President MartÃn Torrijos of Panama last month unveiled what could become one of the biggest investment projects in the country's history, with a value of up to $10bn. The creation of an urban centre the size of central London on the outskirts of Panama City is the latest sign of an economic boom that has invited comparisons between Panama and bigger international business centres, such as Dubai.
A specially created government agency will provide residents with streamlined regulation and there will be tax incentives for selected industries. London & Regional, the UK-based company that will develop the site, said the project, on the former Howard US air force base, would reinforce Panama's attractions as a centre of international business. Ian Livingstone, of London & Regional, said it would combine industrial, retail and residential properties and its value could be worth up to $10bn.
International and local companies are pouring billions of dollars into Panamanian residential property developments, in large part to capitalise on the peak of interest shown by US and Canadian retired people and second-home buyers. In addition, deals worth $14.5bn have been agreed recently to build two oil refineries and the US Congress is expected to approve a trade agreement soon between the two countries.
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A specially created government agency will provide residents with streamlined regulation and there will be tax incentives for selected industries. London & Regional, the UK-based company that will develop the site, said the project, on the former Howard US air force base, would reinforce Panama's attractions as a centre of international business. Ian Livingstone, of London & Regional, said it would combine industrial, retail and residential properties and its value could be worth up to $10bn.
International and local companies are pouring billions of dollars into Panamanian residential property developments, in large part to capitalise on the peak of interest shown by US and Canadian retired people and second-home buyers. In addition, deals worth $14.5bn have been agreed recently to build two oil refineries and the US Congress is expected to approve a trade agreement soon between the two countries.
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