Del Monte to invest more than 100 million in Panama | Weekly News Roundup, April 28th, 2017




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Welcome to the Panama Weekly News Roundup! Here’s the latest.

Panama: Del Monte to invest more than 100 million dollars to revive the banana production area

This week, Panama’s parliament approved, in the third and last debate, a contract law that will allow a company of the US Del Monte group to invest more than 100 million dollars in the reactivation of the country’s banana area.

The contract with the Banapiña de Panama SA company, which received the unanimous support of the plenary of the National Assembly (AN-Parliament), has a duration of twenty years that can be automatically renewed for an additional twenty years in the same terms and conditions, not including the tax exemptions, which will be reviewed by the State at the end of the first period.

Source: Fresh Plaza

Interview with Jorge Quijano, CEO, of the Panama Canal Authority

The following is the transcript of a CNBC interview with Jorge Quijano, CEO, of Panama Canal Authority. The interview was broadcast on CNBC on 26 April 2017 at 08:40AM SG/HK Time, during CNBC’s “Hong Kong versus Singapore” theme week.

Jorge Quijano: In our rounds that we’ve done with our customers, CEOs around the world, both Asia and Europe very recently, we see a lot of hesitation with regard to how the markets are going to be, especially because of the impact that over-protectionism by the United States will have on the flows of cargo. However, everyone seems to be a little bit positive about it. We are more of an optimistic industry. So we think there will be some measure in the implementation of any protectionism in the future because of course that has an impact on cargos flows.

Source: CNBC

Panama Canal Expansion Fuels Miami Growth

The folks who buy a three storey, 8,000 square foot penthouse at the Argentine-funded Arias tower for $6 million might actually smile at the “good deal” Miami represents in the global high-end luxury market.

Draskovich said that from 2011 to the start of 2017, Miami has gone from number 29 in the world to 6th in the world in relocation of international wealth, and in international cargo rankings during the same period, the Port of Miami has jumped from 11th to tied with New York for Number One in the USA, but may likely jump ahead later this year.

With wealthy families relocating to Miami, there are still concerns about the quality of Kindergarten-to-Grade 12 education, but then again, many of the retirees, vacation buyers, and young married or single residents are not that concerned about grade school.

Source: Newsroom Panama

 

Getting Around in Panama: How to use transportation at any budget

RHow to get around in Panama can be a quandary if you’re not familiar with the country, whether as a visitor or an expat. It’s a country full of transportation options, which can get confusing to any newcomer, and even a bit exhausting. Panama is a rapidly growing country where modes of transportation change (and grow) practically year-to-year. To stay on top of the best ways to get around, we’ve compiled an easy guide to help get you where you need to go, and at any budget. Here are our suggestions on how to do it best!

In 2012, Panama began the process of updating their bus system from the classic (yet dangerous) “Diablos Rojos”, to a new modern Metro Bus. The Diablos were decommissioned school busses that lacked A/C, and had inefficient seating, as well as unlisted routes. The Metro Buses changed all of that. Despite a few hiccups at the start, Panama’s Metro Buses have largely been a success. They operate fares with swipeable cards that can be charged at various kiosks around the city. They are made to hold more people, comfortable. And the best part is, they have nice a cool A/C. Fares are $0.25, and the busses run from 5am until about 10pm, with some running all night. You can find a list of all the routes online, or with the Metro Bus app.

Source: POLS Blog

 

About Manoj Chatlani


Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, Panama Offshore Legal Services offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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