Panama Improves Logistics with In Bond System

Galores Cold Storage has inaugurated the first logistic service for storage of refrigerated and frozen perishable foods, under the In Bond regime.

Wednesday, May 23, 2012

‘In bond’ is a term applied to the status of merchandise admitted provisionally to a country without payment of duties -- either for storage in a bonded warehouse or for trans-shipment to another point, where duties will eventually by imposed.

These goods or products are generally intended for sale in international markets or under particular conditions, in the domestic market.

Panama City, March 30, 2012 - For the first time in the logistics industry, where the country has become one of the most important in the continent in terms of facilities, technology and innovation, a national company funded by Brazilian capital has taken a fundamental step. Cold Storage Galores has incorporated into their storage facilities the In Bond system. The goal is to expand the supply of logistics services for foreign trade, one of the most in demanded areas worldwide.

Panama is situated in a logistical meeting point, strategically located in the center of the continent. This advantage enables it to forge connections between the Pacific and Atlantic. It also has the Canal which is recognized internationally as the most important interoceanic waterway in America, the second largest Free Zone in the world, an interoceanic railway and other facilities. Today Galores Cold Storage adds value to the competitiveness of Panama’s logistics platform by offering the first logistics services with storage for refrigerated and frozen foods under the In Bond regime for foreign and international trade.

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