Zona Libre De Colon Panama Zip Code Free Zone Due

Recently, the legislation for the Zone was modernized by Decree Law No.

April 2016, to allow for new businesses, such as electronic commerce, construction and operation of ports and other commercial activities.

Zona Libre De Colon Panama Zip Code Free Zone Due

A tax that for entrepreneurs in the Colon Free Zone due to the current situation is the cause of the closure of multiple companies this year 2016.

The Colon Chamber of Commerce raised the project of a free zone in 1929, and the project was taken into account in 1948, following the Second World War.

With the end of the arrival of the troops, difficulties began.

Jimnez, president in 1945, had the initiative to make the free zone project a reality, using for this purpose the geographical position of the ports and the interoceanic waterway, a crucial step in navigation.

Jimenz recommended the reconsideration of the project prepared by George E.

Roberts, vice president of the First National City Bank of New York, which contemplated the creation of the Colon Free Zone and had been presented to the government in 1929.

Lyons, an official of the United States Department of Commerce and recognized authority in the design of free zones, to carry out a feasibility study in the area suggested by the project.

Based on its recommendations, the government gave its approval two years later, in June 1948, to creating an autonomous entity of 36 hectares where the trade of products was exempt from tariffs and had little paperwork.

The Colon Free Zone will have its own legal status only dependent on the Presidency of the Republic and the Comptroller General of Panama.

Lyons conceived the free zone as a strategic center that would connect the industries of the United States and Europe with the clients of Latin America, concentrating in the same geographic point mainly warehouses but also supplier industries, which in turn would bring collateral benefits to Panama in the area of construction, land prices, transfer of managerial knowledge, stimulation of business tourism, industrialization of Panama, increased revenues from the Panama Canal and increased air traffic.

Starting in 1970, when Panama became an international banking center, more companies established themselves in the free zone, and in 1988 its area expanded to almost 300 hectares, becoming the largest free zone in the Western Hemisphere and the second largest in the world.

In the 1980s, the free zone began to have competition from other free zones in Miami and the Caribbean, and it was also affected by the debt crisis in other Latin American countries that reduced their imports.

In the same year, Colombia was the largest buyer of merchandise, with almost 16 of all its exports.

Panam espera pago del gobierno venezolano Panama waits for payment from the Venezuelan government.

Caracas, Venezuela.

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