The International Trade division programs and funding assistance are aimed at both assisting Nevada businesses to begin or expand activities in international markets and attracting foreign investment to the state.
Trade missions, trades show, and international marketing efforts are designed to assist Nevada companies to enter a specific market while working closely with the Nevada GOED International Division and partners. The focus is on finding distributors and buyers for Nevada products and services. Some grant funding may be available to offset costs of trade mission participation.
International Trade division works closely with the Select USA program of the U.S. Department of Commerce and companies from other countries who are interested in setting up U.S. operations in Nevada. We work closely with our local Development Authorities to get the necessary assistance for these companies.
In today's global economy, businesses that thing and work globally will thrive. In 2019, Nevada exported nearly $9 billion worth of goods and services. To learn more about Nevada international trade efforts, click on the Nevada International Trade Brief document below:
FOREIGN TRADE ZONES (FTZ)
Foreign Trade Zones:
Foreign-Trade Zones (FTZ) are secure areas under U.S. Customs and Border Protection (CBP) supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States’ version of what are known internationally as free-trade zones. Foreign and domestic merchandise may be moved into zones for operations, not otherwise prohibited by law, including storage, exhibition, assembly, manufacturing, and processing.
To learn about FTZ please visit: An Introduction to Foreign-Trade Zone _ US Custom and Border Protection.
Nevada has two designated FTZ’s:
Foreign Trade Zone (FTZ # 126) – Northern Nevada (Managed by Economic Development Authority of Western Nevada)
Foreign Trade Zone (FTZ #89) – Clark County (Managed by Las Vegas Global Economic Alliance)
Benefits of Foreign Trade Zone (FTZ):
- Duty Elimination – No duty is paid on scrap, waste, damaged goods or re-exported goods.
- Duty Reduction – “Inverted tariff,” in which finished projects may have lower duty rates than components. Also, companies can assemble products and enter products into U.S. Customs at a lower rate.
- Duty Deferral – Import duties are deferred until goods leave the zone.
- Logistical Benefits – Companies using FTZ procedures may have access to streamlined customs procedures (i.e. “weekly entry” or “direct delivery”).
FOREIGN DIRECT INVESTMENT TO NEVADA
BRINGING FOREIGN DIRECT INVESTMENT TO NEVADA
In collaboration with the U.S. Department of Commerce’s SelectUSA (and support of U.S. Commercial Service), GOED International Trade Division completed two projects: SelectUSA Nevada Unmanned Aircraft Systems/ Unmanned Aerial Vehicle Inbound Investment Mission and SelectUSA Nevada Virtual Tour on Smart City, IoT, Manufacturing, and Hospitality:
Read More.
NEVADA - ISRAEL ECONOMIC COOPERATION
NEVADA – ISRAEL ECONOMIC COOPERATION
Nevada and Israel share vibrant and broad commercial relationships with extensive investment in both directions . In 2019, Nevada’s exports of goods to Israel amounted to $148.6M while the value of imports was $48.2M: Read more.
