The concession to Chinese investors of a container terminal in Isla Margarita, is a good example of how to attract productive foreign investment.

“Under the agreement, the company will build, develop, operate and manage a port for containers or general cargo with a commitment to invest no less than $593.9 million, which will generate about 800 jobs in the construction phase of the project and a thousand jobs the operational phase “, reported Prensa.com.

Of the total investment, $300.9 million relates to the construction of the three docks. Through the Maritime Authority of Panama, the State will receive $9.7 million as consideration for the termination of the concession, in the form of a fixed fee, in addition, it will be paid $12 per container movement made at the port terminal, the same rate charged by other port operators.

In the contract the Chinese funded company signed with the State it was established that the company and its subsidiaries and affiliates will be exempt from all taxes, contributions, fees or import duty on all computers.

Exemptions include machinery, materials, raw materials, fuels and lubricants, cranes, vehicles throughout the term of the concession, in addition the policy will apply to artifacts, supplies, spare parts, cans, containers used for construction, operation and maintenance of the terminal, among other things.

Source: Prensa.com