Site Meter
Send Us An Email
Panama Guide

Welcome to Panama Guide
Friday, February 22 2019 @ 06:29 AM UTC

View Printable Version

Alaska company to recover underwater hardwood in Panama Canal

Foreign Direct InvestmentANCHORAGE, Alaska (AP) - Wells Fargo Bank says it's financing an Alaska company that will recover underwater hardwood in the Panama Canal. The $3 million line of credit goes to Gunderboom Inc., an Anchorage marine construction firm. Gunderboom obtained a Panamanian contract in 2006 to provide expertise, technology and equipment for underwater logging. The project aims to recover stumps and logs submerged since the Panama Canal was built in the early 1900s. The company says the recovery project will produce approximately 400 million board feet of lumber while protecting the aquatic ecosystem. The financing is the bank's first for an Alaska company through the federal Export-Import Bank of the United States.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Electron Solar Energy Announces Distributorship with La Casa De La Baterias

Foreign Direct Investment MIAMI--(BUSINESS WIRE)--Electron Solar Energy (OTC:ESRG - News), an international distributor of alternative energy systems, announced today that it entered into a distribution agreement with La Casa de las Baterias, based in El Dorado, Panama, to sell Electron's Solar Energy Systems directly to customers throughout Panama. With 9 locations throughout Panama, La Casa de las Baterias is a supplier to both retail and wholesale customers for over 30 years. La Casa de las Baterias is also an existing customer of Electron's Sealed Rechargeable batteries. Owner of La Casa de las Baterias, Juan Diaz, said, "We are impressed with Electron Solar Energy's product offering and increasing expertise in remote and grid tie solar energy generation. We are particularly interested in their ability to reduce total energy and environmental costs. We look forward to marketing Electron's solar products with excitement. We intend to leverage Electron's experience in system design and availability of inventory in Miami, together with our existing customer base and retail exposure to bring more alternative energy products to Panama." (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

US$40 bln plan to convert Panama into a refinery and petrochem hub for Latin America

Foreign Direct Investment Energias - a consortium of private firms led by Spain's Tecnicas Reunidas will present a 20 year plan worth US$40 bln to transform Panama into a refinery and petrochemical hub for Latin America. The consortium comprises of private investors from USA to Asia. The project anticipates to benefit from the projected shortfall in U.S. refining capacity and high oil prices to turn Panama into a major center for energy distribution. Plans include building of refineries, petrochemical plants and a 56 mile (90 km) long oil pipeline that would follow the route of Panama's inter-oceanic canal. The project, which would spread over a 3,700 acre site on Panama's Atlantic coast, would have an oil refining capacity of 2 million bpd, and a 3 mln tpa of petrochemicals, including polymers and fertilizers. The pipeline will be supported by a new set of docks that would handle 2,400 vessels annually, and help the products reach markets in Asia, West Coast of USA and the Caribbean. The plan is subject to government approval and will have to overcome fierce environmental resistance.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Occidental Panama refinery verdict unlikely this yr

Foreign Direct Investment PANAMA CITY, Aug 2 (Reuters) - A final assessment of Occidental Petroleum Corp's proposed $7 billion oil refining project in Panama is unlikely to be completed before the end of this year, the company said on Thursday. A $20 million feasibility study into building a refinery capable of processing 350,000 barrels of crude oil a day will not be finished for "several months" and is unlikely to be ready this year, Occidental spokesman Richard Klein told Reuters in a telephone interview. In May this year, Occidental along with Qatar Petroleum and the Panamanian government signed an agreement to develop the project that which would produce oil for the Panamanian, regional and U.S. markets. If completed, the project will help address the shortfall in U.S. refining capacity, a problem highlighted by Hurricane Katrina in 2005, but which continues to underpin oil prices. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

