The success of the free trade zone in Panama is due to several factors: geographical location of Panama, the Panama Canal, the dollar as legal tender, a huge banking center, developed industry and reinsurance insurance, container ports first line, not very expensive business requirements, among others. Key Figures * Second free trade area larger worldwide * More than 2500 wholesalers * More than 2,500 buyers wholesalers * 300 000 per year * 27,000 employees * Passes 27,000 jobs that deal with the Colon Free Zone The majority of imports are from the Far East, Hong Kong being the largest supplier of the Free Zone in the year 2004, followed by Taiwan, the United States, Japan, Korea, France, Mexico, Italy, Puerto Rico, Switzerland, United Kingdom, Malaysia and Germany. 87% of all imports from the Colon Free Zone came from these countries. 16% of exports from the Colon free zone were taken by Colombia, among other major buyers are Venezuela, Panama (domestic market), Guatemala, Ecuador, Costa Rica, Dominican Republic, United States, Chile, Cuba, Honduras, Peru, Brazil, Nicaragua and El Salvador. Most of the free zone Goods are transported from the Republic of Panama to other parts of Europe and the Western Hemisphere.
In the year 2004, Hong Kong ranked first in imports to the Colon Free Zone, followed by Taiwan, the United States, Japan, Korea, France, Mexico, Italy, Puerto Rico, Switzerland, United Kingdom, Malaysia and Germany. Colombia is the largest purchaser of goods, acquiring 16% of exports from the Colon Free Zone, while 83% of all the goods are obtained through Venezuela, Panama, Guatemala, Ecuador, Costa Rica, Dominican Republic, United States U.S., Chile, Cuba, Honduras, Peru, Brazil, Nicaragua and El Salvador. The increase in supply and demand of consumer goods purchases have been complicated in this area. There are three different ways to buy wholesale: One of the great benefits of colon free zone is its proximity to the Panama Canal because through this, spend more than 12,700 cargo ships. This move will increase due to the expansion of the Panama Canal that will allow Post Panamax vessels sizes. Businesses located in the Free Zone provide a wide range of logistics and transportation services that help the intense commercial activity in the area. In the next five years there will be new projects of warehouses and logistic facilities that will allow business growth in the colon free zone.
