Economy

Panama moves to attract the cruise ship market

La Autoridad de Turismo de Panamá (ATP) espera recibir más de 100 cruceros en la actual temporada de cruceros

Reviving the Colón Free Port Law

The plan to turn the city of Colón into a free port, which emerged 23 years ago, will finally become a reality. A key component of the initiative launched by the administration of President Varela, the plan to extend the free trade zone to include 16 blocks of Colón city, is a strategic move to attract the cruise ship market, whose travelers can benefit from duty-free shopping.

This plan [...]

Panama and Colombia top gainers in trade with China

The Latin American trade deficit with China increased last year, according to an analysis by the Latinvex digital publication based on new data from the International Monetary Fund (IMF).

Colombia was the Latin American country that had the greatest growth in its trade with China last year, both in real terms and as a percentage.

Trade between China and Colombia grew by 48.4% to $15.5 billion, the highest growth in the region. As a result [...]

Taxes blamed for CFZ woes

Colon Free Zone/ Zona Libre de Colón

Martinelli retaliated over land sale defeat

By Marijulia Pujol Lloyd

The Colón Free Zone (CFZ) is going through the worst crisis in its history, with the loss of 9,000 jobs and the closing of 400 companies over the last three years, according to the Colón Free Zone Users’ Association (AU).

The reason for this decrease in business stems from the amount of rates and taxes imposed by the Government, competition from other local free zones, [...]

Venezuelan debt, subject at meeting with zone users

Meliton Arrocha, the Minister of Commerce and Industries, held a meeting with the Colon Free Zone Users’ Association to discuss the formation of technical working groups and establish a schedule for addressing the problems facing zone users, to be chaired by Surse Pierpoint, the Free Zone Manager, and Néstor González, the Vice Minister of Foreign Trade.

In addition to Surse Pierpoint, also attending the meeting were Ana Margarita Reyes, Coordinator of Staff of the Ministry [...]

Panama Diamond Exchange inaugurated

De izquierda a derecha: Diego Vallarino, Grupo VerdeAzul; Melitón Arrocha, Ministro de Comercio e Industrias; Juan Carlos Varela, Presidente de la República de Panamá; Eli Izhakoff, Presidente de World Jewelry Hub; y Erez Akerman, Presidente de la Bolsa de Diamantes de Panamá

Ambassadors, heads of state and representatives of the main diamond bourses from several countries were present for the first Latin American Diamond & Jewelry Week, held Monday, April 27 to Thursday, April 30 in Panama City.

Panama becomes the only country with a diamond exchange in Latin America, located in the Vaguil Free Zone in Llano Bonito, Juan Diaz. The establishment of the area as free zone permits a high level of security and transparency.

Panama has logistics lead but also suffers in Central America

On November 5 and 6, logistics industry experts gathered in San Jose, Costa Rica, to discuss issues such as the impact of the deterioration of infrastructure on the economies of Central America.

The event was organized by the Latin American Center for Competitiveness and Sustainable Development (LACCSD) focusing their analysis on the status of ports, airports, roads and border crossings and their impact on the economies of the region.

Víctor Umaña, deputy director of LACCSD, [...]

Panama’s fish exports grow

Sales of shrimp, shrimp larvae, fish meal and fish oil showed the largest growth of total exports from Panama in the first half of 2014.

Between January and June exports of fish and aquaculture industry products were those that showed the best performance, well above traditional exports such as watermelon and pineapple, whose foreign sales decreased by 4% and 24% respectively, compared with the same period of 2013.

Shrimp and shrimp larvae exports increased by [...]