Panama City, Panama
Panama City, Panama is the capital and largest city of the Republic of Panama. It’s located near the Pacific entrance of the Panama Canal. The city of Panama was founded on August 15, 1519, by Spanish conquistador Pedro Arias Dávila. Panama was a stopover point on one of the most important trade routes in the history of America. Most of the gold and silver that Spain took from the Americas, passed through Panama. Panama’s economy rests primarily on a well-developed services sector that accounts for three-quarters of GDP. Panama offers many services including operating the Panama Canal, banking, the Colon Free Trade Zone, container ports, flagship registry, and tourism. The Panama Canal began in 1904 and was completed in 1914, using 61 pounds of dynamite. The canal is a nine-mile waterway and is one of the man-made wonders of the world. It is the main reason for the strategic importance of Panama in world
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Created in 1948, the CFZ is located at the Caribbean entrance of the Panama Canal, with access to three ports in the Atlantic and one in the Pacific. The products most often imported in the CFZ are electric appliances, clothing, watches, perfumes and cosmetics, textiles, gold jewelry, liquors, and cigarettes. The CFZ offers free movement of goods and complete exemption from tax on imports and re-exports. They generate many benefits to the national economy. The activity that develops in this emporium has an enormous impact in the local economy, which is reflected in the contribution to the national internal product of 7.5%, which is one of the reasons why it is considered one of the largest pillars in the Panamanian economy. The CFZ receives yearly more than 250,000 visitors from all parts of the world, mainly from countries such as Haiti, Jamaica, Costa Rica, Venezuela, Colombia, United States, Ecuador, and