Panama’s Trade and Industry Ministry (MICI) approved the opening of five new free trade zones (FTZ) set to generate over 10,000 jobs.
The new FTZ will be established in Panama City and the provinces of Chiriqui and Herrera with an initial investment of US$21.9 billion. They will be dedicated mainly to agribusiness and infrastructure supplies.
Besides fruit processing, organic fertilizers, and high-end liquors productions, the Las Cabras FTZ will promote biomass processing and energy generation through urban waste.
By fostering agricultural production throughout the year, Agroindustrial de Panama will become the largest FTZ in the country.
Conceived under sustainable and environmentally friendly models, these FTZ projects work with foreign and domestic investments.
“Each one of these free zones will have a positive impact on the country’s economy,” MICI Minister Ramon Martinez said.