Panama: Draft on Free Zones Law Approved

The project approved by the Executive establishes a comprehensive and simplified special scheme for establishment and operation of free zones.

Friday, December 3, 2010

The initiative, presented by Roberto Henriquez, Minister of Trade and Industry, seeks, among other objectives, to adapt national legislation to requirements of the World Trade Organization (WTO).

José Domingo Arias, vice minister of Foreign Trade, who was in charge of explaining the proposal, said the bill broadens the possibility of installing new investments in the country focused on high-tech companies, higher educational establishments, research centers, logistics companies and environmental services.

The bill updates the Free Zones Act, Export Processing Zones and puts them in line with the new conditions of the global and regional marketplace to be able to compete effectively in attracting FDI in the region.

Arias reiterated that the project was duly discussed and agreed with current users of the Export Processing Zones.

The Cabinet approved a resolution authorizing the Minister of Trade and Industry to present this proposal to the National Assembly.

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