London & Regional Signed Contract to Manage Howard

Foreign Direct Investment By Roberto E. Quelne for La Estrella - The company London & Regional signed a contract yesterday with the government of Panama to be the "master developer" of the former Howard Air Force Base for 40 years. London & Regional will turn the area into a new commercial urban district. The master plan will be ready in 90 days. The English company London & Regional will invest $705 million dollars to develop the facility, $405 million in the first eight years and another $300 million in the following 32 years. It is expected that the project will generate about 25,000 jobs in the following 20 years. Panama's President Martin Torrijos was present at the contract signing ceremony, as was the general manager of London & Regional Panama, Ian Livingston, The initial investment will be $20 million dollars, of which $18 million will be invested in the development of Arraiján. The Panama-Pacific Special Economic Area, in Howard, has 2,005 hectares. Of those, London & Regional hopes to develop 1,410 hectares.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Global Energy Signs Exploration Deal in Panama

Foreign Direct Investment (Rigzone.com) Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: 'GED'), stated that on the 26 June 2007 the Company signed a new contract with The Ministry of Commerce and Industry for the Republic of Panama (the 'Ministry') for the exploration and exploitation of hydrocarbons in the Garachine area of eastern Panama (the 'Contract'). The Contract is the first operations contract which the Ministry has signed since 1990 and follows the Panamanian government's announcement in 2005 of its first policy on hydrocarbons and alternate energy sources and its desire to promote hydrocarbons development in the country. The Contract area covers 691,500 acres located wholly offshore in shallow water with a maximum depth of only 140 feet and an estimated average water depth of approximately 70 feet. The area covered by the Contract was previously held by the Company under a Technical Evaluation Agreement ('TEA') during which time extensive studies were conducted including the review and re-interpretation of all available geologic data. The Contract area has been the site of previous activity by several oil companies since the 1920s. More recent exploration activity in the Garachine area has confirmed Miocene oil source potential and outlined the regional basin structure with a reconnaissance grid of seismic data. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Mexico Signals the Death of the Mesoamerican Refinery

Foreign Direct Investment By Yennifer Bolivar for La Estrella - Although Panama hopes to be selected as the site for the construction of the Mesoamerican refinery proposed by Mexico, the Mexican ambassador to Panama, Ricardo Alemán, warned in an interview with the El Universal newspaper that "a third refinery in the region would be to many." According to the interview which was picked up by the EFE news agency, Alemán said the project fell through after Mexico announced they would reduce their supply to the proposed refinery with respect to the level announced initially. Alemán considers the development of this refinery, proposed within the framework of Plan Puebla Panama (PPP) as unnecessary because Nicaragua and Panama already have their own plans to build petroleum refineries. Panama, Guatemala and Costa Rica all hope to have the multi billion dollar refinery built in their countries, and are awaiting the decision of investors.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Add $1 Billion To Develop Panama's Caribbean Coast

Foreign Direct Investment By Nestalí Dimitri Geneteau for the Capital Financiero - The coasts of Colon could see an injection of $1 billion dollars in the next five years as plans to build four new resorts that would host more than 200,000 people annually take shape. The investors are busnessmen from Canada, Holland and Spain, and they hope to develop several large projects said the General Submanager of Panama's Tourism Institute Carl Fredrik Nordstrom. Right now about 15,000 hotel rooms exist in all of Panama, and plans call to expand that total to 25,000 rooms in the next five years, said IPAT. Of that total 1,297 rooms are in Colon province, where 25 tourist hotels operate according to Carlos Cavaría, the Mayor of Portobelo. Right now there are several projects in the works to increase the number of hotel rooms available along the coast of Colon province, an increase to the existing facilities on Isla Grande and Bananas Village, which implies an investment of $15 million. Nordstrom said there is great interest in Europe to develop the Panamanian Caribbean coast where there is currently no connection with the rest of the country, which would be good for the development of Panama. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Harken Will Drill For Oil in Panama

