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With the aim of increasing investment in the country and creating a positive impact to the economy hit due to the Covid-19 pandemic, the Government of Panama has approved the creation of five new free trade zones in the country, generating a combined investment of US$21.9 millions and more than 10,000 jobs. Some of the free zones are investments of Panamanian entrepreneurs and others of foreigners. The new free trade zones authorized will be located in the provinces of Panama, Chiriqui and Herrera. Three of them will be dedicated to agribusiness, with the objective of becoming impor
Do You Want to Expand to the LATAM Market? Consider These Three Key Factors Due to the current situation caused by COVID-19, we can observe an explosive growth in online sales. This ongoing trend brings new business opportunities, as well as new ways to access the Latin American market (LATAM) for entrepreneurs from Europe, the United States, and Canada. The LATAM e-commerce market is expected to grow by 29% from 2020 to 2024. 25% of online customers made their first online purchase in March of this year. The products with the highest online sales in LATAM include computers an
Due to the current financial situation caused by the slowdown in the economy, the Government has decided to implement a scheme to put workers of 50 years of age and above on early, mandatory retirement, thus creating jobs and reducing unemployment. This scheme will be known as RAPE (Retire Aged People Early). Persons selected to be RAPED can apply to the Government to be considered for the SHAFT program (Special Help After Forced Termination). Persons who have been RAPED and SHAFTED will be reviewed under the SCREW program (System Covering Retired-Early Workers). A person may be RAPED
You can see the economy at work everywhere throughout Panama -- construction, traffic congestion, parking problems, seemingly unending residential development and shopping mall projects, and lots of customers in the busy stores. This topic needs to be read in conjunction with other topics, such as automobile sales in Panama (see http://www.chiriqui.life/topic/3250-panama-vehicle-sales-continue-climb), Tocumen Airport traffic and revenue (see http://www.chiriqui.life/topic/4195-tocumen-airport-traffic-and-revenue-increasing-and-expansion-plans), the Canal, tourism, the trade war with Colombia,