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What Is The Zona Libre De Colon/Colon Free Zone?
by Joshua Adekane
The Colon Free Zone's success is due to a combination of factors such as its geographical location in the Republic of Panama (Central America), the Panama Canal, the use of the US dollar as legal tender, a large banking center, a very developed insurance industry, state-of-the-art container ports and not very demanding business requirements.
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.
* Second largest Tax Free Zone in the world after Hong Kong
* More than 2500 wholesalers
*Approximately 2500 wholesale companies
* 300,000 buyers yearly
*300 000 buyers every year
* USD $14 billion in imports and reexports each year
*14 billion in imports and exports
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 Colon benefits greatly from its proximity to the Panama Canal. Every year over 12,700 cargo vessels cross the Panama Canal. This traffic will increase with the extension of the Panama Canal that will allow Post Panamax vessels to cross the Canal by 2014. New development projects of warehouses and logistics facilities are planned for the next 5 years allowing the trading in the Zona Libre de Colon to grow at a very past pace.
For additional details about Zona Franca , read a complete list of all Zona Franca in Latin America and the Caribbean. To search for Tax Free Zone companies, go to Tax Free zone.
Want to start taking advantage of business Opportunities in the Colon Free Zone?
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