A Zona Libre, better known as a Tax Free zone, is a geographic area where companies can import products from abroad and re-export to another country free of duty and taxes. This allows companies to better compete on an international level.
The Republic of Panama has a geographic advantage as it is located at the crossroads of the world thanks to the Panama Canal. It also enjoys economic stability as it uses the US dollar as legal tender which fluctuates less than other currencies in the region. A large and developed banking center and insurance industry, modern container ports and not very strict business requirements also play an important role in the success of this zone.
Important facts about the Zona libre de Colon:
* More than 2500 wholesalers
*Approximately 2500 wholesale companies
*455 hectares
*300 000 buyers every year
*Over 25 000 employees
Imports into the Zona Libre de Colon come mainly from the Far East. The largest individual supplier of the Colon Free Zone in 2004 was Hong Kong (China) followed by Taiwan, United States, Japan, Korea, France, Mexico, Italy, Puerto Rico, Switzerland, United Kingdom, Malaysia and Germany. These countries supplied nearly 87 percent of all Colon Free Zone imports in 2004.
Colombia is the largest buyer of merchandise, purchasing nearly 16 percent of all Colon Free Zone exports. Other important buyers come from Venezuela, Panama (domestic market), Guatemala, Ecuador, Costa Rica, Dominican Republic, the United States, Chile, Cuba, Honduras, Peru, Brazil, Nicaragua and El Salvador. These countries buy approximately 83% of all exports from the Colon Free Zone.
The Zona Libre de Colon attracts more buyers thanks to its close proximity to the Panama Canal. Over 12,000 vessels cross the Panama Canal every year. With the expansion of the Canal planned to be finished by 2014, this traffic will surely increase. Several warehouse and logistic projects are planned for the next 5 years allowing the Zona Libre de Colon to grow.
The Republic of Panama has a geographic advantage as it is located at the crossroads of the world thanks to the Panama Canal. It also enjoys economic stability as it uses the US dollar as legal tender which fluctuates less than other currencies in the region. A large and developed banking center and insurance industry, modern container ports and not very strict business requirements also play an important role in the success of this zone.
Important facts about the Zona libre de Colon:
* More than 2500 wholesalers
*Approximately 2500 wholesale companies
*455 hectares
*300 000 buyers every year
*Over 25 000 employees
Imports into the Zona Libre de Colon come mainly from the Far East. The largest individual supplier of the Colon Free Zone in 2004 was Hong Kong (China) followed by Taiwan, United States, Japan, Korea, France, Mexico, Italy, Puerto Rico, Switzerland, United Kingdom, Malaysia and Germany. These countries supplied nearly 87 percent of all Colon Free Zone imports in 2004.
Colombia is the largest buyer of merchandise, purchasing nearly 16 percent of all Colon Free Zone exports. Other important buyers come from Venezuela, Panama (domestic market), Guatemala, Ecuador, Costa Rica, Dominican Republic, the United States, Chile, Cuba, Honduras, Peru, Brazil, Nicaragua and El Salvador. These countries buy approximately 83% of all exports from the Colon Free Zone.
The Zona Libre de Colon attracts more buyers thanks to its close proximity to the Panama Canal. Over 12,000 vessels cross the Panama Canal every year. With the expansion of the Canal planned to be finished by 2014, this traffic will surely increase. Several warehouse and logistic projects are planned for the next 5 years allowing the Zona Libre de Colon to grow.
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To expand your business to Latin America, it is suggested to travel to the Colon free zone. To browse companies, products and resources about this tax free zone, please click on the following link Zona Libre Colon Panama
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