Colon Free Zone Looks to Caribbean

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With sales numbers dropping, Panama’s Colon Free Zone is drumming up business in the Caribbean.

The free zone posted revenues of $15.5 billion between January and October 2019, a 12.9% drop year-on-year. According to the Comptroller’s office, re-exports and imports accounted for $8.1 billion and $7.4 billion, respectively.

In response to these troubled times, the plan is to encourage shoppers from Puerto Rico, Cuba, Trinidad and Tobago, Jamaica, Bahamas and Barbados to do their duty-free shopping in Panama, which is not affected by tariff wars with China.