El Salvador he purchased $306 million in goods in the Colon Free Zone 2019

Giovanni Ferrari, ZLC manager, and Ambassador of El Salvador, Diana Vanegas. Photo: Zolicol.
Editorial Dept. Voz de la Diaspora

Re-exports of goods bound for El Salvador via Colon Free Zone (ZLC) They registered in Panama 306,1 million in the first 10 months 2019, said Thursday the administration.

About 525 companies operating in the complex, located in the Atlantic city of Colon, They have business with El Salvador, including re-exports dominated by products related to the pharmaceutical industry exceeded 100 millions of dollars, According to the official statement.

The manager of the ZLC, Giovanni Ferrari said that a high percentage of visitors who receive the Free Zone are buyers from Central America and Caribbean, who represent a valuable economic contribution to the operations of the free zone, the development of the province of Colón, and in general for the economy of the country.

"Central America is a natural market for its proximity Free Zone and El Salvador takes this advantage especially in the last year, increasing the volume of purchases in the tax area ", he added.

From January to October 2018, re-exports of goods to the Salvadoran square reached 286,3 millions of dollars, It is indicating that trade is increasing.

In that context, Ambassador of El Salvador in Panama, Diana Vanegas made a working visit to the shopping complex to see first hand the business model.

Vanegas Ferrari met to discuss various issues related to the functioning of the tax area, commercial activity and strengthening trade relations.

La ZLC, It is the main duty free zone in Latin America with combined businesses export and reexport of goods whose activity is vital for the growth of the country.

But nevertheless, in the last five trading activity registered falls and company closures, greatly affected by lower regional dynamism, and the decline in re-exports to its main buyers of Colombia, the tariff controversy between the two countries, and political and economic crisis in Venezuela.

Hence the government is promoting a strategy to diversify markets reexport, including winning the Brazilian Square, and greater activity in Mexico.