Panama maritime ports move more than 6 million teus per year. Panamas economic performance is expected to remain strong. Panamas free trade zone the colon free zone is the worlds second largest free trade zone and plays an important part in panamas service economy. Other free trade zone agreements currently in effect. Colon free trade zone, one of the worlds major free trade centers for the redistribution of manufactured goods from japan, europe and the united states to. Any company or person that desires to be located in the colon free zone can do so. Imports and exports registered in the colon free trade zone surpass 5 billion dollars annually. A case study of selected strategies a report of the panama initiative. Panamas colon free zone ensures its importance as a crossroad for worldwide merchandise traffic. Copy of the key of operation in the free zone of colon.
Billions of dollars of trade, which is not subject to banking restrictions, occurs in the zone each year. Colon owes its existence to the panama railroad which opened in 1855 as the first rail link from atlantic to pacific, making travel from the east coast of the americas to the west coast a lot easier. Panama colon free trade zone benefits and requirements. Distances are measured using a direct path, as the crow flies and the compass direction is shown as well. The zona libre of colon is a commercial showcase par excellence for the whole continent. Panama city is the largest city in panama, with a population of around 1 million, and is situated at the pacific end of the panama canal. Files are available under licenses specified on their description page. Panama colon urban development project english abstract.
Service sectors collectively account for seventysix percent of the nations total income central. Panama protection of the harpy eagle 1998 block of 4 stamps 20 c each 15 c colon free trade zone 1998 15 human rights 1998 association of business executives 1998 50 c. Us secures confession in panama waked money laundering case. The colon free zone, with over 2,500 companies operating within its 450 hectares, is not only the worlds biggest free zone after hong kong, but the best geographically located, and therefore the one with the best, most efficient and fastest distribution facilities. One, the modernization of the economic service sector, and the other, a mechanism without precedent to streamline regional commerce on a large scale. Banks, insurance and reinsurance companies and companies registered with the national securities commission as issuers, or holding a license granted by the commission, are required to file audited financial statements. An mhq is the headquarters of a multinational company that, from panama, carries out operations or services for their main office, subsidiary or affiliate in other countries. North america east coast central america feeder nae. Sell through panamas colon free trade zone to the region a u. The code of conduct group will revise the list once a year. Directory of companies and brands in the colon free trade zone.
The zone consisted of the canal and an area generally extending five miles 8. All structured data from the file and property namespaces is available under the creative commons cc0 license. The social dimension of commerce mcgill university. Categories brands companies colon free zone advantages getting there about panama espanol. Panama reorganizes free trade zone in colon and regulates. It is currently the worlds second largest free trade zone trailing hong kong but is much more accessible for.
Special economic zones in panama harvards growth lab. The colon free trade zone in panama offers monetary, fiscal and corporate. As of october 2012, the office had performed 22 inspections, compared. Companies that benefit from these exemptions are not eligible to benefit from the program to promote the competitiveness of agricultural exports cefa in spanish for their exports. The colon free zone created a special office for ipr enforcement in 1998. May 2014 elections in panamas may 4, 2014 elections.
Return ticket and documents that allow entry in the destination country of the return ticket. The project is divided into five major subprojects as follows. Companies operating in the colon free trade zone and other free. Manzanillo international terminal coco solo sur, moulten avenue colon, republic of panama colon free zone p. General overview on panamas economy and investment climate. Sell through panama s colon free trade zone to the region a u. The colon free trade zone has been in operation since then. In 20 transit through tocumen international reached 7.
On 6 april 2016, through publication in official gazette no. Panama colon urban development project english the. Panama is home to the colon free zone, the worlds secondlargest free trade zone after hong kong, which is located at the caribbean entry point to the panama canal. Prweb june 14, 2005 recent statistics released by the colon free zone administration show a steady growth in the free zone which is second only to hong prweb june 14, 2005 recent statistics released by the colon free zone administration show a steady growth in the free zone which is second only to hong kong in overall business activity. Businessmen from the colon free zone in panama suggest. Opportunities for indian exporters in the colon free zone. All tourists must carry with them their valid passport. The dropped charges related to defrauding a bank to secure favorable interest rates and an alleged trade based money laundering scheme in which drug money was imported into panama and used to purchase goods from wakeds company in the colon free trade zone, which were then shipped to retailers in colombia, who transferred the profits to.
Panamas economy is based primarily on a welldeveloped services sector, accounting for about 80 percent of gdp with the panama canal as the largest economic contributor. The countrys industry includes manufacturing of aircraft spare parts, cement. Information on colon city and the colon free zone a the city of colon colon is the second largest city in the republic of panama. Panama reorganizes free trade zone in colon and regulates other provisions. Money laundering vulnerabilities of free trade zones. Special economic zones in panama harvard university. The colon free trade zone, panama republic of panama in 1948 the republic of panama began a project to solve two basic needs at both the national and international levels. The misuse of free trade zones impacts all jurisdictions including those without ftzs of their. Other cities, available with also fast transit times.
Originally it was located entirely on manzanillo island, surrounded by limon bay, manzanillo bay,and the folks river. The services sector includes the panama canal, shipping and container port activities, and local and offshore banking and insurance services. He was also criticized by civil society groups and political opponents for taking a heavyhanded approach toward governing and for not being more consultative. The 99 companies operating in panamas 15 free zones may import inputs duty free if products assembled in the zones are to be exported. Reefer inland capabilities customs clearance performed in the ports as well as bonded cargo pick up and deliveries. Colon free trade zone known as the worlds second largest free trade zones, the colon free trade zone is considered as panama s dutyfree heaven. Connect main ports of panama city and colon free zone destinations within 4 hours transit time availability of equipment including reefers upon request customs clearance can be conducted in the ports or bonded cargo pick up and deliveries max cargo weight. The trail is rated as moderate and is primarily used for hiking, walking, and bird watching. A free trade agreement with china may also serve to diversify panamas trade dependence on the longstanding largest consumer.
Panama beetles 1998 block of 4 stamps 30 c each christmas 1998 40 c 45 c expo 98 pavilion 1998. Business panama colon free zone and other free zones. The economy of panama is based mainly on the services sector, which accounts for nearly 80% of its gdp and accounts for most of its foreign income. In 1869, the country became one of the first in the world to make primary school education both free and compulsory, funded by the states share of the great coffee wealth.
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