Thirteen new companies from eight different countries, including the United States, Venezuela, Israel, China and Belgium, will together invest 30.7 million USD in Panama’s Free Trade Zones (CFZ). Logistical potential, fiscal- and migration benefits are the main reasons for their establishments. The companies are mainly active in distribution and assembling industries. Panama’s Minister of Commerce and Industry stated that the government aims to continue to promote Panama’s logistics platform and that the Free Zones play a crucial part in this. Currently 135 companies are active in 10 free Trade Zones, 8 more Free Trade Zones are under construction. Since its creation in 1948, the CFZ has been a key driver of Panama's economic high performance relative to the rest of Latin America, accounting for nearly 8% of GDP. Located on the Atlantic side of the Panama Canal and considered as the world's second-most-important free trade zone after Hong Kong, the CFZ is a port and major center for duty-free imports and re-exports. It hosts facilities such as warehousing, docks for general cargo, assembly and re-packaging, with some 3000 companies operating in the zone employing 30,000 people. In a bid to rejuvenate the zone, the government is in consultation over a draft plan to update legislation regarding its status. The bill will propose a general streamlining of all trade processes including the introduction of a “single electronic window” for all government-related transactions and a wider move to electronic trading. Other initiatives include the introduction of temporary immigrant permits for business people operating in the CFZ and the creation of a dedicated notary’s office to expedite trade and commercial agreements.