Panama and Venezuela are to create a bilateral technical committee to reach an agreement on the debts held by Venezuelan entrepreneurs with the Colon Free Zone.
According to Panamanian Foreign Minister Fernando Nunez, "the first payment will be made almost immediately." "The new program agreed by the Government of Venezuela enables these companies to pay off their debts directly with the Colon Free Zone," he said.
During 2012, free zone exports stood at $1.9038 billion, equivalent to a growth rate of 8.6%.
Information published by the Central Bank of Nicaragua (BCN):
In 2012, free zone exports stood at $1.9038 billion, equivalent to a growth rate of 8.6%.The sectors which participated the most in the absolute growth of exports from the free zone in relation to 2011 were chasis, which contributed $65 million (42.9% of total), fishing, $37.6 million (24.8%), textiles, $32.2 million (21.3%) and tobacco $23.1 million (15.3%), among others.
In January 2013 the Monthly Indicator of Economic Activity recorded a variation of 3.3%, whereas last year it was 7.2%.
Monthly Indicator of Economic Activity (MIEA) published by the Central Bank of Costa Rica:
The country's economic activity, as measured by the cycle of the Monthly Indicator of Economic Activity (MIEA), showed a variation of 3.3% in January 2013, lower than a year earlier when production grew by 7.2% .
Companies starting operations in free zones outside the metropolitan area will be fully exempt from income tax for 15 years.
From a press release issued by the Legislative Assembly of El Salvador:
With 82 votes from all of the parliamentary groups, the Legislature approved tonight reforms to the Law on Industrial Free Zones, which according to the ruling, will generate greater certainty and legal security for the productive sector.
Korean investors are studying the Nicaraguan market, evaluating new investments in the country.
33 Korean companies are currently operating in the country with a capital investment of $156 million, of which $133 million is related to investments in ‘EPZ’s (free zone regimes).
"High levels of public safety and the fiscal incentives in the free zone regime are the two conditions attracting the attention of Korean investors, said the Soon Tae Kim, South Korean ambassador in Managua.
The Chamber of Textile, Clothing Companies and Free Zones states that if the new law on Free Zone included the tax, it would drive away millions of dollars in investments.
Elmundo.com.sv reports that "The Chamber of Textile, Clothing Companies and Free Zones of El Salvador (Camtex) on Wednesday opposed changes made by the Finance Minister Carlos Cáceres to the proposed amendments to the Law on Free Zones, agreed with the sector since October 2011."
With a record $2.207 billion in exports last year in 2012, the nation aims to continue growing its free zone regime, both in terms of the number of companies and volume of exports.
Beyond having obtained these successful figures, the aim is to attract more businesses and diversify economic activities. Within these objectives, the installation of the U.S.
In 2012 established industries in Costa Rica's free zones increased their exports by 11.5%, while those operating outside of them grew by only 5.4%.
Nacion.com reports that "Such behavior last year confirms the phenomenon of the last two years. Following the 2008 crisis, which was reflected in a sharp drop in sales in the country in 2009, exports of the regime final (outside of the free zones) grew stronger, but then the pace started to decline.
In El Salvador some companies will be left out of the new system introduced by the proposed reforms to the law on Free Zones.
If the draft amendment to the FTZ Act is approved, about ten companies, both national and foreign, would fall outside the new regime, said the director of the Agency for the Promotion of Exports and Investments in El Salvador (Proesa), Giovanni Berti.
Organizations and unions of Salvadoran maquila workers have proposed the creation of an insurance policy guaranteeing payment of 100% of salaries in the event of closure of business operations.
The bill envisaged by organizations and unions also proposes sanctions such as loss of tax benefits for a period of three months for those companies who commit very serious offenses.
Salvadoran business associations are calling for dialogue and rapid lifting of the strike in order to avoid generating further losses and a possible 'stagnation of exports'.
The vice president of the Miramar zone, Ricardo Avila, reported that none of customs offices in the free zones are operating.
"'We hope the situation will be resolved soon, not going on for longer than one or two days because, otherwise, the stakes are very high in terms of lost contracts for export companies, seeing as the free zones are the country's leading exporters' he said, and warned that the risk is of ' a cessation of exports, which means cancelled contracts and what nobody wants, job losses", reports Laprensagrafica.com.
The Zone’s directors expect more freight movement, further processing of products and employment generation.
Economic growth in the Colon Free Zone is unquestionable. The volume of exports and imports in 2011 reached $29.126 billion, growing by 56% over the past three years.
The area has about 3,000 users, which together employ 32,000 people. 75% of goods entering the zone are redistributed to other destinations in the world, while the remaining amount enters Panama.
Amendments to the Law on Free Zones will define the rules of the game that employers in El Salvador need to know in order to increase their investments in the textile sector.
The newly formed cluster of synthetic fabric textile companies in El Salvador has temporarily stopped their investment plans in order to see what reforms will be made to the Law on Free Zones. In other words, they want "clear rules".
The growth is reflected in the steady growth in employment in production firms operating under the regime, which together exceed 100 thousand jobs.
The number of employees in factories in free zones reached 103,000 people in March, a record for the sector in Nicaragua, said Alvaro Baltodano, President of the National Free Zone Commission, CNZF. There are 68,019 employees in the textile sector alone.
The firm Hansae and a local partner will build new facilities for producing fabric in Niquinohomo, south of Managua, with capacity for 7,000 jobs.
A local company and the Korean textile firm, Hansae, will build on a total area of 70,000 m2 a new facility for a textile factory, which represents the extension of the Asian firm's investments in Nicaragua, said the president of Zona Franca SA Niquinohomo, Mario Zelaya.
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