IFZA Free Trade Zone is interested in replicating business model in Panama
During its meeting with senior IFZA executives, the Ministry of Commerce and Industry of Panama (MICI) was informed of its desire to establish operations in Panama and expand its presence to the level of its activities in Dubai, where it currently manages 45 thousand square meters of offices, occupied by 35 thousand companies that generate approximately 15 thousand direct jobs.
IFZA, one of the leading free zones in the United Arab Emirates, has expressed interest in replicating its successful business model in Panama by opening an office under the free zone regime, reported the Vice Minister of Industry and Commerce, Eduardo Arango, after his recent visit to Dubai to participate in the tenth edition of the World Congress of Free Zones 2024.
IFZA representatives noted that their interest in Panama is due to the similarities between both places as financial and logistics centers, as well as the country's privileged geographical location, which would facilitate access to markets in South and Central America and the Caribbean.
Vice Minister Arango stressed that the opening of an IFZA office in the country would not only mean the arrival of an internationally recognized entity, but could also boost the creation of a more dynamic and competitive business ecosystem.
Furthermore, IFZA's experience in attracting investments and the efficient operation of companies could serve as a model for the development of policies and regulations that further strengthen the country's attractiveness as an investment destination.
During his visit to the 10th edition of the World Free Trade Zone Congress 2024, which brought together more than 3,000 participants from 90 countries and 20 government delegations, the deputy minister was able to be updated on the challenges facing free trade zones, currently undergoing transformation due to the implementation of new technologies and the growing importance of sustainability. With this understanding of the situation, the government is in a better position to formulate effective policies and encourage the development of free trade zones in Panama, one of the fastest growing sectors in the country.
Arango also held a meeting with His Excellency Dr. Thani Ahmed Al Zeyoudi, Minister of State and Foreign Trade of the United Arab Emirates, who expressed his interest in visiting Panama to strengthen trade relations and explore opportunities for mutual benefit.