Panama - Proinvex
Key Competitive Attractions
Panama is located at the centre of the American continent, and is a major logistics platform, due to the existence of the Panama Canal. The economy is based largely on services, and the country is home to an international financial centre. GDP grew by 6.7% in 2010, and the standard currency in Panama is the US dollar.
Foreign Direct Investment (FDI) is directed primarily to the business sectors of logistics, energy, property and financial services. The government has identified the following as sector of priority: logistics, agro-industries, financial services and tourism.
Panama is a storage and distribution centre for world cargo, and holds a primary position in the western hemisphere. Annual movement of containerised cargo is approximately 4.25 million TEU’s. In addition, the inter-oceanic railroad offers a capacity of 330,000 containers per year.
The country is also home to the Colón Free Zone (annual trade exchange of over 19 thousand million dollars generated by 3,000 individual companies). In addition, the Panamá Pacífico Special Economic Area is designed to serve the needs of production companies for goods and high technology services.
Panama has free trade treaties with Taiwan, El Salvador, Singapore and Chile, and is negotiating treaties with the United States the rest of the Central American states. Panama also intends to join the G-3 (a free trade agreement between Colombia and Mexico, which previously included Venezuela).
Assistance and Support For New Business Investors
Proinvex is the agency for attracting investments in Panama. It belongs to the Ministry of Commerce and Industries.
Services include a one-stop shop for information on investment opportunities and the business climate in Panama, as well as the instruments available to foreign investors and facilitation of access to key contacts.
