60 companies and 2,852 workers in Howard
The Panama Pacifico special economic zone operated by London & Regional have been very successful at attracting new businesses to the area. This article from La Prensa highlight many of these new businesses.
Machine translated fro LA Prensa
Electronic products, garments, chemicals, and naval components are already produced in the Panama Pacifico Special Economic Area.
The Panama Pacific Special Economic Area, located in the former Howard military base, seems to have begun its takeoff after more than 10 years of studies and tenders. Within its 2 000 5 hectares have been set up 60 companies, most of them linked to high-tech processes and logistics. All arrived in search of tax incentives that are granted within the enclosure.
In total, the developer London & Regional must have invested in infrastructure and promotion of $ 140 million for next year.
The program has already had its first results, and some companies are starting their productive, others are in the final stages and adequacy of their facilities.
Official figures from the agency administering the special economic area show that, to date, the activity of these companies has generated 2 000 852 thousand direct jobs and 200 jobs possible. In addition, estimated at 40 000 indirect jobs.
The report also details that these first 60 companies have already paid the state 57.3 million dollars in income tax, insurance, education and social insurance fees.
Among the companies that have already begun the process of production from Howard is Samtec, which is dedicated to making the connection tape for electronic circuits.
Another is Green Ivory companies that produce tagua buttons for clothing brand like Ralph Lauren and Abercrombie.
Klaus Calderon, owner of Green Ivory, said that Ecuador has moved its operation to Howard by the incentives offered in the area, which make up the difference in the cost of labor to other countries. Ivory Green invested $ 6 million in specialized equipment and made in Italy, which are being calibrated.
Calderon said his goal is to buy raw materials in Panama and, in consequence, is scheduled to drive the creation of a school in Chepo that allows farmers in these areas have knowledge about the specifications of the tagua you need. Among the tenants of Howard’s BASF, a German company that is dedicated to the production of additives for concrete.
The company representatives said that the aim will be selling additive in the region and for major projects in Panama, as is the extension of the Canal. Wartsila, Finland, is another company which is already operating in Howard. Its operation involves the rectification of pieces of large ships.
Olmedo Alfaro, the new administrator of the agency’s Panama Pacific Special Economic Area, said that after the Panama Canal, this is the most important project for the state. He said that if the current investment schedule for $ 705 million by 2015, should have created 11 000 382 jobs by the year 2017 and 40 000 for 2047.
Alfaro said that management will be vigilant that companies comply with the promised investment and implement transformation of matter with high technology. Otherwise, he warned that the suspension shall incentives for those who violate the rules.
One company that is about to begin operations is 3PL, regional distributor of Procter & Gamble, the largest manufacturer of consumer goods in the world. To do this, 3PL has rented the largest winery in Howard’s 10 thousand square meters.
Albacrome adds to the list of companies that operate from Howard. The company, based in El Salvador, made an investment of 21 million dollars in printing machinery, making purchase contracts with publications such as Cosmopolitan and Vanity Fair.
Gisela Porras, Panama Albacrome manager, said that within six months of operation the company has achieved a turnover of interest in countries like the Dominican Republic and Colombia. Are added, in addition, Caterpillar, Dell, 3M, ST Aerospace and INTELDAT.
Another of the big firms that explores Howard is installed in Sony Corporation. The Government will also promote this center of operations in South Korea, which are based manufacturers such as LG and Samsung.