Ecuadorian consortium invests 200 million dollars in Panama
Photo: Angélica Escobar / Forbes LATAM
Grupo Rey will invest in its new distribution center and will also create 1,200 jobs in its construction and 400 more in the operation stage.
Laurentino Cortizo, president of Panama, announced that the Ecuadorian company of a chain of supermarkets and stores, Corporación Favorita, owner of Grupo Rey, will invest US$200 million in Panama over the next 5 years.
Cortizo attended the inauguration ceremony of the construction of the new distribution center of Grupo Rey, where he stated that this type of business shows the confidence of foreign investment in the stability and social peace of Panama.
Panama's GDP collapsed 17.9% in 2020 due to the Covid-19 pandemic, so Panamanian authorities have made the attraction of foreign investment one of the pillars for the country's economic recovery.
Grupo Rey's new distribution center plans to create 1,200 jobs during its construction phase and 400 more already in operation, this will benefit 45,000 families in the eastern part of Panama.
The 55,000-square-meter facilities will have large-capacity warehouses that will operate as a distribution center for dry and cold products and a grain and legume packaging plant with optimal biosecurity measures.
In addition to the plant, Grupo Rey plans to build a highway of approximately 3.4 kilometers, which will facilitate access to the center for transporters and workers.
Grupo Rey's CEO, Hernán Muntaner, informed that this is Corporación Favorita's most ambitious project and that one of its goals is to become one of the best companies in Latin America, with which they hope to improve the quality of life of its workers.
The plant will be located in the community of Pacora, east of Panama City, because of the potential of the area to soon become an expansion and logistics hub.
Muntaner stated they expect to be the source of livelihood for over 900 Panamanian families that will directly or indirectly join the 5,300 employees that are currently part of this company.
Grupo Rey is made up of 80 stores from Rey, Romero, Mr. Price supermarkets, and Metro pharmacies. Sixty percent of its shares were acquired through a takeover bid.
Corporación Favorita was founded in 1952 and currently has a presence in 6 Latin American countries through 311 stores in different formats and segments.
Source: Forbes staff. (29 de marzo de 2021). Panamá anuncia inversión de 200 mdd de consorcio ecuatoriano. 5 de abril de 2021, de Forbes Centroamérica Sitio web: https://forbescentroamerica.com/2021/03/29/panama-anuncia-inversion-de-200-mdd-de-consorcio-ecuatoriano/
