The Panamanian government has authorizing the establishment of Zona Franca Parque Industrial y Corporativo Sur, S.A. (Parque Sur), east of Panama City, with an investment of $8.2 million.

A statement from the Presidency of Panama reads:

The cabinet has given approval for the establishment of a free zone in the eastern sector of the capital.

The Cabinet Council gave approval for the National Free Zone Commission, to authorize the establishment and operation of a Free Trade Zone Industrial Park, Parque Industrial y Corporativo Sur, S.A. (Parque Sur),in the village of Juan Diaz, east of Panama City with a total investment in infrastructure and buildings of approximately $8.2 million.

The Minister of the MICI, Ricardo Quijano, explained that this is the first zone to be adopted under law 32 of 2011 and during its development will recruit manpower from the neighboring communities of Don Bosco, Tocumen, Las Américas, etc.

The Parque Sur project is divided into seven stages which includes investment in infrastructure and buildings and aims to provide businesses that are installed in the area with infrastructure and related services to develop their industrial activities (such as production of goods, services, logistics services, higher education, scientific research, high technology, environmental services, processing of finished or semi – developed and manufactured goods).

This project also seeks to encourage foreign trade in Panama, offering companies established within the area safety and quality, focusing on the generation of added value by ensuring maximum efficiency in operations, with high levels of competitiveness within the world wide market.