A TOTAL of 55 companies  put up  the shutters in the  Colon Free Zone in January, leading The Association of Users.

to seek government assistance to  reduce the costs of doing business there.

"This can be done without the need for a change in the law and it may be a decision that involves only a board meeting," the association said. "It is imperative that the executive and the National Assembly approve reforms to the law which will provide better tax conditions and equal footing compared to any other free zone or special economic area in the country to make it attractive for new investors."

According to statistics from the association, 125 businesses closed in 2015.

Figures from the Comptroller indicate that commercial movement in the free zone between January and November of 2015 was $20.3 billion, almost $2.3 billion less than the same period of 2014.