Panama: Investment in Free Trade Zone Announced

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.

Wednesday, July 17, 2019

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. Regarding the origin of the funds, it was reported that they already have structured the financing figure of this free zone, which would be in charge of the international Bank of China and the Panamanian Global Bank.

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From the Mici statement:

July 16, 2019. After the Cabinet Council approved on Tuesday the establishment of the first digital free trade zone in America, in the district of San Miguelito, BPO's Panama Free Zone is expected to be the point of attraction for computer technology companies, centers of higher education and technical, and high-tech companies that want to invest in the country.
This was announced by the Minister of Commerce and Industries, Ramon Martinez, who said that the new free trade zone will generate more than one thousand jobs in its first year of operation, and a total investment of more than 38 million dollars.
 
"BPO's will have an initial investment of more than 10 million dollars, and a future investment of more than 28 million dollars.  With this new free trade zone, of great potential and benefit to the country, Panama's competitive advantages are reinforced," he said.
 
He also highlighted that "the company complied with the requirements demanded by Article 19 of Law 32 of April 5, 2011, to obtain its license as Promoter and Operator of Free Zones, so it was recommended to the Cabinet Council, in accordance with Article 9 of Law 32 of 2011, to issue a favorable concept for its development."
 
BPO's Panama-Free Zone, Inc., a developer company, plans to install within the area up to one hundred companies dedicated to specialized digital services such as Data Center, administrative outsourcing processes, operation of global e-commerce platforms and digital management of global value-added chains, among others; contributing to the generation of 1,500 jobs at the technical, medium and advanced levels.
 
Regarding its location, BPO's Panama-Free Zone will have a strategic position, since it will have immediate connectivity with all sectors of Panama City and the main logistics centers, because of its proximity to the Northern Corridor.
 
Since it is in Cerro Viento Rural-Brisas of the Golf will have access to the International Airport of Tocumen, to the Port of Balboa, to the connection of the North Corridor with the Highway Panama-Colón, and from this point, to the Port of Cristóbal and the Free Zone of Colón.



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