ITOCO Biomed Has Sights Set on Acquiring a New Processing Facility in the Colombian Free Trade Zone. Press Release | 07/17/2019
TORONTO, ON / ACCESSWIRE / July 17, 2019 / ITOCO INC. (OTC Pink: ITMC) is pleased to announce it has engaged Agro Business Group SAS to acquire a new processing facility in the Colombian Free Trade Zone.
Free trade zones are areas in which taxes, tariffs, customs, financial or regulatory advantages are offered to companies that establish themselves within them.
In Colombia free trade zones are indispensable for attracting foreign investment as well as to promote the exportation of different national products to market to internationally due to their legislative standing and location.
Under the terms of the Agreement, the Parties will assess and implement various synergies that may exist through the utilization of the Zona Franca facility and the various processing and other opportunities that Agro Business Group SAS will provide.
ABOUT AGRO BUSINESS GROUP SAS
Agro Business Group SAS is one of Colombias leading companies for structuring, managing and creating synergies between different agricultural sectors and includes a division specializing in Cannabis.
They have been involved in important agricultural and industrial projects in Colombia with a strong focus on environmental and social impact that benefits both their investors and communities.
Agro Business Group core executives pride themselves on their ability to successfully structure projects with the benefits of Free Trade Zones, Government support, community acceptance, and environment protection.
The company has an impressive track record implementing agricultural projects with large Colombian companies and multinationals.
ITOCO recognizes the benefits of the Colombian government free trade zone and sees them they as a tool that encourages job creation and the investment of new capital. Some are established in specific departments to promote that regions competitiveness, encouraging the generation of economies of scale and facilitating some procedures in the buying and selling of goods and services.
