PANAMA GOVERNMENT APPROVES TERRITORY TO ACCOMMODATE MORE SPECIALIZED FREE TRADE ZONES
This time it is about technology and digital business free zones and thus, as a country, increase its strategic potential as a digital hub in the region.
The Cabinet Council, headed by the President of the Republic, Laurentino Cortizo Cohen, approved the installation of new free trade zones with
a total investment of B/.78.5 million in these projects, contributing to the creation of jobs, higher production and an increase in the
exports. Published on the web page of the Presidency of the Republic of Panama.
For the establishment of this free trade zone, an initial investment of US$50 million is estimated and it is expected to generate approximately 1,140 jobs in the country.
Similarly, the Cabinet Council authorized the establishment of Panama Digital Gateway with an initial investment of $11.5 million, which will have 620 companies, strengthening Panama as a digital hub in the region.
Under this premise, the installation of the Curie submarine cable also stands out, facilitating the attraction of 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 regime of these zones and this is largely due to the fact that the country promotes clustering, free zones with a clear vocation that naturally creates linkages between suppliers and customers in the same place.
In 2018, B/.78 million was exported through these free zones while by 2022 this figure doubled to more than B/.143 million in exports.
Benefits of operating from Free Trade Zone
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