existing FTZ 281 – will allow companies to receive and process materials and merchandise with reduced or eliminated Customs duties upon entry into the country at MIA.
Companies handling high-traffic commodities at MIA – pharmaceuticals, electronics, textiles, footwear, auto parts, aircraft parts, avionics, machinery equipment, consumer goods and perishables – are expected to be FTZ applicants. To be an FTZ operator, companies must first complete an application with PortMiami – the grantee of FTZ 281 – and then receive approval from US Customs and Border Protection. The expedited application process takes approximately 30 days.