Faced with the decline in commercial activity in the Panamanian Free Trade Zone, its directors are looking for new business opportunities in markets in the Caribbean.
In the Dominican Republic, five new companies have approved permits to operate in free trade zones, which together will make an investment of close to $16 million.
Among the activities of approved companies are: manufacture of doors, windows and boxes, international call center services, and textile manufacturing, reported the National Council of Export Processing Zones (CNZFE).
With the reform proposal to the Law of Free Zones presented to Congress, it is intended to reduce from 20 to 10 the requirements that must be met to approve a new free zone.
After several months of working on the proposal to make changes to the law, the file was submitted to the legislative chamber and prepared by the Honduran Maquiladora Association (AHM), the Ministry of Finance, the Central Bank of Honduras and the Ministry of Economic Development (SDE).
The second project was authorized in Guatemala to install a Special Public Economic Development Zone, which will require an initial investment of $16 million and will be located in Pajapita, department of San Marcos.
"Puerta del Istmo" is the name of the industrial park, which will be on a 160-hectare site and will house industrial and logistics companies.
In Panama, a bill is planned to convert the provinces of Los Santos and Herrera into a Special Economic Zone, which will offer tax and labor incentives to companies in the agricultural sector that decide to invest in the area.
Representative Julio Mendoza, of the Democratic Revolutionary Party, announced that in the coming weeks he will present a bill to the Assembly to create the Special Economic Zone of Azuero.
In the Dominican Republic, approvals were granted for the development and operation of four new industrial parks, as well as the respective permits to install 12 new companies in free trade zones.
In the case of the new parks, these will be located in Boca Chica, Valverde, San Cristobal and Santiago, reported the National Council of Export Processing Zones (CNZFE).
In the first seven months of 2019, the commercial activity of the Panamanian Free Trade Zone totaled $10.782 million, 14% less than in the same period of 2018.
From January to July, imports in the Colon Free Zone (ZLC) totaled $5.224 million, and re-exports amounted to $5.557 million, decreasing by 12% and 16% compared to the same period in 2018, respectively.
Nayib Bukele returned to the Legislative Assembly the reform to the law of Free Zones that granted tax benefits for an additional period of 10 years to companies in the country to increase their investment in 100% with respect to the initially made.
On August 29, 2019, the Assembly informed that the Legislative Plenum endorsed the reform to the Law of Industrial and Commercial Free Zones, establishing that the users of these zones would have a term of 10 additional years (before there were five) to continue enjoying total exemption from taxes, which would be applicable once the period established for the regular enjoyment of this benefit expired.
Alejandro Giammattei, elected president of Guatemala, will propose to the authorities of the North American country that a special economic zone covering both sides of the border be developed.
Guatemala's president-elect is wasting no time, since four months after taking office, he is already making investment proposals to neighboring countries. In this case, he will do so in Mexico, where on September 20 he will meet with Lopez Obrador and will deliver a file on the issues he proposes to work on in the coming years.
The business sector and executive authorities are working on a proposal for reforms to the Law of Free Zones of Puerto Cortés, a project that aims to expand existing incentives for this regime.
The modifications that will be discussed in next week's mobile congress in San Pedro Sula seek to reform decrees 1, 2, 3, 12, 16 and 22 of the Free Zone Law of Puerto Cortés.
Five months after the regulations for the creation of the Single Window of Procedures for the Colon Free Zone were approved in Panama, businessmen are asking for their implementation to be accelerated.
The Dominican Republic's free trade zones guild promises to reduce response times with the implementation of the Single Window for Foreign Trade of the General Directorate of Customs.
Simplifying procedures, transparency and security of processes, reduction of response times of requests, reduction of costs of stationery and office equipment, are some of the benefits that will enjoy for companies in areas with the implementation of the Single Window, informed the union.
The government informed that in San Miguelilto it is projected to invest $39 million in the implementation of a digital free trade zone, which is expected to install computer technology companies and centers of higher and technical studies.
Authorities of the Ministry of Commerce and Industries (Mici) said that in a first stage, the private company will invest $10.6 million and then another $28.3 million will be disbursed.
Puerta del Istmo, Centro Logístico Quetzal and ZDEEP Piedras Negras, are the projects advancing in Guatemala in the process of becoming Zones of Special Public Economic Development.
In El Salvador, it is proposed that the law discussed in the Assembly, considers the reduction of minimum requirements for investments made in special economic zones, to compensate for the disadvantages of lack of productive activity in the area.
In July 2018, the Executive Branch presented to the Legislative Assembly the draft Law on Special Economic Zones (LZEE), which is being analyzed by the Economy Commission.