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 Ports Company employees receive wage increase

Panama Ports Company (PPC) recently completed a collective bargaining agreement with its employees, who are 99.9% Panamanians, which it says is an unprecedented wage increase agreement to nearly 4,000 employees, “positioning them as the highest paid in the port industry.”

“The labor agreement, which entered into force in 2015, includes not only the equalization of wages for employees with the same functions, but also productivity bonuses for all employees who show a responsible, attentive and [...]

Week in Review – Vol. 34 No. 5

National newsbriefs

UP OR DOWN?

After the significant drop in commercial activity in the Colón Free Zone in recent years, results in January and February of this year point to a recovery of 7.2%, according to the Comptroller’s Office. However, the Colón Free Zone Users’ Association ensures that the figures are not real. In the first two months of the year, the commercial movement stood at $3.578 billion, while in the same period of 2014 [...]

CIANAM Assembly 2015 fulfilled all expectations

Camara Maritima Panama otorga distinciones en CIANAM 2015

With almost total participation of its eleven member countries, except the Chamber of Shipping of Ecuador, the 2015 Assembly of the Inter-American Chamber of National Associations of Maritime Agents (CIANAM) reviewed the current situation of regional trade, the current infrastructure, development and processes that affect the facilitation of international trade.

The Annual Meeting, held from April 16 to 17 at the Hard Rock Hotel, was a resounding success, exceeding expectations in terms of participation and [...]

He who hesitates…is lost!

EDITORIAL

Studies are made and “international experts” called upon for opinions when there is a doubt or lack of knowledge about a particular topic.

It is quite understandable that a country such as Nicaragua would do so because it has never had such things as a canal, international transshipment ports or free zones.

On the other hand, Panama has a vast bank of know-how among the huge number of executives and skilled workers already involved [...]

Central America sees itself as logistic hub for the region

By Marijulia Pujol Lloyd

One of the shared goals of the countries participating in the Business Summit of the Americas, held recently in Panama City, concerned Central America and Panama wanting to become the logistics hub of the region. However, great amounts of money need to be invested by the private and public sectors for that dream to become a reality.

Topics such as public-private investments in mega ports, roads and other infrastructure were analyzed [...]

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.