Free Trade Zones will Generate More Than 400 Jobs and Attract $16.1 Million
The National Free Zones Commission approved the incorporation of seven new companies and the expansion of operations of Multimodal Marine Inc.
Panama continues to strengthen its investment attraction strategy. The National Free Zones Commission (CNZF) approved the incorporation of seven new companies and the expansion of operations of Multimodal Marine Inc., which will represent an investment of $16.1 million and the creation of more than 400 jobs in the country.
The decisions were adopted during a regular meeting of the commission, chaired by the Vice Minister of Foreign Trade, Astrid Ábrego pictured above, who highlighted the positive impact that these projects will have on the labor market and on national economic growth.
Manufacturing, Logistics, and Services Boosted with New Investments
The approved companies will be located in several strategic free trade zones across the country, including:
- Corozal Free Zone (formerly Marpesca)
- Panapark Free Zone
- Albrook Free Zone
- Las Cabras Free Zone
Panama’s free trade zone regime currently houses more than 150 exporting companies and continues to expand as an international trade platform, taking advantage of the country’s strategic position and global connectivity. In these spaces they will develop activities related to manufacturing, processing of finished and semi-finished products, assembly, logistics services and real estate rental, sectors considered key to strengthening the country’s logistics and production hub.
Free Trade Zone Regime: National and International Investment
The new investments come from companies with capital from:
- Panama
- Netherlands
- United States
- Venezuela
- Spain
- Chile
The diverse origins of these companies reflect the confidence of international and local capital in the Panamanian free zone regime, which offers logistical, tax, and commercial advantages for regional operations
The Engine of Employment and Economic Development: Free Trade Zones
Vice Minister Astrid Ábrego emphasized that the country maintains its objective of attracting more international companies and expanding the operations of those already established, highlighting the role of the Ministry of Commerce and Industries (MICI) as a facilitator for the establishment and expansion of investments. The free trade zone regime has become a key instrument for diversifying the Panamanian economy, boosting employment, and strengthening strategic sectors such as logistics, manufacturing, and services.
The Free Zones represent an investment of $16.1 million and the generation of more than 400 jobs in Panama.
