Growing Movement in Colon Free ZoneWednesday, June 29, 2011 If the trend continues, the amount of goods unloaded this year looks set to reach $24 billion. The economic boom that Panama is experiencing is reflected in all sectors, and the Colón Free Zone (CFZ) is no exception. Verification of Billing to Venezuela by CFZTuesday, August 13, 2013 For two weeks the national commission will be examining the validity of the debt documented as owed by Venezuelan businessmen to Panama exporters. Prensa.com reports: "... the parties have agreed that Venezuela will send the records of more than 600 entrepreneurs who trade with the Colon Free Zone (CFZ), and then compare them with the data belonging to users of the Panamanian zone". Agreement on Land Prices in Colon Free ZoneWednesday, October 10, 2012 After having reached an agreement on prices with the users of the CFZ, the government of Panama introduced in the National Assembly the Colon Free Zone bill. Panamaamerica.com reports that "After several months of negotiations between the administration of the Colon Free Zone and users, a consensus was reached as to the value of the land according to the appraisals." Issue of Tariffs With Panama and Colombia Goes to WTOTuesday, August 20, 2013 Colombian authorities have show no interest in resolving the issue of additional taxes on imported goods from the CFZ. According to Ricardo Quijano, Minister of Commerce and Industry (Mici), the panel could be set up in September as it ensures that the first step has already been taken and there has been a consultation period with the authorities of both countries to find a solution, which in this case could be a modification to the Colombian decree . No Progress On Venezuela's Payments to CFZMonday, September 2, 2013 While the debt of $1.2 billion has been left unpaid, traders in the Colon Free Zone are looking for better customers in Chile, Peru and Brazil. On 12 August, the first bilateral meeting between Panama and Venezuela agreed that both parties would share documents so that commercial records could be verified, however, to date the Venezuelans have not submitted any. Free Zone in Colon Grows 40%Friday, December 16, 2011 Business in the Colon Free Zone in Panama was 40% higher in the first 11 months of the year compared to the same period of 2010. A "record number" of $ 30,000 million is projected for the end of the year, according to the manager of the Colon Free Zone, Leopoldo Benedtti. Panama: More Space for Growth in Colón Free ZoneThursday, November 3, 2011 The Colón free-trade area (ZLC in Spanish) will be expanded to include a further 280 hectares in the region of Coco Solo. Panama's Council of Ministers has authorized the Finance and Economy Ministry (Mef) to sign over the deeds of 12 pieces of land to ZLC which together have a total surface area of 280.4 hectares. The Colon Free Zone CrisisThursday, September 12, 2013 Venezuela's debt for $1.1 billion and the loss of 80% of the footwear market in Colombia has led to the closure of businesses and the loss of thousand jobs. Added to this is a 20% decrease in sales from the Free Zone, as two of its main markets have shrunk by 50% for some companies and up to 80% for items such as shoes. Peruvians and the Colon Free ZoneThursday, May 24, 2012 Under the Free Trade Agreement (FTA) between their country and Panama, companies in the textile and metal manufacturing industry in Peru plan to settle in the free trade zone. Textile companies and manufacturers of metals, like silver, are interested in settling in the Free Trade Zone of Colon in Panama, said general manager Leopoldo Benedetti. CFZ Establishes Maximum for Rent IncreasesWednesday, October 3, 2012 Users of the Colon Free Zone in Panama are no longer required to purchase the lot which they currently lease and if they choose to continue renting the amount charged in the first five years can not exceed 10% per year of what they currently pay. At the end of the first five years, rents can be updated every two years according to the consumer price index, indicated the Zone's Users Association (AU in Spanish). Activity in the Colon Free Zone Grows by 41%Monday, August 22, 2011 In the first six months of the year accumulated trade activity totaled $15,799 million, which is 41.4% higher than in the same period in 2010. July was the busiest month, totaling $2,726 million, an increase of 73.4% compared to same month in 2010. Trade Up 7.2% at Colon Free ZoneMonday, November 29, 2010 In the first eight months of the year, sales at the Panama free trade zone reached $ 13.08 billion. This figure is 7.2% higher than the same period of 2009, as revealed in a bulletin prepared by the General Comptroller's Office. |
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