Britain's London & Regional Panama begins $700 mn project in Panama
PANAMA CITY(laht.com) -- Britain's London & Regional Panama began construction Thursday of massive, mixed-use project at a former U.S. airbase on the banks of the Panama Canal.
Panama Pacifico, which calls for a total investment of more than $705 million over the next 40 years, is to be built in four phases and will include businesses, residential areas and tourist facilities.
The initiative is part of "the unique development prospects Panama has, taking advantage of its geographical position," President Martin Torrijos said at Thursday's groundbreaking.
Speaking for L&RP, executive Henry Kardonski said that "in synergy with other projects, such as the expansion of the canal," Panama Pacifico would make a decisive contribution to the growth of the Central American nation's economy.
L&RP says the development will generate 40,000 jobs over the next four decades.
Several prominent multinationals, including Dell Computer, 3M and Caterpillar, already have operations in the area of the former Howard Air Force Base.
Planners expect the project to host a business park with corporate regional offices, call centers, distribution hubs and light manufacturing.
L&RP also plans an urban center with hotels, restaurants, shops and residential areas. EFE
