Colon Free Zone

Luis German Gomez Giraldo re-elected president of the AU

The Colon Free Zone Users´Association has just completed elections in which Luis Germán Gómez Giraldo of Even Keel Shipping Company, SA, was re-elected as President for the period 2014-2015.

Mr. Luis Germán Gómez Giraldo was accompanied on his ticket by Mr. Marco Tellez of King Cargo, SA as First Vice President and Mr. George Punjabi, of Punjabi Brothers, SA, as Second Vice President.

Elected to the Board were the following businessmen and women:

Secretario: Víctor [...]

Colón will be the most benefited

Varela has great plans for the logistic sector

Franklin Castrellón

The People First Alliance government, to be installed on July 1, 2014, will have among its priorities for the next five years transforming Panama into an “air and maritime Logistical Hub of the Americas,” said President-elect, Juan Carlos Varela.

He also promised to consider converting Colón into a large free port. The possibility of converting Colón into a free port was [...]

Colón Free Zone attentive to the Venezuelan crisis

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.

Colombia and Venezuela should honor the debt with the Free Zone, CONEP

Many businesses are suffering because they cannot collect the money owed by Colombia and Venezuela

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, [...]

CFZ “about to collapse”

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 [...]

Maritime cluster has dismal performance

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 [...]

Free Zone Users denounce double tax in scanner plan

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 [...]