Economic Development Zones: Projects Move Forward

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.

Tuesday, July 9, 2019

After the Santo Tomás de Castilla Free Trade and Industry Zone (Zolic) approved in April the first Special Public Economic Development Zone (ZDEEP) called "Michatoya Pacifico", which is on the Puerto Quetzal, Escuintla Highway, there are three other projects that have begun the process to establish.

One of the projects is Puerta del Istmo, which plans to be installed in Pajapita, San Marcos. In this ZDEEP it is planned that two companies operate, one dedicated to the manufacture of diapers and the other focused on commercial activities.

You may be interested in "Regulations for Collection in Development Areas

Regarding the process in which Puerta del Istmo is, Fredy Palma, manager of Zolic, explained to Prensalibre.com that "... the company has already presented its file to Zolic but it was returned to the company to correct some errors of form, based on Article 10 of the regulation."

The article states that "... interest has been shown in promoting the project called Centro Logístico Quetzal, which will be located at kilometer 98 on the road to Puerto Quetzal. In this case we are working on the studies and we are following up in order for them to present their request."

ZDEEP Piedras Negras, is another project that would be installed in the village of Santo Tomás de Castilla, in Puerto Barrios, Izabal. According to representatives of Zolic, in this case has not made an official request to begin the approval process, however, there are already approaches on the part of the company.

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More on this topic

Second Economic Development Zone Approved

October 2019

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.

Approval for First Economic Development Zone

April 2019

In Guatemala, the first project to install a Special Public Economic Development Zone was approved, which will require a $14 million investment and will be on the Highway to Puerto Quetzal, Escuintla.

The name of the industrial park, which will be on a 150-hectare site and will house industrial, commercial and service sector companies, is "Michatoya Pacífico" and will require an initial investment of $13.8 million.

Incentives That Work

March 2019

In Guatemala, five private projects to build economic development zones are already in the process of being processed, only two months after the regulation defining the fiscal benefits to develop them came into force.

On February 4, the Law on Special Public Economic Development Zones (ZDEEP) came into effect, which provides for tax benefits consisting of a 10-year exemption from 100% income tax, as well as the temporary suspension of taxes associated with imports, among others.

Tax Benefits for Companies in Special Zones

February 2019

The regulation for Special Public Economic Development Zones, which came into effect in Guatemala on February 4, establishes fiscal incentives for companies operating under this scheme.

Among the tax benefits provided by the Law on Special Public Economic Development Zones (ZDEEP), include the exemption for 10 years of 100% of income tax, as well as the temporary suspension of taxes associated with imports.

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