Panama Creates 5 New Free Trade Zones

[Gomez Tomiczek]

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 important sources of economic growth in vulnerable regions of the country and at the same time strengthening the national logistics supply, knowledge transfer and the incorporation of new technologies in the productive processes.

Two facilities will be built in the eastern area of the province of Panama, the Panama Agroindustrial Free Trade Zone (Pacora) and the Aristos Free Trade Zone (Chepo, Puerto Coquira). The Panama Agroindustrial Free Trade Zone will be the largest free trade zone in the country, promoting year-round commercial agricultural production, incorporating the concept of vertical farming and thus lowering water consumption by 95% compared to field production. The objective of the Aristos Free Trade Zone is to promote the agricultural and fishing sector in the area, to support the various production sectors to offer their products in the national and international market, and to increase exports of national products and create new opportunities for the border area with Colombia.

In Panama Centro, Zone 1 of the Juan Díaz Terminal will be built, a warehouse for merchandise, manufacturing and logistics activities. In Pesé (province of Herrera), the Las Cabras Free Trade Zone will be installed focusing on agroindustrial activities (fruit processing, production of organic fertilizers, production of high-end liquors, etc.), creation of a productive chain cluster, biomass processing, and management and treatment of urban waste as a source of energy generation.

In the province of Chiriquí (Bugaba), the construction of the Global Logistic Free Trade Zone was authorized, targeting companies related to international trade to Central America.

[Moderator_02]

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Panama To Set Five New Free Trade Zones

Admin - Thursday, 4, February 2021 at 17:08

 

 

Panama’s Trade and Industry  Ministry (MICI) approved the opening of five new free trade zones (FTZ) set to generate over 10,000 jobs.

The new FTZ will be established in Panama City and the provinces of Chiriqui and Herrera with an initial investment of US$21.9 billion. They will be dedicated mainly to agribusiness and infrastructure supplies.

Besides fruit processing, organic fertilizers, and high-end liquors productions, the Las Cabras FTZ will promote biomass processing and energy generation through urban waste.

By fostering agricultural production throughout the year, Agroindustrial de Panama will become the largest FTZ in the country.

In Chiriqui province, the Global Logistic FTZ will house companies related to trade to Central America and provide over 1,000 jobs.

Conceived under sustainable and environmentally friendly models, these FTZ projects work with foreign and domestic investments.

“Each one of these free zones will have a positive impact on the country’s economy,” MICI Minister Ramon Martinez said.

 

https://news784.com/2021/02/04/panama-to-set-five-new-free-trade-zones/

[Moderator_02]

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Free Trade Zones: Green Light for New Investments

The Panamanian government issued a favorable concept for the establishment and operation of five free trade zones in the country, which together project an investment of $22 million.

Friday, February 5, 2021

The free trade zones, which will develop diverse economic activities such as agribusiness, scientific research centers, storage of goods, international trade, fruit processing and agricultural production, among others, will be located in the provinces of Panama, Chiriqui and Herrera, informed the Presidency of Panama.

Learn more about CentralAmericaData "Commercial Feasibility Studies".

The February 5 press release explains that the Panama Agroindustrial Free Trade Zone will have an initial investment of $6 million. The Aristos Free Trade Zone, whose promoter is Inmobiliaria Bayano, S.A., will develop in the Port of Coquira, Chepo, province of Panama activities such as agribusiness, fishmeal and fish oil production and seafood maquila.

Airport Land Corp. the Free Zone Z1 TI Warehouse, whose location will be in the industrial terminal of Juan Diaz in the province of Panama, was authorized to install and operate a storage center for merchandise, manufacturing and logistics activities in an area of more than 5 hectares with an investment of more than $7 million, the document highlights.

"Regarding free zones in the provinces, the company Parque Industrial Paso Canoas, S.A., received approval for the establishment of the Global Logistic Free Zone, in Quebrada Grande, district of Bugaba, province of Chiriqui. This will be dedicated to international trade to Central America with a $4.7 million investment in a little more than 3 hectares.

On the other hand, in Pese, province of Herrera, the Las Cabras Free Trade Zone will start operations. The promoter, Alcoholes del Istmo S.A., will make an initial investment of $1.7 million to develop agro-industrial activity (fruit processing, fertilizer production and production of high-end liquors, among others) creating 650 direct jobs in the region", informed the Presidency.

 

https://www.centralamericadata.com/en/article/main/Free_Trade_Zones_Green_Light_for_New_Investments