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.
Miami-Dade County Mayor Carlos A. Gimenez, said: “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. 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 U.S. Customs and Border Protection. The expedited application process takes approximately 30 days.