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Latin America Investment News on Viva Tropical

Free Zones an Attractive Option for Interior of Panama

Article Summary:

As a means to increase economic development, many businessmen are considering the formation of industrial free zones in the interior of Panama, where, with an investment of $250,000 and a mininum of two hectares of land, a free zone can be founded.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

The creation of free zones in the province of Chiriqui is an alternative that handle local employers to increase economic development in the province.

Law 32 of 5 April 2009 allows holders of an area of ​​two hectares, plus an investment of $ 250,000, to establish free trade zones, which, according to several businesses, is an alternative to a province in full swing.

“This legislation is positive and we must seize it,” said the president of the Chamber of Commerce, Industries and Agriculture, Manuel Reyes Sicily.

He said that should support small and medium businesses by giving them a better incentive, as he contemplates this legislation.

About where the zones can be located, Reyes said that Sicily has to be in regions with working capital, access to ports, roads in good condition and safety.

Among those places mentioned areas Baru Gualaca, David, Alanje and highlands, “where production occurs and thus the export of various products.”

Rubiela Gonzalez, General Director of Free Zone, Ministry of Commerce and Industry, explained that currently the country has 14 free zones, meters located in Panama, Panama East, Columbus and Resume.

However, in Chiriqui said no, so this would be a good opportunity for entrepreneurs interested in this business.

Although the province dominates agricultural activity, Gonzalez said that you can create manufacturing, assembly, processing or semi-finished products and logistics services, among others.

For Maria Lucia De La Torre, San Joaquin Dairy, a company located in Volcano, the incentives offered are “interesting”, especially for midsize businesses, it is an opportunity for growth.

Among the incentives that the Act provides to investors are the exemption from taxes and import duties on raw materials, intermediate products, purchase and import of equipment, construction materials, machinery, spare parts, tools, accessories, supplies, materials packaging, and any goods or services required for their operations.

Similarly, the promoters of free trade zones are exempt from income tax in the lease and sublease.

At the level of migration, the law also provides that the foreign investor has permanent residence permits and temporary residence, among others.

Link to Original Article:

From Prensa

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