IFZA, one of the main free zones of the United Arab Emirates, has expressed its interest in replicating its successful business model in Panama by opening an office under the free zone regime, reported the Deputy Minister of Industries and Commerce, Eduardo Arango, after his recent visit to Dubai to participate in the tenth edition of the World Free Zones Congress 2024.

During his meeting with senior IFZA executives, Arango was informed about his desire to establish operations in Panama and expand his presence to the level of his activities in Dubai, where they currently manage 45,000 square meters of offices, occupied by 35,000 companies that generate approximately 15,000 direct jobs.

IFZA representatives pointed out that their interest in Panama is due to the similarities between both places as financial and logistics centers, as well as the privileged geographical location of the country, which would facilitate access to markets in South America, Central and the Caribbean.

Deputy Minister Arango stressed that the opening of an IFZA office in the country would not only mean the arrival of an internationally recognized entity, but could also promote the creation of a more dynamic and competitive business ecosystem.

In addition, IFZA’s experience in attracting investments and the efficient operation of companies could serve as a model for the development of policies and regulations that further strengthen the country’s attractiveness as an investment destination.

During his visit to the tenth edition of the World Congress of Free Zones 2024, which brought together more than 3,000 participants from 90 countries and 20 government delegations, the deputy minister was able to update himself on the challenges faced by free zones, currently in the process of transformation due to the implementation of new technologies and the growing importance of sustainability. With this understanding of the situation, the government is in a better position to formulate effective policies and promote the development of free zones in Panama, one of the fastest growing sectors in the country.

Arango also held a meeting with His Excellency Dr. Thani Ahmed Al Zeyoudi, Minister of State and Foreign Trade of the United Arab Emirates, who expressed his interest in visiting Panama to strengthen trade relations and explore opportunities for mutual benefit.