The logistics sector contribution to Panama’s gross domestic product (GDP) has doubled in 12 years, from 13.3% in 2000 to 24.1% in 2012, according to the economic chart of the Panamanian Association of Business Executives (APEDE), based on statistics from the Comptroller’s Office. The Comptroller’s Office measures the contribution of the logistics industry including communications, an activity that plays an important role in the logistics platform and competitiveness in the services provided by [...]
The Reverted Property Unit under the Ministry of Economy and Finance (MEF) revealed that several hangars in the Diablo sector that belong to it and is adjacent to the land that the Panama Canal Authority (ACP) has in that area will be sold. The newspaper La Prensa said it had access to a letter dated April 2 and signed by the secretary of the Unit of Reverted Properties, Juan Carlos Orillac, which informs [...]
The Panama Merchant Ship Registry, the world’s largest, rose by nine million gross tons in 2012, but compared to the previous year reported a slight fall in the number of ships registered. At December 31, 2012, the Merchant Fleet of Panama was 227.8 million gross registered tons or 4.4% higher than 2011 when it totaled 218 million tons, according to a report by Clarkson Intelligence.
COLOMBIAN TAX HITS
The Colon Free [...]
MAERSK HERE TO STAY
Only if it was physically impossible to go through the Panama Canal would Maersk Line leave the Canal, said the Marketing and Communications Manager of Maersk Line, Ariel Frias, to make clear that the line is not going to leave Panama. Maersk Line, a division of AP Moller-Maersk, has over 90 years of using the waterway as a route to transport goods to and from different continents. The company [...]
NEW DUTY HURTS
In March the companies re-exporting through the Colon Free Zone (CFZ) lost about $150 million, due to Colombia, their second largest trading partner, changing the Customs tariff, which sets a new fee on imports of textiles and footwear from countries that have not signed a Free Trade Agreement (FTA), an import tax which is valid for one year.
Panama leads in seizures of counterfeit trademark and piracy of [...]
It is a known fact that from 1914 the Canal has played a key role in the formation of the Republic. Moreover, since its return to Panama in 1999, the waterway has begun to play a new role, but equally critical, in the financial and economic future of the country. In 2011, for example, the Panama Canal Authority (ACP) gave $1,043 million to the Treasury and in 2012 about $1,032.3 million [...]
More employment opportunities were asked for by about 60 unemployed people from Bamboo Lane, Caribbean Villa and Coco Solo, who closed for four hours one gate of the Cristobal port of Panama Ports Company in Colon. The protest action led to more than 30 containers not entering the port.
A total of 11,300 people signed new employment contracts with private companies up until the first half of March. This [...]