In Panama, a bill is planned to convert the provinces of Los Santos and Herrera into a Special Economic Zone, which will offer tax and labor incentives to companies in the agricultural sector that decide to invest in the area.

Representative Julio Mendoza, of the Democratic Revolutionary Party, announced that in the coming weeks he will present a bill to the Assembly to create the Special Economic Zone of Azuero.

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Mendoza explained to Elcapitalfinanciero.com that companies interested in establishing in the area "... not only will be offered tax incentives, but also labor benefits, so that they can bring the skilled labor required to establish their operations initially, jobs that will gradually be filled by Panamanians thanks to a training program in agribusiness and technology transfer.”

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Aida Michelle de Maduro, president of the Association of Free Trade Zones of Panama (Azofra), said that "... any initiative that seeks to attract productive investment to the country should be well received as it will generate well-paid jobs for Panamanians."

In Maduro's opinion, it is not necessary to enact a new law to create a Special Economic Zone since the Law of Free Trade Zones allows the development of this type of facilities throughout the country.

According to official figures in Panama in 1970 the production of the agricultural sector represented 25% of the GDP, however, at present this proportion barely reaches 2%, which is attributed to increased food imports and low soil productivity, among other factors.

Source: elcapitalfinanciero.com

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