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S Korea To Build On Ties With Manaus Free Trade Zone

by Mike Godfrey, Lowtax.net, Washington
31 August, 2015

A delegation of South Korean officials led by Ambassador to Brazil Lee Jeong-gwan visited the Superintendency of the Manaus Free Trade Zone (SUFRAMA) on August 27, 2015.

The purpose of the visit was to improve the exchange of information between South Korea and SUFRAMA and expand the presence of Korean companies in the free zone.

The delegation included representatives from Korean companies, banks, and Government agencies operating mainly in the fields of technology, research, and investment promotion. Before visiting SUFRAMA the delegation visited the headquarters of the Amazonas State Government and the Manaus City Hall.

The Korean Ambassador noted that two of the country's largest companies, Samsung and LG, have a presence in the Manaus Free Trade Zone. He said that the Korean companies established in the zone are generally satisfied with the business incentives on offer. He also said that South Korea hopes to be able to work with SUFRAMA to find ways to improve the business environment in the free zone to attract new investment and to support the growth of companies already established in the zone.

Companies established in SUFRAMA enjoy a number of tax incentives, including exemption from import duties and export duties, and exemption from the PIS/PASEP and COFINS social security contributions. SUFRAMA recently announced that it is taking steps to simplify the procedures for setting up and operating a business in the zone.

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