Sunday, May 28, 2023

Investment in free zone and SEM companies has increased

The Minister of Commerce and Industry, Federico Alfaro, touted the progress that the country has registered in both segments in recent months.

More and more free zones and multinational companies decide to invest in the country.

The latest report from the Ministry of Commerce and Industry (MyC) states that the National Free Zone Commission (CNZF) has recently approved three new licenses for the establishment of Latin Gas Consulting Corporation, Momo Homes Panama, S D RL and companies. Doug Spirits, Inc., in the Albrook and Panapark free zones, respectively, which will make a combined initial investment of $5,024,465.00.

The operations of these companies – originating from the United States, Australia and Spain – will generate more than 100 new direct and indirect jobs through the growth of manufacturing, assembly and back office activities, according to Mickie.

So far in 2023, the Free Zone Commission has approved licenses for nine companies, half of which are dedicated to providing logistics services.

“Undoubtedly, the decision of the companies to request these licenses confirms the faith that exists on the part of the business sector in the free zone regime, the development of which has a positive impact on the country’s economic acceleration,” said the Minister of Commerce and Industry. Industry, Federico Alfaro Boyd, in a statement.

On the other hand, the Multinational Company Headquarters Commission (SEM) also approved three new licenses in the regime for companies from Liberia, the United States and Spain, with a combined initial investment of more than $7.3 million.

The new SEM companies are engaged in activities in the marine, energy, insurance and reinsurance sectors.

With these approvals, the SEM regime has made an initial investment of $13.5 million so far in 2023, “indicating the country’s high competitiveness and efficiency in promoting its benefits,” Alfaro said.

The Mikey minister recalled that among the “benefits” offered by this regime are the revitalization of various sectors, the creation of jobs and the transfer of knowledge, all of which contribute to the economy.

Nation World News Desk
Nation World News Desk
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