Panama Business News

  Itochu Corporation and Migor Sacifia join the group of more than 180 multinationals that have chosen Panama as the headquarters for their regional operations The two companies that are joining this process of economic expansion are Itochu Corporation, one of the largest business conglomerates in Japan, dedicated to the national and international trade of a wide range of products, including textiles, machinery, metals, minerals, energy and chemical products, and Migor Sacifia, originally from Argentina, specialized in the production of electronic, mobile and automotive components, in addition to exporting agricultural products. Source: Destino Panamá Panama continues to consolidate itself as a key destination for foreign investment with the arrival of two new multinationals, which have received approval from the Commission of Headquarters of Multinational Companies (SEM) to establish their operations in the country. The initial investments of both companies total six million dollars,

  Panama's free zone regime adds new investments for $36.8 million The National Commission of Free Zones approved licenses for three new companies, dedicated to manufacturing activities, processing of finished or semi-finished products and logistics services, which will be established in Panapark Free Zone and Tech Valley, generating joint investments (initial and future) totaling US$ 36,8 million. Source: MICI Once in operation, the three companies will provide more than 180 jobs, both direct and indirect, contributing to the revitalization of the economy of the areas where the free zones are located, in this case the districts of December 24 and Veracruz, in the province of Panama. "The new investments in the free zone regime reflect the growing interest that Panama generates as a logistics and commercial hub. These initiatives will not only create employment opportunities, but will also strengthen our local economy. We will continue working to strengthen this key sector for

  Net income of Panama Canal   rose to $3.45 billion The third driest year in the canal's history reduced water available to operate, forcing its authority to cut the number of ships authorized to pass per day between late 2023 and early 2024, while limiting their maximum draft allowed. Source: Marianna Parraga / Reuters The Panama Canal's profit increased about 9.5% in the fiscal year ended in September to $3.45 billion despite a severe drought that reduced the number of vessels that passed through the waterway, its authority said on Friday. The restrictions, which caused long delays for some vessels to pass and forced others to seek alternative routes, were removed later this year after rainfall replenished the country's water reservoirs. The waterway handled 423 million tons of cargo through its locks and saw passage of 27.3 ships per day on average, down from about 36 the previous year. But a 5% reduction in operational costs helped ease the financial effect of

  DP World Expands Freight Forwarding Network with New Office in Panama New Panama City office boosts global connectivity and delivers tailored end-to-end supply chain solutions. Source: Business Wire DP World, a global leader in logistics and supply chain solutions, announces the opening of its new freight forwarding office in Panama City, Panama. This office is the latest addition to DP World’s growing network in Latin America, further bolstering its capacity to provide seamless, end-to-end supply chain solutions to businesses across the region. The office offers a comprehensive range of freight forwarding services, including ocean freight for both FCL (full container load) and LCL (less container load), air freight, customs clearance, warehousing, multimodal transportation, and insurance facilities. These services, supported by DP World’s global infrastructure, will enable customers to streamline their supply chains, enhance cargo visibility, and improve operational efficien

  Tocumen International Airport in Panama will be granted in concession The Tocumen International Airport will be granted in concession to a private company, as announced by President José Raúl Mulino, in a meeting in Paris with a group of French investors and businessmen. Source: La Estrella de Panamá The president told a group of French businessmen that they will grant the main air terminal in concession, but subject to the concession of other terminals such as David, in Chiriquí, Río Hato in Coclé and Colón. The Panamanian president said that his government is considering granting the Tocumen International Airport, the main air terminal in the country, in concession. But this concession would be in conjunction with the airports of Colón, Río Hato and the city of David, in Chiriquí, indicated the statement from the Presidency. The general manager of Tocumen, S.A., José Antonio Ruiz, said that there has indeed been discussion about the option of giving the country's main airport i