After the Cortizo administration announced that Panama will limit itself to signing a partial scope agreement, Chinese authorities reported that they are still interested in negotiating a high-level free trade agreement.
After several years of carrying out studies of the work, the governments announced that they plan to begin working on the standardization of regulations to sign the agreement of the electrical interconnection project.
In a press release published on March 19, Panama's Presidency stated that Panama's Energy Secretary, Victor Urrutia, informed that the Agreement required for the implementation of the electric interconnection project that will link the Andean and Central American systems will soon be signed.
The measure initially defined as transitory, became permanent in Panama, since the beginning of the Varela administration has been extended nine times, leaving negative balances in some sectors.
Juan Carlos Varela will close his administration with a new extension of the controversial measure that regulates the prices of 22 products of the basic basket, affecting several sectors, including meat producers, who report economic losses.
The Panamanian government announced that it will open an agribusiness office in the city of Shanghai, which will seek to increase exports to the Asian continent.
An announcement will be made of the new office opening (which would be planned for the first months of 2019) during the China International Import Expo (Ciie), one of the most important in Asia that takes place from November 5th to 10th.
The Chilean and Panamanian governments have agreed to promote a cruise route between both countries and decided that Chile will be the first Latin American ally of the Logistics Hub of Panama.
The president of Panama, Juan Carlos Varela, and his Chilean counterpart, Sebastián Piñera, agreed to jointly promote the Pacific-South cruise route, which will go from Panama to Valparaíso and vice versa, aimed at increasing the number of tourists visiting both nations, informed the Panamanian Ministry of Foreign Affairs.
President Varela has vetoed the bill that repealed the concession contract to build and operate a container terminal in Rodman, which had been awarded to PSA Panama International Terminal.
The bill approved by the National Assembly in mid-April contained an article that repealed the concession contract with PSA Panama International Terminal,approved more than three years ago. At the time, the decision of the deputies was strongly criticized by the Panamanian business sector, which described it as athreat to legal security.
The Panamanian State spends $321 million a month on salaries paid to public officials, well above the $209 million spent on this expense four years ago.
Monthly expenditure on public salaries has increased, especially during the Varela administration, as according to figures of the Ministry of Economy and Finance from March 2018, every month $113 million more is paid than in 2014.
The Maduro government has announced a ban on carrying out commercial or financial activities with 22 Panamanian government officials and 46 Panamanian private sector companies.
Prensa.com reports that "...Among the Panamanian companies affected are Copa Airlines, Vida Panama, Supercentro Casanova, Casablanca, and Yamaha Music Latin America, among others."
Flights between the Asian country and Tocumen, a feasibility study to build a train to the border with Costa Rica and cooperation in financial, energy and maritime matters, are some of the results on offer from the agreements signed between the Chinese and Panamanian governments.
Since the breakdown of Panama's diplomatic relations with Taiwan and the new relationship with the Asian giant was announced in June of this year, the possibilities of creating and developing new business in Panama have multiplied, due to the implications that greater involvement in terms of investment by China would have for the country and the region.
The three year exemption from paying property tax is recognized for a "first purchase" of a house that is registered as a main residence and a moratorium of the tax has been established until the end of the year.
From a statement issued by the Ministry of Economy and Finance:
As of October 1, 2017, Venezuelans traveling to Panama will need a stamped visa in order to enter the country.
From a statement issued by the Presidency of Panama:
August 22, 2017.The President of the Republic, Juan Carlos Varela, announced today that fromOctober1,Venezuelans traveling to Panama will need a stamped visa in order to enter the national territory.
The bill to reform the decree that created the Panamanian Food Authority has been vetoed by President Varela, amid pressure from the agricultural sector.
The presidential veto over the bill comes days after the Panamanian guild of private companies asked the executive branch to intervene, amid protests by agricultural producers in the province of Chiriquí.
Moody's estimates lower economic growth in Panama in the short term, due to the potential negative impact of the delay in investments and the possible cancellation of large projects awarded to the Brazilian construction company.
Although the controversial Brazilian company, accused of having developed a worldwide corruption network, had interests in several Latin American countries, it was in Panama that a large number of its projects were concentrated, ranging from the urban renewal of Colón, currently under development and with a estimated value of $500 million, to the contract to build the hydroelectric station Chan II, estimated at $1 billion and recently canceled by the Varela administration.
The Brazilian construction firm will not be able to participate in future tender processes and must withdraw from the contests for the fourth bridge over the Canal and the Metro line 3, but will probably continue with projects which are already under construction.
The government has announced that the Brazilian company will not be able to take part in future processes, but in respect to the works it is currently operating, such as the construction of Line 2 of the Metro and the urban renewal in Colón, President Varela said"... ' we must protect the country's economy."
It has been announced that next week a tender will be published for the construction of two new lanes on the stretch of road between San Carlos and La Chorrera, west of the Panamanian capital.
The announcement was made by Panamanian President Juan Carlos Varela, and will serve to improve capacity on a route that has a length of about 70 kilometers.
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