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 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 [...]
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 [...]
Consumers and “hub” in danger
The $5.00 tax per container entering the Colon Free Zone would be a double tax, said the Free Zone businessmen, because they would have to pay again on the CIF value of the container when it again enters Panamanian fiscal territory.
The Colon Free Zone Users Association’s president elected, Luis Germán Gómez, said that this would be an additional cost, which is not appropriate at this time. “We would have [...]
Construction of the new Colon Free Zone (CFZ) Administration building is scheduled to be finished in March 2014 at a cost of $8 million. The new structure will replace the building currently in use that is 64 years old.
The company in charge of the work is Zarza Real S.A., and the new premises will be located in the corridor area of the free zone.
“The building will have three floors with a space of [...]