As Panama Receives Canal, Canal Zone Properties are Poised for Commercial and Economic Development.PANAMA CITY Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. , Panama--(BUSINESS WIRE)--Dec. 16, 1999-- Panama this week received the Panama Canal Panama Canal, waterway across the Isthmus of Panama, connecting the Atlantic (by way of the Caribbean Sea) and Pacific oceans, built by the United States (1904–14) on territory leased from the republic of Panama. from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in a symbolic ceremony celebrated prior to the official handover n. 1. The act of relinquishing property or authority etc. to another; as, the handover of occupied territory to the original posssessors; the handover of power from the military back to the civilian authorities s>. that will take place at noon on December 31, 1999. As the Canal becomes an integral part of the Republic of Panama, so do the Canal Zone properties previously held by the United States. The process of handing over 230,000 acres of former military bases that began in 1979 was completed in early December with the transfer of Fort Clayton. "Panama has thus far signed commercial agreements worth more than $1.5 billion dollars with domestic and international investors interested in developing projects along the banks of the Panama Canal," said Nicolas Ardito-Barletta, General Administrator of the Interoceanic In`ter`o`ce`an´ic a. 1. Between oceans; connecting oceans; as, interoceanic communication; an interoceanic canal. s> Region Authority, or ARI ARI Acute respiratory infection, see there . It is estimated that the total value of all Canal Zone properties, excluding the Canal itself, is approximately $4.6 billion dollars. "We are currently managing close to one hundred projects in tourism, light manufacturing, shipping services, high technology and academic development in the former Canal Zone properties," said Ardito-Barletta. "Now that Panama has taken possession of all the properties, the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned process is well underway in meeting the deadline of completing the final conversion to civilian use by the year 2005." In addition to Panamanian investors, international investment has come from the United States, the United Kingdom, Italy, Mexico, Costa Rica, Taiwan, Hong Kong, South Korea and Canada. Investment by United States companies This is a list of companies from the United States:
: currently amounts to more than $400 million dollars and includes investments by Mobil Oil, ICF (Internet Connection Firewall) The built-in firewall in Windows XP. It provides a stateful inspection of packets which accepts only responses to requests originated by the user. Kaiser, Kansas City Southern Railroad, Sea Land and Steevadoring of America, mainly in shipping services. Other investors are looking to develop tourism projects, export processing zones, communications, transportation and technology. Tourism More than $500 million dollars have been committed to tourism projects. These include a cruise ship and yacht marina, golf course and shopping center in Amador; ecotourism e·co·tour·ism n. Tourism involving travel to areas of natural or ecological interest, typically under the guidance of a naturalist, for the purpose of observing wildlife and learning about the environment. projects in Gamboa; and a business-class hotel developed by Spain's Sol Melia chain near the Colon Free Zone. New projects, which could amount to approximately $200 million dollars, include a major ecotourism resort in Sherman on the Atlantic side of the Canal. Sherman is expected to become a top regional ecotourism center owing to its accessibility to major markets and its multiple natural attractions, historic sites such as the old Spanish fort of San Lorenzo, and the region's rich biodiversity, which includes more than 900 bird species. Manufacturing Panama's strategic location and time-zone advantages for U.S. companies, in addition to such development pillars as the Colon Free Zone, Panama's international banking center, ports at either end of the Canal, and the Canal itself, have attracted manufacturers interested in export processing, light manufacturing and logistics. Projects are already underway in Davis, Albrook, Cardenas and Corozal. In the near future, public bids will be sought for the development of industrial projects in Coco Solo, Telfers Island and at the former Howard Air Force base Howard Air Force Base (Howard AFB) was one of two main United States Air Force Bases located in the country of Panama, the other being Albrook Air Force Base. It was located on the west side of the Panama Canal, adjacent to Rodman Naval Base. . Howard, the largest of the U.S. bases turned over to Panama, will also be developed as an inter-modal transportation hub and aircraft maintenance center. Technology Technology and academic projects are being developed on the grounds of the former Fort Clayton. Seventeen companies have thus far announced they will establish their operations in the Techno-Park, including Oracle, Eli Lilly & Co. and new ventures. Among the many infrastructure advantages that Panama offers is the fiber optic communications center being set up by Global Crossing. Several research and academic institutions, such as the Smithsonian Tropical Research Institute The Smithsonian Tropical Research Institute (STRI) in Panama, the only bureau of the Smithsonian Institution based outside of the United States, is dedicated to understanding biological diversity. , Texas A&M, McGill University and Florida State University Florida State University, at Tallahassee; coeducational; chartered 1851, opened 1857. Present name was adopted in 1947. Special research facilities include those in nuclear science and oceanography. are participating in the City of Knowledge which is also being developed on the grounds of Clayton. These projects are expected to be underway in the year 2000. The Interoceanic Region Authority (ARI) is a public authority created by the Panamanian government to incorporate the former Canal Zone territories into Panama's national development. As such, the ARI's main responsibilities are to receive, maintain and protect the properties turned over to Panama by the United States and prepare and promote their use in maritime, industrial, tourism, educational and environmental projects. The ARI is charged with protecting the environment and the rich tropical biodiversity around the canal. Part of the income derived from the reverted areas is contributed to the National Social Development Fund for public housing and other social projects. Editor's Note: Images of the former bases including Clayton, Sherman, Howard and Albrook are available upon request. |
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