The Iberia Parish School Board has approved a proposal to add Frank’s International to the Port of Iberia’s Foreign Trade Zone.
The board considered the proposal Wednesday night which will waive property taxes on the company’s inventory, allowing the Foreign Trade Zone proposal to move forward.
The company says they hope their addition to the Foreign Trade Zone will generate 70 new jobs and over $9 million on their payroll.
Frank’s international which is situated at The Port of Iberia currently pays a tax on their steel that gets shipped in.
As District 8 Councilman Ricky Gonsoulin says, this detours projects to other companies outside of the country.
“We’re trying to keep other countries on a level playing level because we want to compete. Not only globally but domestically. Foreign countries are coming in and not having to pay additional costs,” Gonsoulin said.
Frank’s operates in 64 different countries with multiple locations in Acadiana.
Read more on the Frank’s International Foreign Trade Zone proposal below: