End of last month the National Commission for Free Trade Zones has granted licenses to three new companies. They join 12 other companies that have entered the free zone regime since July, collectively contributing over B/. 60 million in investments.
The three new companies, two Panamanian and one U.S., are active in manufacturing, processing finished or semi-finished goods, and providing logistics services. They will operate in Panapark Free Zone and Tech Valley in Panama City, with combined initial and future investments close to 37 million USD.
“The new investments in the free trade zone regime reflect the growing interest that Panama generates as a logistics and commercial hub”, said the Minister of Commerce and Industry, Julio Moltó.
The commission also approved proposing the Bless Interoceanic Free Zone to the Cabinet Council. This mixed free zone planned for Ancón, Panama City will require close to 2.6 million USD in total investments.
💡 Panama is frequently used as a logistics hub or export distribution center by international companies, thereby making use of the many Free Zones in the country (14 active Free Zones in Total, among which the 2nd largest in the world, the Colon Free Zone). While in the Free Zone, the goods are not subject to duties or quotas and they can be re-assembled, re-packaged or finished before being re-exported to other countries in Latin America or being offered for sale on the local market. The Free Zones offer various warehousing, storage, transshipment and distribution facilities.