Panama Business & Economy News

  Maersk reaffirms its interest in the long-term operation of ports in Panama The Danish group A.P. Moller-Maersk currently operates the Port of Balboa on a temporary basis through its subsidiary, APM Terminals Panama. Source: La Estrella de Panamá (Panama Business News). Antonio Domínguez, the shipping company’s president for Latin America and the Caribbean, confirms the Danish firm’s readiness to participate in the upcoming state tender, with an eye toward new strategic developments in Corozal and Telfers. Furthermore, he states that the company seeks to consolidate its long-term presence in the country and has requested that the government establish a timeline for the permanent concession of the terminals. Nine months after the Supreme Court of Justice (CSJ) declared the contract law—which granted Panama Ports Company (PPC) the concession for the ports of Balboa and Cristóbal—to be unconstitutional, the A.P. Moller-Maersk Group has reaffirmed its interest in competing for the lo...

  (Panama Business Economy News). Swedish multinational SKF confirms the establishment of a distribution center in Panama The Swedish multinational SKF, a global leader in the engineering of specialized bearings, has announced that it will establish a distribution center in Panama to serve markets in Central America, Mexico, Colombia, Ecuador, and Peru, according to an official statement. Panama’s ambassador to Sweden, Natalia Royo, indicated that the company expects to begin operations in the country in approximately 17 months—a period during which it will prepare its facilities. With this expansion, Panama will become a key node in the company’s logistics chain, creating employment opportunities for local talent. SKF is a global benchmark in engineering, specializing in versatile bearings capable of supporting radial and axial loads at high speeds. The company currently has a presence in 130 countries and provides approximately 37,000 jobs.

  (Panama Business Economy News). Cox strengthens its commitment to Latin America and establishes its regional headquarters in Panama This decision reflects the region's growing strategic importance to Cox's business, as it accounts for approximately 95% of the company's operations and is the focus of an investment plan exceeding $7 billion. Cox is establishing its regional headquarters for the Americas in Panama—a region encompassing the Group's operations in North America, Central America, and South America—thereby reinforcing its commitment to an area that accounts for 95% of its business activity. This decision aligns with the Group's evolution and the increasing significance of these markets to its operations. The establishment of the regional headquarters in Panama comes amidst Cox's strong growth in Latin America. The company has planned investments exceeding $7 billion in strategic water and energy projects across the region, aiming to drive critic...

  Banco BISA to Open Office in Panama, Panamanian Regulator Announces Banco BISA, headquartered in Bolivia, will open an office in Panama after obtaining an international license to operate in the country, the Superintendency of Banks of Panama (SBP) announced on Friday July 24th.. Source: EFE The Bolivian bank will thus join Panama's International Banking Center (CBI), comprised of 62 institutions, and will be able to operate from an office with a license that allows it to "carry out transactions that are completed, finalized, or take effect abroad," as well as other authorized activities. Banco BISA is part of Grupo Financiero BISA, S.A., which has more than six decades of experience and "has established itself as one of the leading financial organizations in the country, offering a wide range of products and services," the banking sector regulator's statement highlights. The bank's addition "represents a further step in strengthening Panama's...

  Chiquita to  export 11million boxes of bananas after Panama operations resume Chiquita expects to export 11mn boxes of bananas from Bocas del Toro in the coming months following the resumption of operations in the province after last year’s strike. The multinational has projected a shipment volume of almost 15mn boxes for the coming year. Source: EuroFrut The announcement was made during a tour of one of the farms in the province by Chiquita CEO Carlos López Flores; Panamanian president José Raúl Mulino; minister of commerce and industries, Julio Moltó; and agricultural development minister, Roberto Linares. During the visit, officials had the chance to experience operations at the 200ha plantation, which is one of 20 farms currently in production. There are approximately 5,000 productive hectares in Bocas del Toro generating around 6,000 direct jobs, depending on production levels. Mulino noted that the industry’s reactivation represents an opportunity for the Boc...