Following its publication on June 1 in La Gaceta Digital Oficial, the law creating the Aguadulce Special Economic Area and the Multipurpose Port Terminal has been promulgated.
Located in the province of Cloclé, the Aguadulce Special Economic Area, owned by the State of Panama, will be under the administration of the Executive Branch and subject to the control of the Comptroller General of the Republic. A law, proposed by the Executive Branch, will create its organizational and administrative structure, as well as the resources that it will have for its operation.
The purpose of the project is to attract foreign investment to Panama and the development of the central provinces by creating new jobs and boosting the economy. This will be achieved through the installation of industries for the assembly and/or transformation of raw materials, electronic and electrical devices, and the production of industrial or semi-industrial goods. It will also promote the technological transfer and knowledge for several productive sectors.
The Aguadulce Multipurpose Port Terminal, which will be a world maritime trade service, will operate in deep waters to allow export, import, re-export and distribution operations, as a feeder center for the Latin American Pacific area with Asia and the world.
This new special zone will offer customs, immigration, labor and tax benefits to the companies that set up there, which in the first stage are estimated at 350, which will generate 8,000 direct jobs and 4,000 indirect jobs for an investment of US$1 billion. The Panamanian government will promote the development of activities such as logistics, maritime and airport services, high technology, call centers and shared services.
Among the obligations of the companies that establish themselves in the Special Economic Area is to fulfill the norms that are dictated on recovery and protection of the environment, development of corporate social responsibility programs focused on environmental education and conservation.
According to the final provisions, this law will become effective in the fiscal period following its enactment.