Foreign direct investment (FDI) plays a phenomenal and growing role in Nevada business. Companies from around the world are moving to Nevada, benefiting from new market opportunities and advantageous business climate.
Some examples of FDI provided by the Nevada Governor’s Office of Economic Development is as follows:
- Dubai World invested $2.7 billion to gain a 50 percent interest in City Centre and put $2.4 billion into MGM Mirage stock.
- Elad Properties of Israel invested $1.2 billion for the 40-acre New Frontier property.
- Australia-based entertainment giant, Crown Ltd. invested $1.8 billion in Cannery Casino Resorts for a 24 percent share.
- Crown also bought a 20 percent stake in Fontainebleau on the Strip for $250 million, and purchased the former Wet ‘n Wild site for $22.5 million.
- A-Power Systems on establishing a wind turbine manufacturing facility for the U.S. market. The Southern Nevada-based 340,000-square-foot manufacturing facility will employ 1,000 people at an initial investment of $344 million.
- Chinese investments, specifically in the areas of renewable energy, mining, agriculture and tourism/conventions.
- Foreign Trade Zones (FTZ) are restricted-access sites considered outside the United States Customs territory, but located within the U.S.Here in Nevada there are two areas: Northern (Reno/Sparks) and Southern (Las Vegas) Nevada FTZ. The purpose of FTZ is to allow foreign and domestic merchandise to be admitted for operations such as storage, exhibition, assembly, manufacture and processing, without being subject to formal U.S. Customs entry procedures, duties or excise taxes.
- Additional to the benefits of these foreign trade zones, here in Nevada there is no
- corporate income or
- personal income tax