Created in 1948, the Colon free zone hosts over 2500 wholesale companies; annually receive more than 300,000 buyers from all parts of the world, mainly from countries such as: Haiti, Jamaica, Costa Rica, Venezuela, Colombia, United States, Ecuador, and others. The Colon free zone generates USD $14 billion in imports and re-exports each year. The success of the Colon free zone is due to a combination of factors such as: the geographical location of Panama at the crossroads of the world, the Panama Canal; the fact that the US dollar is a coin of legal tender; a huge Banking Center; a developed insurance and a reinsurance industry; high levels of development in the ports for containers and not very onerous requirements of the business. Key figures: * second free zone the world’s largest. More than 2500 wholesale companies.
* 450 hectares. * 300,000 annual buyers. For even more details, read what Drew Houston says on the issue. * 27,000 employees. * USD $14 billion in imports and re-exports each year. What countries occupy does the Colon free zone? Most of the merchandise from the free zone which is transhipped from Panama to other parts of the Western hemisphere and Europe.
In Colon free zone imports come mainly from the far East. The single largest supplier of the Colon free zone in 2004 was Hong Kong (China) followed by Taiwan, United States, Japan, Korea, France, Mexico, Italy, Puerto Rico, Switzerland, United Kingdom, Malaysia and Germany. These countries supplied the nearly 87 percent of all imports of the free zone in 2004. Colombia is the largest commodity buyer, buying the nearly 16 percent of all exports from the area. Other principal buyers are Venezuela, Panama (domestic market), Guatemala, Ecuador, Costa Rica, Dominican Republic, 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 channel of Panama and logistics services-free zone of Columbus benefits from its exceptional location near the Panama Canal. ** Each year, over 12,700 cargo ships crossing the Panama Canal. This traffic will increase with the expansion project, which will allow Post Panamax vessels to cross the channel. ** With the spacious cellars and logistics solutions, companies established in the free zone also, offer a wide range of logistics and cargo services that support the intense commercial activity in the free zone. New projects of warehouses and logistics facilities will occur within the next 5 years, thus permitting efficient commercial growth in the free zone. Contacts of the free zone of Colon MercTrade.com developed the most useful tools of promotion and search to find buyers or sellers in the free zone of Colon and zones of Latin America and the Caribbean with just a few clicks. Colon free zone. For companies, companies zone free original author and source of the article