PANAMA – TENERIFE:
On 19 January 2015, a Collaboration Agreement between the Tenerife Free Zone and the Association of Free Zones in Panama (AZOFRAP) was reached as a starting point for developing the “Central Atlantic Free-Trade Route” project, which aims at connecting the Free Zones of three continents and is defined as follows:
“An Operational and Business and Investment Promotion Logistics System, structured within the framework of a multinational corporation, whose function is to interconnect and boost trade flows, business and value-added chains between the Free Zones of the American Continent, Europe, The Mediterranean and West Africa, boosting its competitiveness and expansion capacity, while opening new access to other segments of the global market.”
The essential components for developing and managing this Operative Logistics System are:
Essentially, it is a “Multimodal Trans-Continental Logistics System”, whose main objective is to interconnect, at optimal profitability and competitiveness levels, the Free Zones of the three continents, exploiting the strategically located Panama-Tenerife route as the central axis of operation.
Starting from these two key terminal points, on both sides of the Atlantic, the progressive integration of free zones of the three continents will be established, guaranteeing them access to the American, European, Mediterranean and West African markets.
The Free Zones network of the Free-Trade Route allows users of this operative logistics system to benefit from special conditions related to effectiveness, efficiency, security, competitiveness, connectedness and cost savings, which these platforms offer, from their respective countries which are part of this system.
The project goal is to enhance connections to generate an AUTHENTIC INTERNATIONAL VALUE-ADDED CHAIN between enterprises established in Free Zones on the three continents. This chain structure will be a strong driver of the commercial exchanges and investment and business opportunities generated by these Zones.
Due to their status as logistics centers with special advantages, the Free Zones have become the key to strengthening the industrial development component of international value-added chains. They constitute, therefore, the major attraction of investments and a driving force for the increase of the industrial activity of these free zones, with the consequent economic impact snowballing in its area of influence, especially in the generation of employment. It is important to emphasize that the Free Zones, due to their significant investment in infrastructures, guarantee stability and permanence of their economic effects and jobs created.