The first International Economic Summit will be held in late July in College Park as a way to create business ties between Prince George’s County and the world, county officials announced Tuesday morning.
“The excitement has already begun to build and I have heard there are a number of important trade agreements in the works that involve Asian and local domestic partners,” said County Deputy Chief Administrative Officer David Byrd in a statement.
The County Economic Development Corp. will hold the summit July 24 to 26 at the University of Maryland Inn and Conference Center. Officials expect 350 participants with businesses and government representatives from eight nationalities expected to attend. Discussion at the summit will focus on fostering trade between the region and businesses in Asia and the Pacific Rim.
Prince George’s first applied to establish a foreign trade zone in May 1980 and was granted a 1,200-acre facility in Collington Center near U.S. 301 for that purpose later that year. In February, the county was granted permission to extend the zone into a business park inside of the Capital Beltway.
There are no duties, excise taxes or quota restrictions within the foreign trade zone and all merchandise held within the zone is exempt from inventory taxes.
