Colon Free Zone Grows by 42%

Commercial activity in Panama's free zones was 42% higher in the first 7 months of this year than in the same period in 2010.

Friday, October 7, 2011

According to the Controller General's Office transactions totaled $15,870,000 in July 2011, compared to $11,173,000 in the same period in 2010.

"The positive statistics are supported largely by the free zone re-exports which increased by 37.5%", reported Panamaamerica.com.pa.

Given the pace of growth, businesses forecast closing this year at $23 million.

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Activity in Colon Free Zone Down 24%

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During the past year the commercial movement in the Colon Free Zone (CFZ) closed at $27.9 billion, whereas in 2012 it recorded $30.8 billion, equivalent to a reduction of 9.4%.

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A $75 million project known as Leona includes a trade center, storage facility and 9 buildings each with 15 or 16 commercial premises.

The project's manager for developer Investor Continental Group, Daniel Cachafeiro, added that the increase in demand for new commercial premises is the reason for the expansion of the Colón "free zone" (Zona Franca or ZFA in Spanish) - an area receiving free or preferential tax rates.