Foreign Trade Zone
20 Companies involved in international trade can leverage nearly 1,000 acres of industrial property located in Chesapeake, VA, within Foreign Trade Zone 20 – now one of the largest in the United States at 10,000 acres.
Foreign Trade Zones allow businesses to import, store and process goods and raw materials duty free until they leave the zone for domestic consumption. Companies receive a cost savings by delaying payment of duties or by assembling goods that have a lower duty payment than the sum of their parts. Both the City of Chesapeake and the Port of Hampton Roads are committed to increasing the import/export and manufacturing activities within Foreign Trade Zone 20.
The Virginia Port Authority serves as the grantee of this zone. Visit the Virginia Port Authority’s site for more information on Foreign Trade Zone 20.
Click here to download a Foreign Trade Zone overview.