Foreign Direct Investment By Gustavo A. Aparicio O. for the Panama America - The Harken company from the United States has requested authorization from Panama's Ministry of Commerce and Industry (MICI) to start drilling exploratory wells in Panama to determine if oil exists. According to the Vice Minister of Domestic Trade, Manuel José Paredes, the company has already conducted geotechnical studies of the zones where they will drill and they have asked for permission to continue to the next phase. He explained that the law allows for the execution of a three-phase contract. The first phase is exploration where only the company can analyze the site where it thinks petroleum might exist. The second phase is operational, where the company can drill wells to confirm if there is petroleum, and the last phase is when the wells are put into production. Harken will have to make a series of studies and to present/display its guarantees to be able to initiate with the operation.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

ST Aerospace’s Panama Aerospace Engineering commences operations

Foreign Direct Investment Singapore, 16 May 2007 – Singapore Technologies Aerospace Ltd (ST Aerospace) today announced that its subsidiary, Panama Aerospace Engineering Inc (PAE), has inducted its first aircraft on 12 May 2007, after receiving their certification by Panama’s Autoridad Aeronáutica Civil (AAC). This first aircraft is a Boeing 737-700, and it comes from Copa Airlines for a 4C check and additional modifications. This announcement is a follow up to its previous announcement in August 2006, when ST Aerospace secured a lease agreement with the Agencia del Área Económica Especial Panamá-Pacífico (AAEEPP) and a maintenance service agreement from Panama’s national carrier, Copa Airlines, for its current fleet of 22 B737 aircraft. PAE, a wholly-owned subsidiary of ST Aerospace, is part of ST Aerospace’s global network of facilities and complements ST Aerospace’s facilities, MAE in Mobile, Alabama, and SAA in San Antonio, Texas. ST Aerospace is the aerospace arm of ST Engineering. Operating a global MRO network with facilities in Asia Pacific, Europe and the US, it is the world's largest airframe MRO with a global customer base that includes many of the world's leading airlines, airfreight operators and military operators.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Vice Prime Minister of Qatar arrives Panama to sign agreement on refinery

Foreign Direct Investment La Estrella de Panama - The Vice Prime Minister of Qatar, Abdullah bin Hamad al-Attiyah, will begin an official visit to Panama tomorrow related to the construction of a petroleum refinery in the western part of Panama, an official source revealed today. Abdullah bin Hamad al-Attiyah is also the Ministery of Industry and Energy of Qatar, and the Emirate is interested in participating in the development of the refinery. Hamad al-Attiyah will be in Panama until next Tuesday. The governments of Panama and Qatar and the American company Western Petroleum (Oxy) will sign a Memorandum of Understanding (MOU) in the next few days which will incorporate Qatar Petroleum into the development of a new refinery in Puerto Armuelles, in the province of Chiriqui near the Costa Rican border. The source explained that the expansion of the plan to include Qatar Petroleum marks the second phase of the project to construct the refinery. So far Oxy has completed viability studies to establish a refinery of high conversion with capacity to handle crude from multiple sources. In this stage they will invest between $15 and $20 million dollars to complete the final studies for the construction of the refinery. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Blaojevich recognizes two Williamson County companies

Foreign Direct Investment BY John D. Howman for The Southern - WILLIAMSON COUNTY - Two Williamson County businesses have been recognized by Gov. Rod Blagojevich for their success at a state-led foreign trade show in Panama. It marked the first time an Illinois delegation had traveled to a Central American country. Advanced Power International, LLC, a provider of power quality and protection equipment for the industrial, commercial and telecommunications markets in Latin America, is based in Carterville. Diagraph MSP, a manufacturer of quality marking and stenciling products, is in Marion. Both established significant contacts and business leads from the trip. "The Panama trade mission was an excellent business trip for us, which helped us make several key contacts and find new distributors in Panama and Colombia," said Samir Velarde, co-owner of Advanced Power International. Velarde said he received his first purchase order from Panama one month after the March trip, and will be traveling to Colombia in a few weeks to give several seminars with new distributors. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Singapore to use Panama as platform for cooperation in region

