The Industries, Commerce and Agriculture Chamber issued a statement requesting a veto of the initiative, known as "Equiparación" in Spanish.
This law project eliminates comparison in State purchases, and has already been approved in its third discussion in the National Assembly.
Prensa.com reports: "The Chamber argues, for example, that the retroactive effect of the law jeopardizes the legal system's safeguards, and compromises future investment in the country. It also questions the fact that the project includes modifications to Law 22 on State Acquisitions and the Tax Code, without executing the required consultation processes".
The ports argue that the new law, dubbed "equiparación" in Spanish, will make the port system less competitive.
According to spokespersons from the ports of Balboa, Manzanillo International Terminal, Colón Container Terminal and Cristóbal, further dialogue is needed for a solution that benefits both sides.
Carlos Urriola, CEO of Manzanillo Terminal, told newspaper La Estrella: "before our ports were granted concessions, only 100.000 containers were disembarked in the country. Now that figure is above 4 million. Our sector is being hit at the worst possible moment, when there is less cargo movement and shipping companies are requesting lower fares at ports".
The government of Panama informed that they will carry on retaking concessions not authorized by law.
After recovering the land reclamation project of Grupo F. last Tuesday, the Panamanian Government communicated that they will continue with these actions against companies not fulfilling their obligations to the State.
According to Prensa.com, government spokeswoman Judy Meana, "said that if companies comply with their obligations and get up to date in their payments, they won't have any problems. 'The comparison (equiparación in Spanish) law has neither name nor surname', she informed."
The bill nullifies the validity of the modification arrangements or equivalents for the concession contracts authorized by the state over the last decade.
Martinelli’s administration will present its first bill to the National Assembly of Panama, which, in addition to nullifying adjustments to the concession contracts, includes “that companies cannot fall more than three months behind on their royalty payments.