A new trade agreement signed last week could boost trade connections between Dubai and Panama. The Dubai Multi Commodities Centre (DMCC) signed a Memorandum of Understanding (MoU) with Logis, an agri-logistic free trade zone in development outside Panama City.
Logis is planned as the largest free trade zone of its kind in Central and Latin America, covering more than 380 hectares with state-of-the-art logistics and infrastructure services. The deal will see DMCC and Logis explore opportunities to expand trade between the members of their respective free zones. They also have agreed to share market insights, analysis, and forecasts to support the development of commodities trading in both free zones, according to coverage in Arabian Business.
DMCC is one of the leading free trade zones in the world. Ahmed Bin Sulayem, executive chairman, and chief executive officer of DMCC, said the partnership with Logis was a major opportunity to open a vibrant new trade corridor with Latin America.
“Panama stands as the gateway between Central and South America and Logis is perfectly positioned to host the largest free zone of its kind in the region, especially where agriculture commodities trade is concerned,” Sulayem said. “We are therefore hugely excited about bringing our mutual experiences to the table and moving this relationship forward over the next few years.”
Logis is promising to offer “the highest standards of quality, efficiency, sustainability, and functionality” in the new facility. Sandro Salsano, president of Salsano Group and majority shareholder of Logis, said his company is planning to expand in the Middle East, and “we are excited to partner with a strategic market leader like DMCC.”