Panama Canal’s Expansion in photos. Jamaica and Panama sign bilateral deal. – Weekly News Roundup, July 1st.

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

Take a look at the Panama Canal’s historic transformation

This past week, Panama reached another major milestone with the opening of the expanded Panama Canal. It took two years longer than expected, but in the end, the Canal opened to much fanfare, international excitement, and Panamanian pride. Check out these great photos of the transformation of the Canal as it progressed.

However, if you thought the recent project may have been wrought with issues, imagine what the original engineers were faced with over a century ago. Initially started by the French, after facing hundreds of deaths from the workers due to yellow fever and other mishaps, the US took over the ambitious project before handing it over to the Panamanians.

Source: Business Insider


Jamaica, Panama Sign Cooperation Framework Agreement

Taking advantage of a busy week with international dignitaries in town for the Panama Canal Expansion inauguration, leaders of Jamaica and Panama got together to sign a cooperation framework agreement this past week. The agreement will aid in both trade, and humanitarian issues, as well as strengthening diplomatic bonds between the two nations.

Prime Minister, the Most Hon. Andrew Holness listened to Vice President of Panama, Isabel Saint Malo,  after she signed the Cooperation Framework Agreement with Minister of  Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, in Panama City, on June 26.

Source: Jamaica Information Service


Venezuelans living in Panama follow turmoil at home

With a huge representation of immigrants in Panama, many Venezuelans are trying to stay positive as they watch the turmoil at home. Panama’s Venezuelan community is diverse, vibrant, and critical to many businesses and investments. There are an estimated 150,000 Venezuelans living in Panama, and they remain closely connected to what’s going on in their home country.

Father William Rodriguez, a popular priest in this community, came from Venezuela four years ago. “It enrages me. I feel helpless, watching what’s happening and seeing it get worse. And the world doesn’t listen. They don’t hear the pain of the people,”said the father. Staying connected is now easier than ever. The younger arrivals use newer technologies.

“Naturally, I cry like a baby. It’s your mother, your grandmothers, your nephews that are over there. It’s people you love, that are hungry and suffering. And they’re having a rough time. And that’s depressing,” said Alejandro Riera, Venezuelan Immigrant to Panama.

Source: CCTV America

Panama whips the curtain aside on newly expanded canal

This week, the Panama Canal Expansion finally opened, and the world’s eyes were once again on the Isthmus. Here are some details you should know, about the economic impact that then newly expanded Canal will make.

Panama hopes it will double the volume of goods passing through the canal over the next decade, up from 300 million tonnes currently, and boost revenue from shipping fees from the $1 billion the country collects now.

The canal already accounts for five percent of the world’s maritime commercial traffic. The United States and China are its two biggest customers. “With the expanded canal, tax revenues will rise, which will also boost other sectors of activity,” predicted Nicolas Ardito Barletta, a former Panamanian President and former Vice President of the World Bank in Latin America.

Source: The Daily Star

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, POLS Attorneys 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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