Panama Business. In six and a half years since the green light was given to the development of the area, it has invested about $ 450 million in infrastructure.
In late 2008, the Panama Pacifico project took its first steps in an area of 410 thousand hectares, logistics and residential center would be developed with a vision of 40 years. Six and a half years later, 230 companies from various sectors have been established there, currently employing some 7000 workers directly.
Henry Kardonski, general manager of master developer, London & Regional Panama, said recently that they have invested some $ 450 million in infrastructure of the company. So far, he added, it has developed about a third of the master plan. In this regard, he explained that the industrial and logistics sector has advanced by 35%, the office sector between 15% and 20% and the residential area around 25% and 30%.
In this area, there are companies in industries from high-tech and manufacturing, and marine services through technology. The latter, along with attracting pharmaceutical companies, are two areas in which the agency expects further growth in the medium term. Of all established companies, nearly 40% are Panamanian.
Leonardo Gonzalez, Administrator of the Panama Agency, an autonomous state agency created in 2004 in the Pacific . confirmed that the project contributes to the gross domestic product with about a billion dollars a year.
The Panama Pacific Special Economic Area was recently recognized by Site Selection magazine as "the best agency to attract investment in
America and the Caribbean 2015".
According to the publication, this joint project, fruit of a public-private partnership obtained the most points at a rate of seven basic criteria. These are: professional responses to queries of investors, vast knowledge and linguistic diversity of employees, better information on expectations of time to process permits and better reputation for protecting the confidentiality of investors and better reputation for aftercare services.