Foreign Direct Investment German Press Agency - Panama City- Singapore's Deputy Prime Minister Shunmumugan Jayakumar on Tuesday said his country planned to use Panama as a platform for business opportunities in Latin America. Jayakumar met with Panamanian President Martin Torrijos and other government and business officials Tuesday. Panama's foreign minister, Samuel Lewis Navarro, said his country was exploring an initiative to create incentives for Singaporean companies that establish operations in the Central American country. Panama and Singapore signed a free trade agreement in February 2006. Jayakumar is travelling to Havana on Wednesday to meet with Cuban leaders as part of a week-long trip to South America.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

UK developer wins $700m Panama contract

Foreign Direct Investment London & Regional Properties, a privately owned British developer, has won the right to build a new mini-city on the banks of the Panama Canal, The Times has learnt. The London-based firm, founded and run by the brothers Ian and Richard Livingstone, beat competition frm 16 other international firms to be selected as preferred bidder this week. The $700 million (£355 million) project promises to be one of the largest development projects in the world, covering 2,750 acres, and it could transform the trading fortunes of Panama. The plan is the most ambitious scheme to be taken on by London & Regional, probably best known in Britain as the firm that bought the old Marks & Spencer headquarters on Baker Street. The area in Panama, just half a mile frm Panama City and right on the canal, covers an area the size of London stretching frm Regents Park in the north to the Oval cricket ground in the south and frm Sloane Square in the west to London Bridge in the East. At the heart of the 40-year building programme for the "Howard Project" is the proximity to the world's busiest trade canal and an air-strip built by the Americans stretching 2.75km but which has been largely derelict since US forces pulled out of the country eight years ago. The site is earmarked for a massive new trading hub, known as a "multimodal port" which will take in both the air-strip, the canal and build vast depots to store all manner of goods that pass through the canal. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama: Property developer to introduce three corporate helicopters, with helicopter EMS service as a spin-off

Foreign Direct Investment rotorhub.com - Property developer Elevacion SA, a privately held property development and tourism company, intends to contract three helicopters from this summer in the furtherance of their business needs. The prime purpose will be to provide fast and professional transport for group clients to real estate development sites across the country. Many of the resorts in Panama already have, or will soon add, a helipad. However with that size of fleet, Elevacion realise that other business propositions exist. The one they are most actively pursuing is that of a subcriber-funded helicopter EMS service, initially for daylight hours only due to local civil aviation restrictions. And thus the emergence of "LifeFlight", Panama's first EMS helicopter operation still start, and is indeed long overdue - particularly for Panamanians living in outlying areas. One of the three helicopters will be dedicated to the EMS service. No specific helicopter type has been stated, although the site features photos of LongRangers throughout. The official line is that the LifeFlight helicopter will be an aircraft of the type already proven with EMS operators world-wide, fit-for-purpose and chosen for it's role performance, patient comfort, serviceability in Panama. It will not be ex-military surplus and will meet the highest standards for maintenance set by ICAO, AAC, Transport Canada, FAA and the JAA. For more information about LifeFlight, see www.lifeflightpanama.com
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama Praises Bush's Push for FTA

Foreign Direct Investment Panamanian Official Praises Bush's Push for Free Trade Agreement; Deal's Future Uncertain PANAMA CITY, Panama (AP) -- Panama's commerce and industries minister praised U.S. President George W. Bush's notification to Congress that he plans to sign a free trade agreement with Panama. Alejandro Ferrer described the move as "really positive and an important achievement." He added, "we have worked arduously in the legal revisions" to achieve a free trade agreement. The deal, however, faces an uncertain future in Congress, where Democrats are demanding additional language in such areas as protecting U.S. workers from unfair competition from countries with lax labor laws. (Photo: Panama's Minister of Commerce and Industry Alejandro Ferrer)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Refinery Making Huge Steps Forward

