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Thursday, September 19 2019 @ 03:07 am EDT

ST Aerospace signs US$20m deal to set up repair facility in Panama

Money Matters SINGAPORE : Singapore's ST Aerospace and Panama have signed an agreement worth US$20 million to set up a maintenance, repair and overhaul facility west of the Panama Canal. ST Aerospace will take over four existing hangars at the former Howard Air Force Base. The deal was concluded at this year's Asian Aerospace show. Under the agreement, the facility will start operations early next year. It can accommodate up to 12 narrow-body aircraft, with the possibility of expanding it to accept bigger airplanes. First order of business will be installing components like IT infrastructure and training personnel to run the facility. Likely customers could be Panama's national carrier but ST Aerospace says with its strong expertise from its facilities in mainland US, it will be looking to attract these aviation companies to Panama and those from South America.

The venture is also likely to create some 1,000 jobs, help transfer technologies and attract other related support industries.

This tie-up is just a precursor to the upcoming Singapore-Panama Free Trade Agreement, slated for signing by March.

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