Foreign Trade Zone Propels Newport’s Economic Growth
(Host) The city of Newport is seeing an economic resurgence. Recent positive developments include an expansion of the nearby Jay Peak Resort, a major renovation project at the Newport Airport, and the impending arrival of the company AnC Biotech, which is expected to create as many as 250 jobs.
Patricia Sears is the Executive Director of the Newport City Renaissance Corporation. She says one ingredient propelling growth is Newport's new status as a foreign trade zone, which will allow foreign investors to locate their companies in the U.S.
(Sears) "To take advantage of reduced customs fees and taxes, and to be able to access the U.S. market and really put together something of high quality that will use our underemployed as well as our unemployed folks up here."
(Host) Sears says both Jay Peak and AnC Biotech have also taken advantage of the EB-5 Visa program, which gives U.S. residency to company owners who create jobs.