The political and economic situation in Venezuela could have a significant impact on various sectors of the Panamanian economy, and one of the main points of concern is in the Colón Free Zone, due to the close commercial relationship that exists between Panama and Venezuela, according to the Minister of Canal Affairs, José Ramón Icaza.
In turn, Icaza assured that Venezuela at this time represents an important client and user, especially in some products, such as tankers and others, however, at this time they are not foreseeing a material impact on what it has. to do with the Panama Canal.
“Evidently these are issues that we see at the level of the Board of Directors of the Panama Canal and at this moment they are not part of what the Board of Directors committees are,” said the Minister of the Canal.
He added that the situation in Venezuela will undoubtedly have an impact on imports or exports in the Colón Free Zone because Venezuela is one of the large clients, since it has business of US$ 1,000 million a year with this country, being one of the large merchants who obtain or seek these import and export products at the Free Zone level.
“The National Government, through President José Raúl Mulino, is aware of this situation. In the Cabinet Council, we talk about the possible impacts that this may have not only on the Free Zone, but this will also surely impact companies like Copa due to the fact that “He will not be able to fly to Venezuela because of this situation,” Icaza said.
The Minister of the Canal concluded that also other Panamanian companies that have investments, as well as Venezuelan companies that have investments in Panama, that could be affected, as a result of this situation that has been caused by the government of Venezuela and for example its policy that is living this country. (https://www.americaeconomia.com/en/node/287997)
