Panama has experienced strong economic growth over the last decade due to open market policies and encouraging trade and foreign investment. It has pursued free trade agreements and maintains an investment grade rating. Panama is strategically located and has invested heavily in transportation infrastructure like the Panama Canal, ports, airports, and railroads to become a major logistics and transportation hub connecting global trade. It has also developed banking, tourism, and real estate industries to diversify its economy. Future economic growth is expected to continue as Panama leverages its strategic location and investments in infrastructure and business-friendly policies.
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Building Panama into a global business hub
1. PANAMA: Building a global business
platform to serve the world.
Ricardo Quijano
Minister of Trade and Industry
June 2012
2. Panama is known for its high rate of economic growth
•The country’s sterling economic success is based on a strong macro-
economic policy and excellent management of the Panama Canal and
associated transportation services.
•The Government of Panama has promoted economic growth over the last
decade through open market policies and encouraging trade.
3. Openness to Foreign Investment
• Key Panamanian strengths are
considered to be cross border
trading and access to financial
services.
• Local and foreign investment is
treated under the same terms and
conditions, pursuant to non-
discrimination principles.
• Panama became the fifth country in
Latin America to obtain investment
grade rating.
• The three (3) major credit rating
agencies have confidence that the
Government of Panama has the
willingness and ability to manage
its debt obligations.
4. Investment Grade and International Economic
Achievements
• Doing Business Report (2011 – 2012) – World
Fitch Ratings Bank
BBB (June 2011) Ranked 61 of 183 economies
Posit
ivo • Competitiveness Report (2011 – 2012) –
International Economic Forum
Ranked 49 out of 142 countries,
increasing four places compared to the
Standard & Poor’s previous year
BBB – (July 2011)
Posit • Business Destination- Forbes Magazine
ivo
Ranked 60 out of 134 countries as a
recommended destination for business
• Panama, among the 10 least expensive cities
Moody´s to live in the world, according to The
Baa3 (2011) Economist Intelligence Unit
Posit The cheapest city to live in America
ivo
5. Panama: Connecting Trade
Expanding trade and our international alliances
Free Trade Agreements– FTAs
In order to promote competitiveness and
increase exports of our private sector to the
U.S., Canada, European Union and
countries of Central and South America:
Panama has recently signed bilateral
investment treaties, conventions for the
avoidance of double taxation
8 implemented FTAs
6 FTAs in the process of implementation
7 FTAs currently under negotiation
4 Partial Scope Agreements
6. Foreign Direct Investment (FDI)
A pillar in economic growth
• Foreign direct investment increased by 19%, with a total of $ 2.8 million in
FDI.
• Nearly 70 Multinational Enterprises have been established to benefit the
legal framework that provides incentives for investment.
• The Investment Stability Law guarantees all foreign and domestic investors
equal rights in terms of their investment and business practices. It also
provides a 10-year stability in terms of legality, and it will remain identical to
that in force at the time of registration.
7. Regulatory framework to attract investment and
• Panama
promote development of technologies is an attractive
jurisdiction for the establishment
of offshore corporations,
enterprises and industries.
• Flexibility of the incorporation law
and only income generated
within Panama is taxable.
• There are special tax and
incentives for manufacturers to
locate in an export-processing
zone.
• There are no legal requirements
such as minimum export
percentages or the obligation to
invest in local companies or
purchase goods from local
vendors.
8. Free Trade Zone/ Industrial Parks
• Free Zones are zones of free enterprise, specifically
delimited, for the establishment of enterprises from all
over the world whose activities are the production of
goods and services.
• Panama currently has 14 Free Zones, with 95 companies
registered.
• Enterprises Permitted within the Free Zones:
Manufacturing, Assembly Enterprises.
Finished or Semi-Elaborated Processing Products
Enterprises.
Export Services Enterprises.
Cutting edge technology, scientific research, higher
education.
Logistics services, environmental services, health,
and general services.
9. Panama-Pacifico
La posición de
Panamá permite
a las empresas
aprovechar los
sistemas
logísticos
The Panama Pacifico Special Economic Area is an area assigned for the
production of goods and services with high added value and technology.
