ECONOMY

Colón Free Zone businesses seek resolution of debt issue

Temas:

The Colón Free Zone has gone through a difficult economic situation, particularly in the collection of debts owed to businesses there by foreign companies.

Manager Surse Pierpoint appeared this week before the National Assembly's Commerce Committee to discuss the current state of the free zone. He warned that one of the major challenges facing businesses is the outstanding debt. Venezuelan importers, for example, owe about $530 million to free zone businesses.

But the picture is not all grim as business in the zone has started to show signs of recovery. In January, there was $2.1 billion in commercial movement, representing an increase of 23.1 percent over January 2014. The activity was evenly split between re-exports, which grew 18.3 percent, and imports, which grew 28.1 percent. 

The handling of cargo also grew to 160,700 metric tons in January, 2.4 percent more than during the same period of 2014.

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