Problems of the Colón Free Zone (CFZ) have bottomed. This was revealed by the statistics from the government institution that, for the second consecutive year, is in the red in the first six months. The commercial activity in the free zone has fallen 15% in the first half of the year. Trade recorded $11,270 million, representing $1,964 million less than in the same period last year. On the other hand, re-exports [...]
PANAMA CANAL WINS
After learning of the route of the canal to be built in Nicaragua, the administrator of the Panama Canal, Jorge Quijano, said he cannot give a conclusive statement on this project, because they do not have enough information to come to any conclusion, but they are now evaluating the route and will make their best engineering estimates and cost analysis. He also assured that the Panama Canal route offers competitive advantages over [...]
The strike by members of the Union of Construction Workers and Similar (Suntracs) came to an end on May 7. Both representatives of Suntracs and the Panamanian Chamber of Construction (CAPAC) reached a compromise on the collective agreement that they had been negotiating for several months. In the agreement there is a wage adjustment over four years of 35.87% that was achieved based on 9% per annum.
The Panama Canal Authority [...]
The Panamanian port system took a surge during the first half of the year registering a growth of 6.9% compared with the same period last year. In the first three months, the ports of Balboa, Cristobal, PSA Singapore (Rodman), Manzanillo International Terminal and Colon Container Terminal, moved 1,643,000 TEUs (containers 20 feet long). Compared to the same period last year there were 105,745 more containers.
The Law of the Sea Tribunal, [...]
NEW PORT PLAN
On April 8, the Cabinet authorized the direct sale of 126 hectares on Remo Largo Island in the district of Cristobal, Colon province. The sale will be “through exceptional procedure”, i.e., directly, so that the company SMC Barcelona SA, can construct, develop, manage and operate a multipurpose container handling port and other complementary activities.
This summer has been one of the longest in recent years, with Alajuela Lake and Madden [...]
Workers of the ports of Cristobal and Balboa require the Ministry of Labor and Workforce Development (Mitradel) to observe and comply with the right to unionize. The legal representative of these workers, Martín González, said more than 500 employees of Panama Ports Company have taken to the streets to protest for the Mitradel to comply with the ruling of the Supreme Court in favoring the creation of a union since 2010 that they [...]
PERU EYING PANAMA
Peru aims to boost its exports to Panama and expand its industrial presence in the country, hence its wide representation at the next Expocomer (March 26 to 29). Panama is among the eight major investors in Peru with almost $1,000 million in direct investment and bilateral trade in 2013 reached $700 million with a favorable balance for the Andean country. In 2013 Peru had 13 exhibition booths at Expocomer Panama, [...]