The Panamanian Association of Business Executives is calling for the suspension of the enforcement of the effects of the provision, pending gaining the necessary consensus.
Tuesday, October 23, 2012
A statement by the Panamanian Association of Business Executives (APEDE) reads:
APEDE requests suspension of effects of Law No. 72 of 2012
Given the shift in the decision taken by the National Assembly to approve Law No. 72 of 2012, and the rapid passage of the same by the President, in addition to the immediate publication in the Official Gazette, the Panamanian Association Business Executives is strongly calling for the suspension of the rule in question, to first achieve the necessary consensus and dialogue necessary for the general public and in particular people in the colon zone to duly and sufficiently reach an agreement that will ensure the peaceful coexistence and economic stability of the province and the country.
The APEDE is an association that includes among its principles sustaining free enterprise, promoting its development and increasing its esteemed application, by all possible means, the genuine values of democracy, and it urges the national government to protect the democratic system by which we must abide, by ensuring broad participation and enabling legislative debates on all of the possibilities which may become laws that directly impact national life, as in the case of the recently passed legislation.
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The private sector is calling for a unique legislation that guarantees equal access to free zone regimes both for domestic and foreign companies.
From a statement issued by the Panamanian Association of Business Executives (APEDA):
The Panamanian Association of Business Executives (APEDE), along with several sectors of the country is concerned about the economic crisis affecting enterprises and workers in the Colon Free Zone, for which reason it is states that it is of the utmost importance to have a dialogue between all parties as this would allow progress to be made to moving towards a single framework law on free zones in our country.
Panama's National Assembly has repealed Act 72 which authorizes the sale of land in the CFZ, and President Martinelli has signed the enactment.
A statement from the Presidency reads:
On Sunday October 28 President Ricardo Martinelli sanctioned, a ruling repealing Act 72. With this act the national government has fulfilled its commitment to the people wanting the repeal.
The Panamanian Minister of the Presidency announced that President Martinelli has pledged to repeal the controversial Law 72, after returning from his trip to Asia.
Laestrella.com.pa reports that "The Presidency Minister, Roberto Henriquez, said this Friday, October 26, that the government will fully repeal law 72 which allows the sale of land in the Colon Free Zone (CFZ), as a commitment of President of the Republic, Ricardo Martinelli. "
President Martinelli has suspended the sale of plots in the Colon Free Zone, and announced increases in rents and changes to the much resisted law 72.
After suspending the sale of land in the Colon Free Zone and noting that if the people in Colon do not want it to be sold, the plots will not be sold, the government of Panama announced that the law will be modified so that the income produced from these areas – be it from future sales or rents -will go entirely to the province, rather than the 35% that had been planned.
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