In 1994 the Commercial Free Zone came about in the Corozal District with the intention of attracting foreign investments and providing various activities including manufacturing, processing, packaging, warehousing and distribution of goods and services. Twenty two years later, there has been a sharp decline in the business activities that once flooded the zone. It is a worrying situation that has one wondering whether the closure of the Commercial Free Zone is in the near future. Love News spoke with Deputy Prime Minister Gaspar Vega.
“I think the biggest factor is that the Mexican economy is not as good as it used to be 20 years ago and that is what has had the biggest negative impact in the Corozal Free Zone. Of course I wouldn’t want the Corozal Free Zone to close down but like I said that is a private sector and the government doesn’t have much to do with it. We can assist by encouraging or ensuring that the banking is as lenient as they can but there is not much that we can do.
Chief Executive Officer for the Commercial Free Zone is Raul Rosado while the Chairman is Gregory Gibson.