Foreign Direct Investment By Mireya Rodríguez for Panama America - By the end of 2007 or the beginning of 2008 the Occidental Petroleum Corp. (OXY) will finish their feasibility study regarding the possibility of building a petroleum refinery in Puerto Armuelles in the province of Chiriquí. The refinery, with a cost of about $7 billion dollars, will be able to process 400,000 barrels of heavy crude from Mexico, South America, and the Middle East. Much of the refinery's output will be delivered to the west coast of the United States, and will include 185,000 barrels of gasoline per day, 45,000 barrels of jet fuel, 90,300 barrels of diesel fuel and 6,300 daily barrels of fuel oil. Last October OXY determined there is sufficient crude to construct the refinery in Puerto Armuelles. An excited Minister of Commerce and Industry Alexander Ferrer reiterated this week that the company is still completing their feasibility study at the moment, maintaining his interest in the project. In the next few days Ferrer will travel to Houston to meet with company representatives to be briefed. So far it is known that OXY has held conversations with investors that might be interested in the project, and to look for a way to formalize an agreement with Petroterminales of Panama (PTP) to obtain their participation. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Japan's deputy Finance Minister confirms loan to Panama

Foreign Direct Investment Panama, March 22 (NNN-PRENSA LATINA) Japan's Deputy Finance Minister Kazunori Tanaka has concluded an official visit to Panama where he confirmed his country's loan worth USD 160 million for an environmental programme. Under the agreement, the Japanese Bank for International Cooperation will deliver USD 160 million for cleaning up the Panama Bay. Tanaka was welcomed by Foreign Relations Deputy Minister Ricardo Duran, officials from the Economy and Finance Ministry and the Panama Canal authorities. Japan is the most important user of the Panamanian sea route after the United States and its authorities and businessmen are interested in taking part in the process.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

PEMEX Starts Operating in Panama

Foreign Direct InvestmentPanama, Mar 20 (Prensa Latina) Mexican Oil (PEMEX) began operating in Panama to distribute and supply oil to the ships passing through the Panama canal, official sources reported on Tuesday. The Mexican enterprise was accredited as user of the Oil Free Zone after signing a contract with the Atlantic Pacific tank operator. For Wolfram Gonzalez, Hydrocarbon Director of the Trade and Industry Ministry, the arrival of such a big company like PEMEX is the result of the Panamanian authorities´ work to increase competition. Gonzalez said another 25 companies are qualified to import and distribute oil in the free zone. Nearly 20 percent of the ships traveling through the Panama Canal are supplied with oil in Panama, according to official data.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

The IDB goes with the flow

Foreign Direct Investment Edited by Richard Lapper, Latin America editor Ft.com - Luis Alberto Moreno, president of the Inter-American Development Bank, made his priorities clear last year when shortly after taking up the job he threw the bank's weight behind a new policy designed to integrate Latin America's poor majority into economic development. The "Building Opportunity for the Majority" initiative, heavily influenced by Indian business guru CK Prahalad, has focused on persuading businesses to find new ways to bring the poor into the economy either as consumers or as producers. The bank's problem, however, has been how to stimulate broader development than that already happening. Great store, for example, has been set on the innovative business methods of companies that have built up retail franchises in poor areas - like Casas Bahia, the Brazilian retail group, or banks that offer accounts for low-income customers, such as Banco Azteca of Mexico. But those companies would have been doing business any way. Similarly, the IDB has been among those emphasizing the development potential of remittance flows sent home by migrant workers living in the US, Europe and Japan. These flows amounted to more than $62.3bn in 2006 according to new research. Yet there is no sign as yet that the bank is having much success in persuading financial institutions to offer deposit accounts, life insurance or mortgages to migrants in the US and recipient families in Latin America, all of which would potentially allow families to invest more easily in their futures by buying property or starting small businesses. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

