The purpose of the multimodal logistics center now under construction is to connect the primary customs zone with the Colon area under the same tax regime, and the commercial areas of Coco Solo and Coco Solito.
The construction, being carried out by Constructora Urbana (Cusa SA) must be completed in 18 months.The project consists of building the entrance and exit building to the multimodal logistics center on Randolph Avenue, and the objective is to unify the primary customs zone with the area of Colon under the same tax regime as the expansion areas developed over the last 20 years in Coco Solo and Coco Solito.
A road to connect the Colon Free Zone with Enrique Jimenez airport, and the union of the areas of France Field and Cocosolito in one single customs post are planned for 2017.
In the case of the creation of a single customs post between France and Cocosolito Field, the aim of the authorities at the Colon Free Zone is"...
The airport administration is working on details of a tender to be launched in September 2016 for commercial spaces in Terminal 1 and 2, which is still under construction.
Two of the current concessionaires of commercial spaces in Terminal 1, Waked International, SA (WISA) and Motta Internacional have already expressed interest in participating, while for the new terminal, the manager of Tocumen SA, Joseph Fidanque III stated that there are a lot of companies that are interested in the upcoming tender process.
MEPs have given the green light to legislation that modernizes the legal framework of the free trade zone, including the consolidation of business operations under other schemes.
From a statement issued by the National Assembly of Panama:
67 years after the creation of the commercial emporium, the plenary of the National Assembly approved on its third reading Bill No. 223, which modernizes the legislation relating to the Colon Free Zone.
A Brazilian firm will carry out a diagnosis, review of the business model, and propose business and legal strategies to revive the competitiveness of the free zone.
From a statement issued by the Ministry of Economy and Finance of Guatemala:
(CENA) The National Economic Council has given approval for the Ministry of Economy and Finance (MEF), to contract out, by exceptional procedure, consulting services with company BAIN Brasil LTDA., in order design an effective industrial policy and a proposed business model for the Colon Free Zone in the amount of $1,619,674.
Companies in the Colon Free Zone will be able to open retail sales branches in the 16 streets of the 'Casco Antiguo' area.
From a statement issued by the Ministry of Commerce and Industry in Panama:
The full National Assembly approved on its third reading Bill No. 222, which amends and adds articles to Law 29 of December 30, 1992, for the effective implementation and operation of a Special System for the province Puerto Libre of Colon.
The 50 companies already operating at Tocumen's airport facilities will be able to access free trade zone incentives if the request made by the administration of the terminal is approved.
The documentation was submitted to the National Commission of Free Zones at the Ministry of Trade and Industry (MITI), and there will be a 30 day period to review and approve the application.
The government is proposing relaxing charges for maritime entry, waste collection, and security, and is awaiting a response from users of the Free Zone on 1 March.
The proposal sent by the Government of Panama to the Association of Users of the Colon Free Zone (AU) provides for reductions in the charges for maritime entry from $150 to $25, as requested by the AU, a reduction in the fee for waste and security services and a change in the use of the declaration of commercial movement.
A bill put forward by the Executive extends the benefit of the Colon Free Zone to the streets of the city, and another supports the implementation of the Special System of Freeports in the province.
From a statement issued by the Government of the Republic of Panama:
An investment of $600 million has been announced, in 22 projects in the province of Colon.
A bill seeks to revive business activity in the Colon Free Zone, allowing for, among other things, purchases to be made via the web.
The main objective of the Ministry of Commerce and Industry of Panama is to modernize the way business is done in the Colon Free Zone and reinvigorate trade with measures that will facilitate "... tourists making retail purchases in the 16 streets of the city with the same tax benefits of the free zone. "
Negotiations are being promoted with the US chain for the installation of a distribution center for Latin America in the Colon Free Zone.
Editorial
Panama reserves supermarket operations for local companies, so there could be confusion over the news report from Prensa.com, which states that "... Through a letter signed by Panamanian President Juan Carlos Varela, a group of businessmen, headed by the general manager of the Colon Free Zone (CFZ), Surse Pierpoint- are seeking to attract the attention of executives at Walmart US to install a distribution center for Latin America in Panama ", indicating the Colon Free Zone (CFZ) as 'the right place'."
The draft version of a new law for the CFZ establishes a tax treatment equal to that in other free zones.
The draft law has already been agreed by business associations, and is about to be taken to the Cabinet and then to the National Assembly.
Luis Germán Gómez president of the Association of Users of Colon told AnPanama.com that "... Among the changes the document envisages is the creation of a single window and facilitation for companies under the regime of Headquarters of Multinational Enterprises (SEM by its initials in Spanish) which can be installed within the CFZ. "
The administrators of Panama International Airport have announced that they will be carrying out legal and financial audits of contracts with suppliers and putting out to tender duty free spaces before the end of the year.
The new air terminal administration is reviewing the details of all contracts with private firms providing different services at the airport.
The new container terminal will boost the development of value added services for the maritime industry, such as maintenance of Post Panamax ships.
The construction of a Container Terminal with three wharves at Isla Margarita Free Trade Zone (Colon Province) will attract value-added services such as maintenance of and Post Panamax and Super Panamax ships, said the Vice Minister of Foreign Trade, José Pacheco Tejeira.
The Government will select the companies who will have a presence at the North Terminal and the concessions will be granted under the mechanism of an "invitation".
Airport management said the bylaws of the terminal allows these direct contracts, side stepping the mechanisms of PanamáCompra. A shortlist of companies has been made and they have been invited based on their previous experiences.