First phase of mega-project starts

The Panama Pacific project which will cost $705 million over a 40 year period will generate 40,000 jobs, envisages the construction of 20,000 new houses and apartments and a million square meters of commercial space.

Henry Kardonski, General Manager of London & Regional Panama said that this is one of the most ambitious projects in Latin America and will contribute to the growth of the national economy by providing the necessary infrastructure for major international companies to come and establish themselves in the country.

Talking about the current financial crisis, Kardonski said that although it will somewhat affect the project, it will continue forward, because Panama offers economic stability and the crisis will eventually pass.

Prestigious multinational companies such as 3M, MEC Repairs, Dell, 3PL Panamericana and many more have demonstrated their interest in opening offices in the new logistic park.

The Panama Pacific Special Economic Area Agency administrator, Miguel Angel Clare said that during the first eight years the British company London & Regional Properties will invest $405 million and in the present phase there will be an investment of $60 million to build offices, flexi-buildings and warehouses.

It is expected that between January and February next year construction of the city center will start.

Clare said that the development is advancing according to schedule and the construction of the logistic and business center is the first step.

He added that a high possibility exist that two divisions of 3M, that will manufacture products will be moved to Panama in the future and that negotiations are continuing.

“The Panama Pacific Economic Area was created to become the Business Center of the Americas and attract companies which are looking for better opportunities of investment,” said Clare.

Ian Livingstone, from the London & Regional board of directors said: “We are lucky to be in Panama a stable country in the middle of a financial storm. This our most important project in the world.”

Jaime Gilinski, who is in charged of the construction of the project said that it combines the higher standards building work and design with respect to the environment and will put Panama Pacific development above the rest of all the other infrastructure projects of this kind around the world.

He added that this project is not only essential for the development of Panama, but also the rest of Latin America and will become a model of logistic development for the rest of the world.

President Martin Torrijos said that it was remarkable that a project of this magnitude is being carried out in Panama in the middle of a global crisis, which show confidence companies have in the country.