TODAY PANAMA NEWS – The new administration of the Colon Free Zone (ZLC) in Panama banned its shops from selling retail products, CEO Surse Pierpoint announced today. In a report published by the newspapers La Prensa and El Siglo, the current manager of the ZLC said they are re-enforcing the legislation that created the free zone.
According to the official, the retail within the ZLC has affected the competitiveness of local businesses outside the zone, so the management banned this type of business.
The law is clear, the role of the Free Zone is wholesale, and we are just applying what the law provides, Pierpoint said referring to businesses engaged in retailing.
Meanwhile, José de La Rosa Lam, president of the Chamber of Commerce, said he support the decision because retail within the ZLC is an illegal activity.
Article by Today Panama, reposted with permission