(Panama America) An integrated and simplified special scheme for the establishment and operation of free zones was proposed in a bill that was approved in Cabinet Council.
According to Roberto Henriquez, Minister of Trade and Industry and a proponent of the initiative, this action seeks to bring national legislation to the requirements of the World Trade Organization (WTO).
The project broadens the possibility of installing new investments in the country, focusing on high-tech enterprises, higher educational establishments, research centers, logistics and environmental services, according to José Domingo explained by Arias, vice minister of Foreign Trade .
The bill updates the Free Zones Act, Export Processing Zones and puts them in line with the new conditions of global and regional market for purposes of being able to compete effectively in attracting FDI in the region.