IMF Executive Board Concludes 2006 Article IV Consultation with Panama

Foreign Direct Investment IMF.org - On February 16, 2007, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Panama. Background: Real GDP growth averaged 7¼ percent in 2004-05 and is estimated to have continued at that pace in 2006, led by exports of services, construction, and investment. Unemployment fell significantly. Although annual inflation crept up to 3.4 percent at end-2005 on account of high fuel and electricity prices, it dropped to 2.2 percent at end-2006. Despite a rising oil bill, the external position improved. Aided by the strong economy, enhanced tax collections, and spending restraint, the balance of the nonfinancial public sector (NFPS) excluding the Panama Canal Authority (PCA) is estimated to have improved to a surplus of 0.5 percent of GDP in 2006 (from a deficit of 2½ percent in 2005). Higher transfers from the PCA and one-off revenues contributed to the improvement. Reflecting fast economic growth and fiscal consolidation, public debt has fallen from 66 percent of GDP in 2004 to an estimated 60 percent in 2006. This refers to the gross NFPS debt, without deducting holdings of financial assets (proceeds from privatization) of about 7 percent of GDP. (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

'Bid on Panama'

Foreign Direct Investment By Tony Best for nationnews.com - BARBADIAN FIRMS are being urged to become involved in the expansion of the Panama Canal by bidding on lucrative contracts for some of the construction. The plea has come from Michael King, Barbados' ambassador in Washington, who said that while workers from Barbados, Jamaica and their neighbours helped to build the Panama Canal a century ago, Bajan companies and others in the region were well placed to play far different roles by undertaking some of the expansion work. "Whereas at the beginning of the 20th century our workers went as labourers to work on the Panama Canal, I think that Barbados and other Caribbean societies have developed to the extent that our companies can come and bid on some of the contracts related to the expansion of the canal which has been approved by the Panamanian people," King told the MIDWEEK NATION in Washington.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

PSA International wins Panama terminal concession

Foreign Direct Investment PANAMA CITY, March 12 (Reuters) - Panama's government said on Monday it awarded a concession to build a container terminal in the canal zone to Singapore-based port operator PSA International Pte. Ltd. "In the next eight years, it will double the country's port capacity," the government said in a statement. Panama is planning its largest-ever overhaul to its famous waterway to let it handle mammoth modern cargo ships and boost government revenue. The project for the canal, which carries around 4 percent of world maritime trade, will double its capacity to let through more and bigger ships. The expansion, to run from 2008 to 2014, will build wider locks and deeper and bigger access channels to make room for ships with 12,000 containers, up from 4,000 containers at present.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Spain builders granted exclusive bidding for 1.5 bln eur Panama project

Foreign Direct Investment MADRID (AFX) - Spanish builders have been granted exclusive bidding rights for a 1.5 bln eur port construction project in Panama, La Gaceta de los Negocios reported, citing unnamed sources close to the deal. According to the newspaper, the project is part of the mining complex that Canadian Petaquilla Minerals (otcbb: PTQMF.OB - news - people ) is promoting to the east of the country, some 100 km from the Panama Canal. Fomento de Construcciones y Contratas SA, Actividades de Construccion y Servicios' Dragados unit, Grupo Ferrovial SA, San Jose and Isolux Corsan SA have all shown interest in the project, and have met with Panama authorities, the newspaper said.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Cayman, Panama expand ties

Foreign Direct Investment By Alan Markoff PANAMA CITY, Panama – Members of the Cayman Islands Chamber of Commerce and the American Chamber of Commerce and Industry of Panama met for a breakfast meeting here Wednesday. Among those at the breakfast hosted by the American Chamber of Commerce and Industry of Panama in Panama City on Wednesday were, Cayman Islands Chamber of Commerce CEO Wil Pineau, CICOC President Angelyn Hernandez, Cayman’s Minister of Commerce Charles Clifford, Panama Chamber President Carlos Urriola and Panama Chamber Executive Director David Hunt. Photo: Alan Markoff Cayman’s Minister of Commerce Charles Clifford said increasing trade between the two countries is desirable. "Our presence here again this year is confirmation that this trade mission has been as fruitful and productive as we anticipated," he said. "Since our inaugural visit last year, several Cayman businesses have significantly benefited from doing business in Panama in a variety of industries." (more)
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Panama Foreign Investment Increases

