business

Free zone activity way up

la prensa

busy: Sales within the Colón Free Zone increased by 12 percent as compared to the first nine months of 2007.1101328

In the first nine months of the year, transactions at the Colón Free Zone increased by 12 percent over the same period last year.

Transactions in the zone totaled just over $13 billion from January through September. In 2007, those transactions totaled a little under $11.7 billion.

Imports amounted to $6.4 billion, representing an increase of 16 percent, while exports totaled $6.6 billion, an increase of 8.5 percent.

The information was provided by Nilda Quijano, the zone's manager, to the Asamblea Nacional during budget hearings yesterday.

September was a particularly busy month, with transactions totaling $938 million being reported. This represented a 31 percent increase from September 2007.

Giovanni Ferrari, the president of the zone's Association of Users, commented that this growth is attributable to the performance of Latin American economies. He also said companies within the zone have been diversifying.

Continued growth, however, may be difficult given the recent financial woes across the globe.

“It remains to be seen what affect there will be on the region by the financial crisis,” he said. “We always aim to grow. But it will be difficult to maintain the growth rate we experienced in September.”

Quijano also updated legislators on the bidding process that will begin next week for 200 hectares of land within the free zone.