2007 Press Release
2 October 2007, Singapore – Leading eGovernment solutions provider, CrimsonLogic has been awarded a SGD 4.5 Million (USD 2.9 Million) contract to build an electronic documentation system for the Colon Free Zone Administration in Panama. The contract was officially awarded in September 2007.
Colon Free Zone is the second largest free trade zone in the world covering 400 hectares and with over 1,800 companies. It is located at the Caribbean entrance to the Panama Canal and is a major transshipment hub for Latin America.
Leong Peng Kiong, CEO of CrimsonLogic said, “This is another significant milestone for CrimsonLogic in Panama after delivering a USD 4 Million contract to build an Advanced Data Collection System for the Panama Canal Authority. This win would not have been possible without the strong support of CrimsonLogic by IE Singapore and IDA Singapore.”
“IE Singapore is delighted that CrimsonLogic has been awarded this contract at the Colon Free Zone in Panama. CrimsonLogic's success demonstrates how Singapore companies with niche products, services and solutions are making significant inroads into Latin America, a growing market with attractive opportunities," said Ted Tan, Deputy CEO, IE Singapore.
“IDA congratulates CrimsonLogic on being awarded the contract. This is testament of the quality and innovativeness of Singapore's infocomm products and services," said Ms Tham Ai Chyn, Assistant Chief Executive (Industry & Cluster Development), IDA Singapore. "IDA continues to work with our home-grown infocomm companies to promote the export of innovative infocomm solutions and expertise overseas and we hope this significant win by CrimsonLogic will spur other companies to venture beyond our shores."
The electronic documentation system being built by CrimsonLogic will give the Colon Free Zone Administration a 360° view of the movement of goods within the free zone. Freight forwarders, customs brokers, importers and exporters will be able to file all their documentation to the Colon Free Zone Administration and the Panama Customs electronically through the system, hence eliminating the use of paper documents. In addition, the system will interface with other stakeholders such as the Chamber of Commerce and banks for data sharing and/or approvals.
“With the automated workflow and streamlined processes, the 24/7 online system is expected to bring about considerable efficiency and productivity gains, as well as cost savings, to companies in the Colon Free Zone. When fully operational, the electronic documentation system for the Colon Free Zone will give a further boost to Panama’s position as an international trade and logistics hub in Latin America,” said Peng Kiong.