International Free Zone Authority | IFZA, a prominent free zone operator in the United Arab Emirates, plans to build a new free zone in Panama in Q1 2025. The growth plans of this international free zone were discussed in a virtual meeting between IFZA executive Markus Raiser and Eduardo Arango, the Panamanian Deputy Minister of Industries and Commerce.
The new Panamanian free zone would focus on services, particularly in sectors like technology, consulting, logistics, and financial services, Vice Minister Arango emphasized. Decree No. 62 of 2017 and Law 32 of 2011 both safeguard the unique system that governs the establishment of free zones in Panama. There were 16 active free zones covered by this rule as of late December.
In the past five years, more than 28,000 businesses have been able to establish themselves in the United Arab Emirates thanks to IFZA’s creative free zone model, which has earned its recognition on a global scale. For the most part, these organizations are small and medium-sized enterprises that focus on services.
The World Free Zones Organization (“World FZO”) has also acknowledged this creative approach as a vital instrument for fostering employment and investment on a worldwide scale.