Grow stagnates in Nicaraguan Free zone.

The Free Zone industry is going through a grave crisis that is causing businesses to close.

Monday, August 25, 2008

In its annual reports, the Central Bank of Nicaragua (BCN), the Free Zone sector always appeared as the most dynamic, with exports growing at more than 20%, and as the greatest generator of employment in the industry. However, this situation has drastically changed with the lowest growth on record and a huge loss of jobs.
Four companies belonging to the Taiwanese firm Nien Hsing, which was the biggest Free Zone firm, have closed, in addition to another that will close in the next few months because it cannot continue to compete by having operations in Nicaragua.

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Free Zone in Colon Grows 40%

December 2011

Business in the Colon Free Zone in Panama was 40% higher in the first 11 months of the year compared to the same period of 2010.

A "record number" of $ 30,000 million is projected for the end of the year, according to the manager of the Colon Free Zone, Leopoldo Benedtti.

Nicaragua: $1,750 million Predicted in Exports from Free Zones

July 2011

Exports from companies in the free zone in Nicaragua grew by 44% in the first four months of the year.

The Technical Secretary of the National Commission of Free Zones, Alvaro Baltodano announced projected exports of $1,750 million by the end of this year, of which the textile sector would provide $1,350 million.

Nicaragua: Multi-Sectoral Agreement to Attract Investment

March 2009

Entrepreneurs, unions and the government have agreed to maintain the lowest wages on the isthmus and attract companies to Free Trade zones.

Thus far in 2009, several free trade zone companies, such as Dasol Textiles and Premier Textiles, have shut down operations in the country.

Nicaragua: 19 thousand jobs lost in 2008

November 2008

The Free Zone industry lost 19000 jobs, but there is some hope that some will be recovered as a Mexican Consortium could replace at least 9600 jobs.

The figures were estimated by Dean Garcia, a representative of the Nicaraguan Textile Manufacture Industry, Anitex.

He said that the C&C Mexican investors bought three of the companies from Nien Hsing, that are set up in the Las Mercedes free zone.

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