Panama's Free Zones Welcome Four New Companies

The establishment of four new companies in the free zones, approved by the National Free Zone Commission, represents a combined initial investment of more than US$17 million and approximately 200 direct and indirect jobs.

The companies that will operate in the Panapark free zone are Kosmos Investment Latam, S.A., and Grupo Inversionista Los Eugenios, S.A., both dedicated to the rental of their own real estate, with foreign direct investment totaling US$1,114,746.90.

On the other hand, in the Aristos de Chepo free zone, the companies Servicios Logísticos Aristos, S.A. and Procesadora Bayano, S.A. will be located, one to carry out the activity of logistics services and the other to dedicate itself to the manufacture of products derived from the sea.

Procesadora Bayano S.A., involves an investment of US$13,142,796.38 in a fishmeal and fish oil production plant and US$2,857,33.87 in the canning plant. Meanwhile, Servicios Logísticos Aristos, S.A., will make investments of US$80,782.71. Panama's new free trade zones were born with a clustering strategy and in the case of the Aristos free zone, the focus is on industries related to food and raw materials for the production of pharmaceutical products and other products for human consumption, through fishing or agriculture in the Chepo area and the South Darién.

The canning project contemplates manufacturing for private labels or its own brands and is a labor-intensive activity, which will open more than 100 direct jobs for the community.

Free zones are delimited geographical areas within the national territory where a special customs and tax regime is applied, designed to promote investment and international trade. In Panama, these areas have established themselves as true engines of development, becoming poles of attraction for national and international companies.