Economy

Dubai mission shows interest in Panama’s investment incentives

De izquierda a derecha, Iván Jimenez, Analista Económico y Enrique Ruíz, Promotor de Inversión de PROINVEX PANAMA junto con Ayaz Hiridjee, Business Development Manager de TRIMETA, y Jordan Knight Associate Consultant de IBM Global Business Services

The Ministry of Commerce and Industry, through the Agency for Investment Promotion and Export Panama (PROINVEX) held a business meeting with executives from Dubai, United Arab Emirates, interested in exploring investment opportunities in Panama.

Investors representatives were from TRIMETA and IBM Global Business Services, companies established in Dubai, who visited the MICI for a briefing led by promoters of PROINVEX in which they spoke about the different investment opportunities presented by the country, presenting [...]

Glass exported to Mexico under TLC

The company Optima Ballistic Glass Corp, made its first export to Mexico being one of the first Panamanian firms to take advantage of trade liberalization between Panama and the Aztec nation.

The company exported the bulletproof glass packed in plywood containers.

Optima Ballistic Glass Corp. has spent 10 years in the Panamanian market, with more than 100 Panamanian workers developing its operations in the Albrook Free Zone under Law 32 of April 5, 2011, which [...]

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.