Foreign Direct Investment Panama, Mar 9 (Prensa Latina) Foreign Direct Investment in Panama reached 2.56 billion dollars last year, which is a record in Panama, said the Comptroller General's office Thursday. A press release said there was an increase of 149% compared to 2005, a record over the 1.299 billion dollars reached ten years ago. The Comptrollers Office said the growth is related with the purchase of group Banistmo by HSBC for 1.77 billion dollars. Important real estate projects and greater investments by foreign enterprises operating in Panama also influenced that result. However, the text said the investment of users of the duty free zone of Colon was reduced in this segment of time.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Farm Bureau to Support Panama TPA

Foreign Direct Investment USAgNet - The American Farm Bureau Federation Board of Directors voted Wednesday to support Panama Trade Promotion Authority, saying, U.S. agriculture would experience gains from the agreement exceeding $190 million per year. "Once fully implemented, the agreement will provide balance by granting duty-free access to all U.S. commodities entering the Panama market," said AFBF President Bob Stallman. Panama already has duty-free access to the United States provided under the Caribbean Basin Initiative. While the United States already supplies 53 percent of Panamanian agricultural imports, the agreement will prevent other countries, specifically other Latin American suppliers, from taking some of the current U.S. share of the Panamanian market. Under the agreement, Panama also would agree to deal with sanitary and phytosanitary barriers and other non-tariff barriers to U.S. exports. "The Panama TPA levels the playing field by eliminating tariffs and other barriers to trade already enjoyed by Panamanian products exported to the United States," said Stallman. He says the agreement promotes economic growth and opportunity for all U.S. agriculture.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Concession requests for Panama's Asep

Foreign Direct Investment Water Power Magazine.com - Requests for concessions to develop a dozen hydro projects in Panama have been received by energy regulators Asep. According to a statement from the authority, the requests are for the Bajo Frío, Bajo de Mina, Baitún, Barro Blanco, Chiriquí, Palmira, Cotito, Barriles, Colorado, Pedregalito 2, Río Cobre and Los Negros projects. A number of alliances comprising CNO, GDI, EHP and Enetran were behind a number of bids with CNO, CNO and Enetran, EHP, Navitas and Enetran, EHP and GDI, Enetran and Boquete Energy, Hidro Solution and Energy Solution going for the Bajo de Mina, Baitún, Barro Blanco, Chiriquí, Palmira, Pedregalito 2, Río Cobre and Los Negros projects. Hidroeléctrica Barriles requested Cotito, Barriles and Colorado.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Cable and Wireless Reports Investing $61 Million to Expand Network

Foreign Direct Investment Cable & Wireless reports that it has spent $61 million dollars to expand its network in the Republic of Panama, to include improvements in services and an expansion of coverage. The company reported spending figures for fiscal year 2006 which ends on 31 March 2007. The largest part of their spending was directed towards an expansion of mobile cell phone coverage as well as an expansion of their broadband service, to the tune of $44 million dollars invested. The company reported that during the last year thefts of cable and vandalism caused more than $2 million dollars in losses. The company also reported a significant investment in fiber optic equipment and technology.
Share
  • Facebook
  • Google Bookmarks
View Printable Version

Bush OKs aid programs for Latin America

Foreign Direct Investment By TERENCE HUNT, AP White House Correspondent - WASHINGTON - President Bush, facing criticism he has ignored Latin America, said Monday the region's grinding poverty is a scandal that has caused some to question the value of democracy. He said the United States will spend tens of millions of dollars to improve education, housing and health care across the region. "The United States of America is committed to helping people rise out of poverty," the president said. Many children in Latin America do not finish grade school and many mothers never see a doctor, Bush said in a speech at the Ronald Reagan Building to about 400 invited guests, most of them members of the U.S. Hispanic Chamber of Commerce. "In an age of growing prosperity and abundance, this is a scandal and it is a challenge," Bush said. The speech came three days before the president leaves on a weeklong trip to Brazil, Uruguay, Colombia, Guatemala and Mexico. National Security Adviser Stephen Hadley said Bush's efforts in Latin America have been overshadowed by the global war on terror, the fight against illegal drug trafficking and trade issues. (more...)
Share
  • Facebook
  • Google Bookmarks