$31 million will invest new companies in Panama according to the Ministry of Commerce
The Ministry of Commerce and Industry (MICI) reported that the National Commission of Free Zones approved the licenses for the establishment of the companies Commils, S.A., Panametco, S.A., and Albrook Export Services, Inc., in the free zones Panexport, Panapark and Albrook, respectively, which will make a joint initial investment of B/. 31,829,777.00.
Source: ECOTV Panama
MICI indicated that licenses for the establishment of companies will generate 60 new jobs for Panama.
"The operations of these companies will generate more than 60 new direct and indirect jobs and will contribute to the local economic revitalization, highlighted the Vice Minister of Foreign Trade, Juan Carlos Sosa, who chaired the meeting of the Commission."
He noted that the licenses of the three companies, dedicated to the manufacture, processing and rental of real estate, reaffirm the confidence of the national and international business sector in the Free Zone Regime. The investments of these companies originate from Panama, the United States and Colombia.
In November 2022, the National Government reported that the free zones would contribute to the creation of hundreds of jobs, greater production, and increased exports. It seeks to attract the installation of content providers such as Netflix, Microsoft Azure, CloudFlare, Facebook and Amazon, among others.
The approval in favor of the installation of new free zones, with a joint investment of B/.78.5 million, which will contribute to the creation of jobs, greater production and increase in exports, carried out the Cabinet Council headed by the President of the Republic, Laurentino Cortizo Cohen.
The Council of Ministers issued a favorable concept to authorize the establishment of the Tech Valley Free Zone, through the company Galbay Holding Corp., which seeks to attract the inclusion of 120 companies including Hyundai Engineering.
For
its establishment, this free zone contemplates making an investment of B/100
million, having as an initial investment the figure of B/.50 million. It
would create 1,140 direct jobs and 3,570 indirect jobs.