Free Trade Zones: Green Light for New Investments

The Panamanian government issued a favorable concept for the establishment and operation of five free trade zones in the country, which together project an investment of $22 million.

Friday, February 5, 2021

The free trade zones, which will develop diverse economic activities such as agribusiness, scientific research centers, storage of goods, international trade, fruit processing and agricultural production, among others, will be located in the provinces of Panama, Chiriqui and Herrera, informed the Presidency of Panama.

Learn more about CentralAmericaData "Commercial Feasibility Studies".

The February 5 press release explains that the Panama Agroindustrial Free Trade Zone will have an initial investment of $6 million. The Aristos Free Trade Zone, whose promoter is Inmobiliaria Bayano, S.A., will develop in the Port of Coquira, Chepo, province of Panama activities such as agribusiness, fishmeal and fish oil production and seafood maquila.

Airport Land Corp. the Free Zone Z1 TI Warehouse, whose location will be in the industrial terminal of Juan Diaz in the province of Panama, was authorized to install and operate a storage center for merchandise, manufacturing and logistics activities in an area of more than 5 hectares with an investment of more than $7 million, the document highlights.

"Regarding free zones in the provinces, the company Parque Industrial Paso Canoas, S.A., received approval for the establishment of the Global Logistic Free Zone, in Quebrada Grande, district of Bugaba, province of Chiriqui. This will be dedicated to international trade to Central America with a $4.7 million investment in a little more than 3 hectares.

On the other hand, in Pese, province of Herrera, the Las Cabras Free Trade Zone will start operations. The promoter, Alcoholes del Istmo S.A., will make an initial investment of $1.7 million to develop agro-industrial activity (fruit processing, fertilizer production and production of high-end liquors, among others) creating 650 direct jobs in the region
", informed the Presidency.



More on this topic

Free Trade Zone Announces Ambitious Investment Plan

January 2021

America Free Zone, located in Heredia, Costa Rica, plans to execute an investment plan in the next few years totaling close to $120 million and contemplates the implementation of electro-lane stations and the construction of new infrastructure.

Executives of the business complex informed that up to now they offer their clients 200 thousand m2 of space for business activities, but the medium-term plans are to add another 60 thousand m2.

New Economic Development Zone Endorsed

December 2020

In Guatemala, the Miel Verde project, Special Public Economic Zone, was approved. In its first phase of development, it will require an investment of close to $4 million and will be located in the municipality of Río Hondo, department of Zacapa.

The new special zone will have a total area of 23,544 square meters, however, in the first phase only an area of approximately 5,173 square meters will be developed.

Agribusiness: Plans to Attract Foreign Investment

October 2019

In Panama, a bill is planned to convert the provinces of Los Santos and Herrera into a Special Economic Zone, which will offer tax and labor incentives to companies in the agricultural sector that decide to invest in the area.

Representative Julio Mendoza, of the Democratic Revolutionary Party, announced that in the coming weeks he will present a bill to the Assembly to create the Special Economic Zone of Azuero.

More Companies in Free Trade Zones

January 2019

The sector guild in the Dominican Republic approved the installation permits for 11 new companies, and it is expected that the companies will invest around $20 million.

From the CNZFE press release:

Santo Domingo - The National Council of Free Trade Zones (CNZFE) announced yesterday the approval of permits for the installation of a park and 11 new companies in free trade zones, which will generate 976 direct jobs.

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