Faced with the decline in commercial activity in the Panamanian Free Trade Zone, its directors are looking for new business opportunities in markets in the Caribbean.

In the first seven months of 2019, commercial activity in the Colon Free Zone (ZLC) totaled $10.782 million, 14% less than in the same period in 2018. Imports totaled $5.224 million, and re-exports totaled $5.557 million, decreasing by 12% and 16% compared to the same period in 2018, respectively.

This situation, which has been registered for years, has forced the leaders of ZLC to look for new options.

Giovanni Ferrari, ZLC manager, told Panamaamerica.com.pa that “… The Caribbean represents a high per capita gross domestic product compared to the countries of the region. In the Free Zone, we continue to work hard to find those market openings in which they are suppliers and buyers.”

According to Ferrari, in order to achieve more business in the Caribbean, conversations have begun with representatives of those markets and commercial missions are already being planned.