Panamanian traders to restore business with Venezuela in Panama free zone

Panama, July 18, 2014.- The president of the Colón Free Zone Users Association (AU) of Panama, Luis Germán Gómez is optimistic about the situation of Venezuelan businesspersons following the restoration of the Panama-Venezuela relation, which would allow resuming the trade relation and the negotiations over debt.

He added that the association is looking for new clients in Europe, Asia, and Africa, in order to try to "compensate the loads" of the crisis resulting from re-exports towards Colombia and the millionaire debt incurred by Venezuelan businesspersons.

Venezuela had ended diplomatic relations and frozen commercial and economic relations with Panama last March 5, including the millionaire debt incurred by Venezuelan importers. This debt with the Colón Free Zone is estimated in Panama at some USD 1.2 billion, while Venezuela only acknowledges about USD 500 million.