Tag Archives: President Martinelli

Official and on the table – plans for the Metro

Talks about a metro system started swirling around during the early hours of the Martinelli Administration, and the Government has announced the terms and the final selection of 6 companies.  The winning company’s bid to be announced the end of September.

new subway station_ panamaQA total of six companies have been picked that are in competition with each other to build the Panama City Metro.  Two are Spanish and the others are from various Countries.  U.S. and France also are two Countries that had representative company’s making bids.  The selection process was analyzing the proposals from the 48 that bid for the contract.

Roberto Roy, the Executive Secretary of the Government Metro Group said “the selection of the winning Company would be based on demonstrated experience of integrated technical assistance in Metro type projects”. The Company that wins the contract shall develop the conceptual design, and oversee the bidding process along with administering the project.

As the contract is still in the planning mode one does not yet know what will have to be set a side for a completion budget.  The office of Executive Secretary of Metro was created on the day President Ricardo Martinelli was sworn into office on July 1, 2009.

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A quick read on what is fueling the engine of growth in the Republic of Panama

  1. Global advertising and public relations campaigns have helped spur the growth.
  2. Howard Air Force Base a UK company London & Regional Properties signed one of the biggest development deals ever, acquiring the 2,747.82 acres of the ex-US Air Force Base with a plan to transform it into a multi billion business district with retail, hotel facilities, and approximately 20,000 homes.  It also comes with the second largest air strip in Panama.
  3. Political and fiscal stability and the mood of confidence with the new Government, President Martinelli at the helm.

    Construction in Panama City

    Construction in Panama City

  4. Construction everywhere, from Panama City down the Pacific Western Coast. Beach towns Chame, Gorgona, Coronado, Santa Clara and Farallon are being built out. The new Coronado shopping complex next to Rey’s supermarket will be finished late December of this year.
  5. New infrastructure is every where in Panama City, and taking place in most other cities. Along with most of the projects funding is in place and are moving along at a good pace. (Note: The current economic crisis may slow the pace of growth some, but long-term projections remain highly positive).

    Santa Clara

    Santa Clara

  6. The financial hub, Panama City, is home to the largest concentration of international banks in Latin America. Additionally The Panamanian stock market is taking off with significance. More and more companies, local and foreign, have begun considering it as an attractive option to  finance and expand their businesses.  For more on the Panama stock Market : panamaQ

Snapshot of the new President

President Martinelli, the winning candidate of the (CD) Democratic Change Party, has obtained multimillionaire status by being owner of Panama’s largest supermarket chain Super 99. President elect, age 57, was American Educated. Graduated from Staunton Military Academy in Va, went on to receive a BA in business from the University of Arkansas, and graduated with an MBA from INCAE Business School in Costa Rica. President Martinelli during the transition of the Canal from the United States to Panama, served the government as minister of Panama Canal affairs.

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