SOUTH POINT — Getting to this point took about six years, but now economic development officials see a potential payoff, now that The Point industrial park has become a foreign trade zone.

“A foreign trade zone basically opens up our region to the global markets,” Viviane Vallance, of the Lawrence Economic Development Corp., said. “It is an added incentive for the intermodal facility and what it will draw to The Point.”

Back in August a groundbreaking at the industrial park started the construction of a multi-million dollar intermodal transfer project that will allow movement of product by water, rail and truck in and out of the county. Manufacturers inside and outside the county could transport their products through The Point.

The LEDC was notified at the end of May that it had received the designation after beginning the process in 2005, when it began working with U.S. Department of Homeland Security and the U.S. Customs. Environmental studies of the area and background checks of those who would be handling product were conducted.

“Customs came down and surveyed the site to see if it were a valuable site for foreign trade and global opportunities,” Vallance said.

A public hearing was held in 2005 and local businesses and the community were in favor of going forward with gaining the trade zone designation, she said.

Now the county becomes one of 276 foreign trade zones in the nation.

“Mostly those foreign trade zones are specific usage,” Vallance said. “Ours is general purpose and is open to anything possible, manufacturing, trade, textiles. We are not limited in what can come in.”

For those businesses wanting to see the advantages of using the South Point trade zone over others, the LEDC will conduct feasibility studies. Imports and exports will be housed on a recently established fenced-in lot in the industrial park. The lot, which meets federal requirements, can hold up to 200 containers. There will be 24-hour surveillance there.

About three years ago several businesses contacted the LEDC about needing a facility where they could ship from their location to foreign markets. The LEDC will be marketing the zone to them as well as other potential users.

“It is another piece of our business development tool,” Ralph Kline of the Ironton-Lawrence County CAO, said. “Although it is in its infancy, we have seen what it has done for other areas and regions especially in this export-import world.”