With the incorporation of the latest two new companies into the Panapark Free Zone, Panama closed 2024 with 21 new companies in its Free Zones. The 21 companies represent a joint investment (initial and future) of 187.5 million dollars.
The two new companies were Balboa Exports, of Spanish capital, and ICL FREIGHT, of Panamanian origin. They will contribute an initial investment of more than $4.1 million.
According to data from the Ministry of Commerce & Industry (MICI), 19 companies entered in the period July – December and two in the first half year.
Most of the companies in Panama’s free zones are active in manufacturing, assembly and logistics.
Panama has 15 active Free Zones in total, among which the 2nd largest in the world, the Colon Free Zone. International companies frequently set up a logistics hub in Panama, making use of the benefits of these free zones.