Panaman Government Announced an Investment of 600 Million for Rebuilding Colon Province
Panaman Government announced that it would commit to invest 600 million USD for 22 projects to the rebuilding of Colon province as well as the repair and extension of the Colon free trade zone.
These initiatives were released during a council held in Colon city, with the participation of President Juan Carlos Varela, who has come into power for 1 year, These approved actions have proved that we are fulfilling the campaign promises gradually day by day.” he said.
22 projects of an investment of 600 million USD include housing construction, medical & health care systems, and restoration of historical towns, road infrastructure, security, education, culture, public and green areas. All these will be implemented by the Colon’s rebuilding project of the Ministry of Housing and Land Management (Miviot).
Last Friday, the Nuevo Colón consortium formed by Odebrecht and Constructora Urbana (CUSA) Panama, won the tender for the reconstruction of the Caribbean city of Colon.
The renewal of the urban area of the city, along the Caribbean Sea and 80 kilometers north of the capital, will include a total reconstruction of its 16 streets, to build 5,000 homes and benefit around 25,000 inhabitants.
The project also includes the reconstruction of the rain sewage system, and the restoration of buildings which are Historical Heritage, according to official data.
On the other hand, the cabinet passed the resolution to modify and add articles to Law 29 of 1992 which established the Special System for Free Port province, as well as the amendment of Decree Law 18 of June 17, 1948, by the which the Colon Free Zone (CFZ) is created as an autonomous entity of the State.
Melitón Arrocha, Ministor of Ministry of Industry and Commerce, initiatively put forward the proposal for the first time, which aims at encouraging private investment to work with government to develop a free trade zone in the old town on the Atlantic ocean coast.
This plan will increase revenue of the free port and be beneficial to the range expanded to the city’s 16 roads and surrounding areas with a permit to tourists and Panamanians to enjoy the duty-free shopping. The standard establishes a commitment to hiring of colonense work for investors may be creditors of incentives.
The standard has established a commitment to recruit for investors and will be incentives to the creditors.
0 taxes, import duty free or tariff incentives will continue to appeal to investors to develop this historical free trade zone. Attractions for foreign investments include encouragement of loan financing, tenant and owner real estate, trader and parking lots.
Arrocha mentioned that the modifications to the Law on Free Port also considered reserving an area where Panamanians and tourists can buy duty-free up to $ 1,000 semi-annually.
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