The current conflict facing Venezuela worries the Colon Free Zone (CFZ), as this may delay the collection of debts that are still pending.
Walter Brunetti, a financial analyst, said: “The recent events in the country and the complicit silence of many trading partners, creates the fear, not only of fracturing existing businesses and those in the future, but also conveys the feeling of fear for natural uncollectibles that are already pending.
Representatives of the National Council of Private Enterprise (CONEP) met with the Minister of the Presidency, Roberto Henriquez, to continue the dialogue initiated in November aimed at analyzing and solving international economic commitments with the Colon Free Zone.
CONEP businessmen discussed debts of Venezuela and Colombia with the free zone and the expectations that have been generated that the two South American nations honor their commitments.
Similarly, delegates from local banks and other sectors involved, [...]
The Panamanian government could implement measures against Colombia for the extension of tariffs on goods re-exported from the Colon Free Zone.
Roberto Henríquez, Minister of the Presidency of Panama confirmed that measures against Colombia are being analyzed for extending the period of applying tariffs to re-exports of shoes and clothing from the Colon Free Zone (CFZ).
“We have been hit so badly by this action of the Government of Colombia that in Panama there is [...]
By Marijulia Pujol Lloyd
At the moment of concern over a serious drop in sales, the administration of the Colon Free Zone (CFZ) has put restrictions on the hours that taxis and mini buses can enter the area.
This is causing discontent among drivers dedicated to tourism, who feel that they are providing the service their clients demand.
Now they have to drop their passengers – who are free zone buyers – [...]
The Colon Free Zone (CFZ) is still in the middle of a financial crisis as the payment problems with Venezuela continue and the Colombian government does not appear to be willing to derogate the Cabinet Decree that put high taxes on textiles and shoes coming from Panama. The combination of exports to Colombia and Venezuela represents 25% of all the sales made by the free zone.
The CFZ former deputy manager, Manuel Grimaldo said that [...]
It’s been three weeks since Panamanian president, Ricardo Martinelli, visited his Venezuelan counterpart Nicolas Maduro, to find a solution to the debt owed by Venezuelan businessmen to Colon Free Zone (CFZ) merchants.
However, members of the Colon Free Zone Users’ Association (AU) have yet to receive an official report of what was negotiated. Nor do they know how the bilateral economic commission will work that is to address the debt.
“We have no new developments. [...]
Panama’s maritime and logistics conglomerate grouping the Canal, ports and the Colon Free Zone has had a dismal performance in the first months of this year and experts predict that 2013 will close with negative numbers.
The Panama Canal is facing a slowdown in transits that has led to a record fall to the order of 4% in this fiscal year, 2013. The administrator of the waterway, Jorge Quijano acknowledged that the economy of Europe [...]