PANAMA GOVERNMENT APPROVES TERRITORY FOR MORE SPECIALIZED FREE ZONES

This time, it is about technological and digital business free zones, with the goal of increasing the country’s strategic potential as the region's digital hub.

The Cabinet Council, led by the President of the Republic, Laurentino Cortizo Cohen, approved the installation of new free zones with a total investment of B/.78.5 million for these projects, contributing to the creation of jobs, increased production, and higher exports. Published on the website of the Presidency of the Republic of Panama.

The establishment of this free zone is expected to involve an initial investment of $50 million, with an expected creation of around 1,140 jobs in the country.

Likewise, the Cabinet Council authorized the establishment of Panama Digital Gateway, with an initial investment of $11.5 million, which will house 620 companies, strengthening Panama’s position as the digital hub of the region.

Under this premise, the installation of the Curie submarine cable is also highlighted, which will attract content providers such as Netflix, Microsoft Azure, Cloudflare, Facebook, Amazon, Akamai, among others.

With the creation of these new free zones, historical figures have been achieved in the free zone regime, largely because the country promotes clustering—free zones with a clear vocation that naturally create linkages between suppliers and clients in the same location.

In 2018, B/.78 million were exported through these free zones, while by 2022, this figure had doubled to over B/.143 million in exports.

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