Panama's free zone regime adds new investments for $36.8 million
The National Commission of Free Zones approved licenses for three new companies, dedicated to manufacturing activities, processing of finished or semi-finished products and logistics services, which will be established in Panapark Free Zone and Tech Valley, generating joint investments (initial and future) totaling US$ 36,8 million.
Source: MICI
Once in operation, the three companies will provide more than 180 jobs, both direct and indirect, contributing to the revitalization of the economy of the areas where the free zones are located, in this case the districts of December 24 and Veracruz, in the province of Panama.
"The new investments in the free zone regime reflect the growing interest that Panama generates as a logistics and commercial hub. These initiatives will not only create employment opportunities, but will also strengthen our local economy. We will continue working to strengthen this key sector for the development of the country,” stressed the Minister of Commerce and Industry, Julio Moltó.
These companies, two of Panamanian capital and one American, join the 12 companies that from July to date are part of the regime, contributing investments that exceed B/. 60 million, as well as hundreds of jobs for local labor.
Likewise, the commissioners authorized submitting to the Cabinet Council the approval of the Bless Interoceanic Free Zone, a mixed free zone that will be located in the district of Ancón, province of Panama, which will require total investments of B/. 2,576,107.94 and the hiring of around 200 workers. Its operation would also contribute to the creation of more than 300 indirect jobs.
The meeting was chaired by the Vice Minister of Foreign Trade, Carlos Hoyos, who reiterated the government's commitment to work together with the private sector to ensure that these benefits translate into sustainable growth.