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New European Economy 11

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he strength of the argument for FDI in the US and

Canada is increasing. The US economy has been

expanding nicely recently, with a stream of improving

economic data reflecting positive momentum in

the world’s largest market. Meanwhile, Canada’s

rich resources, solid economic structure and economic prospects

remain an effective magnet for foreign investment. So, with the

world’s largest consumer market, skilled and productive workers,

a highly innovative environment, appropriate legal protections, and

a predictable regulatory environment, North America remains one

of the most attractive investment destinations for firms across the

globe.

The US offers investors extraordinary attractions and many

possible locations. The world’s largest recipient of foreign direct

investment (FDI) since 2006, it has a lucrative and open consumer

market of over 310 million people, as well as access via free

trade agreements to about 415 million more customers for goods

and services that are produced in the US. The work force is

well-educated, productive, innovative, and mobile. The US also has

^

T

INSIGHT’S NORTH AMERICAN FDI REPORT

SHINE ON

By: Henry Martin


INSIGHT

“THE US OFFERS

INVESTORS

EXTRAORDINARY

ATTRACTIONS AND

MANY POSSIBLE

LOCATIONS.”

a good university system, one that hosts and spins off many R&D

programs that contribute to the country’s strong entrepreneurial

activities. North of the border, Canada is one of the few countries

that has been bucking the trend in adding to its FDI stock in recent

years. In 2013, FDI inflows were up more than 40%, and recent

announcements of new projects bode well for future growth.

New European Economy102

he Central Maine Growth Council (CMGC) has

established the Central Maine region as a logistics

hub between Boston, New York, Quebec, Maritimes

Canada and Europe. This effort revolved around

securing designation for Foreign Trade Zone (FTZ)

#186, located in Waterville and surrounding communities. The FTZ is

a critical step in regional development and is part of CMGC’s focus

on business attraction, expansion, and retention in value-added

industry sectors such as agriculture, medical services, precision

manufacturing, technology, energy and aviation.

CMGC works closely with the U.S. Foreign Trade Zones

Board and the City of Waterville in coordinating Zone activities,

promotion, and outreach, detailing the potential benefits and

economic incentives for companies located within the Zone that

engage in international business. Businesses active in the FTZ can

save millions of dollars and utilise those savings for research and

development, job creation, and business expansion. The Maine

ports of Belfast, Searsport, and Portland are uniquely and strate-

gically positioned in Trans-Atlantic shipping lanes, providing easy

access to international markets and further competitive edge for

active FTZ companies.

CMGC, in its efforts to promote foreign trade opportunities,

presented the International Trade Symposium: Growing Trade and

Global Outreach in Central Maine at Colby College on October

2nd 2013. This event brought experts and leaders from Maine

International Trade Center, TD Bank, American Global Logistics, FTZ

Networks and Atlantica Group, who imparted their knowledge of

imports/exports, foreign trade zones, international financial services,

international “soft landing” business incubators, and foreign

direct investment. Over seventy-five companies, organizations,

consulates, and governments attended the event, highlighting

Central Maine’s growing global trade and reach. The consensus

at the event verified the growing opportunities to connect with

international markets, including the benefits presented by the FTZ

for enterprise growth and expanded emphasis on foreign direct

investment for the region.

T

THE GATEWAY

TO NEW ENGLAND

INSIGHT

CENTRAL

MAINE

By: Darryl Sterling. Central Maine Growth Council

Darryl Sterling, Executive Director

50 Elm St., Waterville, ME, USA 04901

www.centralmaine.org

[email protected]

1 (207) 680-7300


FTZ #186, commonly referred to as the Central Maine Region FTZ,

is bolstering economic activity while giving significant advantages

to companies dealing in import/export, valued-added assembly

and production, and those that require advanced supply chain

logistics. CMGC is partnered with Kennebec Regional Development

Authority-FirstPark (KRDA), which offers the region additional

capacity in support of foreign direct investment. KRDA-FirstPark is

a conduit for tax-exempt bond financing and has reach to an EB

5 platform for green card/US citizenship designation for company

principals/senior management teams. CMGC, in conjunction

with KRDA-FirstPark, serves as a single source point of contact

for project delivery including financing, technical assistance,

relocation services, et cetera. CMGC is also closely aligned with

Waterville’s LaFleur Airport, which is superbly positioned for growth

now that the area is a designated FTZ. Aviation enterprises have

recently opened at the airport and other connected businesses

are also beginning to cluster around the airport. The upcoming $8

million reconstruction of the airport’s main runway opens the return

of passenger service and a higher volume of jet traffic, further

incentivizing growth around the airport.

The FTZ provides benefits to businesses primarily in the form

of deferrals, reductions, and elimination of tariff and duty fees

if the goods are exported, regardless of the origin of the raw

materials. Additionally, it allows for more secure and agile inventory

movements, better Customs and Border Protection relations, and

reduced merchandise processing fees. Companies of various sizes

can realize these advantages, benefit from substantial cash flow

savings, and improve their bottom-line on the order of hundreds of

thousands to millions of dollars. According to NAFTZ, new Alternative

Site Framework (ASF) and Usage-Driven Sites account for the vast

majority of FTZ activities. The reorganization of the Central Maine

Region FTZ to ASF comes through collaboration with a number

of businesses, municipalities, and economic development organi-

zations. The ASF incorporates nine counties into the Central Maine

Region FTZ, making it a de facto “super zone,” providing greater

and geographically expanded FTZ benefits. The reorganized zone

also enables a rapid and streamlined designation process for new

business inclusion, expediting the application process to as little

as 30 days. The Central Maine Region FTZ serves as a gateway

to Canada and New England, and as a shipping intermediary for

countries on both sides of the Atlantic Ocean.

CMGC is strengthening the region’s global competitiveness

and expects to successfully capture more enterprise growth

opportunities from emerging international markets. This translates

to an increase in business investment for the region; putting the

area on the cusp of a logistical and manufacturing boom. Central

Maine’s economic outlook is bright, thanks to CMGC, its partners,

and the Central Maine Region Foreign Trade Zone.

new european economy central maine

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