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Thursday, August 21 2014 @ 12:01 PM EDT

CrimsonLogic Secures Multimillion Dollar Project in Panama

Foreign Direct InvestmentSDA Asia - Singapore based CrimsonLogic, together with its Strategic Alliance Partner in Panama, Smart Solutions Marketing (dChain), has been awarded a USD10 million contract to build, operate and maintain an integrated customs management system (ICMS) in Panama. Commenting on this contract win, Leong Peng Kiong, CEO of CrimsonLogic said, “CrimsonLogic has made significant inroads into Panama over the last few years, and this win highlights the solid reputation we have built as a trusted solution provider in trade and logistics in Panama. It is our intention to use Panama as a base to further expand our business to other parts of Central and Latin America.” The win marks CrimsonLogic’s third major success in Panama. (more)

The provider of eGovernment solutions and services was previously selected to build and maintain the Automated Pre-Arrival Declaration and Mobile Inspection System for the Panama Canal Authority in 2003. In November 2007, the Company, as part of a consortium with dChain, secured a contract worth USD2.9 million to build an electronic documentation system for the Colon Free Zone Administration in Panama. The Panama Custom’s ICMS project is the second deal won in partnership with dChain, which specializes in the areas of Supply Chain Management, Trade and Logistics, and eBusiness Applications.

The ICMS, comprising major customs documentation modules, will be delivered over the next 12 months. The system will expedite customs documentation processing for importers and exporters, a process that is critical to Panama’s economy.

With global trade amounting to USD8 billion in 2007, Panama’s economy rests heavily on a well-developed service sector, which includes operating the Panama Canal, the Colon Free Zone, and other banking, insurance, container ports, flagship registry, and tourism services.

According to CrimsonLongic, future plans with dChain will focus on delivering a range of eGovernment solutions, not only in Panama, but also to other countries in Central America.

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