CBRM gets help attracting free trade investment
The change is intended to help attract foreign and domestic investment
The federal government has created a free trade zone point within the Cape Breton Regional Municipality, in which companies can be eligible for tax and tariff exemptions.
The FTZ points, created in 2013, will mean businesses and potential investors can learn about Canada's tax and tariff trade policies through one office, according to a statement released Saturday.
That will include help accessing a variety of federal programs, such as the duty deferral, drawback, customs bonded warehouse and export distribution centre programs, the statement said.
The programs, and thus the point designation, are intended to help attract foreign and domestic investment.
Sydney-Victoria MP Mark Eyking announced the change in Sydney on Saturday.
The point applies to companies that import various goods. In this case, it will apply to areas such as the Port of Sydney, the JA Douglas McCurdy Airport and other logistics and warehouse locations in the CBRM.
There are now six such points in the country, including one in Halifax.