As used in this chapter, unless the context requires otherwise, the following words and phrases shall mean:

(1) “Private corporation” shall mean a general and business or a general not-for-profit corporation organized under the laws of this State.

(2) “Public corporation” shall mean this State, a political subdivision thereof, a corporate instrumentality of this State and 1 or more other states, or a bistate compact.

All public and private corporations shall have the power to apply to the proper authorities of the United States government for a grant, and when such a grant is issued, to establish and operate foreign trade zones under the Foreign Trade Zones Act of 1934, as amended, on July 20, 1977.