10. Regional sector headquarters in Panama
Logistic headquarters of Multinational Companies
• Judicial stability
facilitates trade and
provides investment
incentives.
• One of the most
competitive legislations
in the region.
• Laws specifically aimed
at multinational
companies complement
the incentives offered
by special zones.
11. City of Knowledge
• The City of Knowledge is a scientific, technological and entrepreneurial park
located by the Panama Canal.
• It offers special labor and immigration provisions.
• All benefits awarded have a duration of 25 renewable years, which is more than
any other incentive law.
12. The Colon Free Zone
• Registered 40% growth; reaching 30 billion in merchandise.
• The largest free zone in the Americas and the second largest in the world.
• The CFZ is an imposing area that does business with every major country
one can imagine.
13. Logistics
Interconnection infrastructure
• Logistics Cabinet is made up of
The Creation of a Logistics Cabinet
public and private sector
representatives.
• Created in order to benefit from
Panama’s geographical position
as well as from the vast variety of
business opportunities that will
permeate after the increase of
traffic through the expanded
Interoceanic Canal, expected to
be completed by 2014.
• Its main objective is to integrate
programs and goals for the
elaboration of a master plan
promoting Panama as a logistics
and commercial center with a
global vision.
14. Multimodal Logistics Center for the Americas
• An infrastructure network
created because of the
country’s strategic geographic
position.
• Network of highways and
roads to connect the main
centers of production.
• A railway connecting the two
oceans in 1 hour, transports
more than 350 thousand
containers per year
• A port system with state of the
art technology, facilitating
global trade in the Atlantic and
Pacific
15. The Panama Canal delivers record amount
of over 1,000 million dollars • In 2011, the Canal
gave the country a
record intake of 1,043
(one thousand 43)
million dollars.
• The increase in
contributions is the
result of record high
tonnage through the
Canal.
• Direct contributions
from the Canal under
panamanian
administration total
6,576 million dollars.
16. The Panama Canal Expansion
• Will increase the
benefits for our country
and enhance
ESCLUSAS ACTUALES international maritime
commerce.
• Shipping companies
TERCER JUEGO DE ESCLUSAS
are designing and
building post-Panamax
vessels to supply the
growing demand.
17. Trans-Isthmic Railroad Transshipment from port to port
Pacific Atlantic
• The railway is considered a "dry canal" because it allows the transfer
of goods from one ocean to another, without customs clearance.
• This service currently operates at its maximum capacity.
18. Panama is the country with the largest maritime
connectivity in Latin America and the Caribbean
• The Panama Canal connects more than 144 shipping routes, enabling
the country to offer a wide range of logistics services.
• Its advantageous geographical position makes it the country with the
largest maritime connectivity, according to the United Nations
Conference on Trade and Development (UNCTAD).
19. Innovative Port Facilities in Latin America
• Port activity showed a
20% increase in the
Atlantic side and a 17%
increase in the Pacific
side.
• Panamanian ports
generate 24% of GDP.
• Panama has also been
the main cruise terminal
facility in Latin America.
20. Public Works - Road Infrastructure
• 3 billion dollar investment
in infrastructure.
• Construction and road
reorganization through the
expansion and creation of
new infrastructure,
including 23 points of the
city.
• Construction of the Cinta
Costera III in Casco Viejo
is necessary for the road
map of the city and will
bring great economic
benefits to the country.
21. Integrated Transportation System
Metro Bus
Public Transportation
New busses fleet, more
comfortable and with air
conditioning systems,
providing passengers
more fluent and quick
transit throughout the
city.
Metro Bus
Investment of US$ 1,200 million. Completion and estimated delivery by
December 2013. Its operation begins in 2014.
22. Air Connectivity • Panama has the largest air
connectivity in Latin America,
according to the International Air
Transport Association (IATA).
• Tocumen International Airport has
become the main hub of the region.
• Tocumen International Airport offers
16 daily flights to the United States
of America.
• The creation of the Muelle Norte,
64 Destinations consisting of 12 new gates, will
29 Countries increase passenger transit from six
to nine million, annually.
• Panama has become the site in Latin
America for air transportation training
because of our flight simulators.
In June 4 new destinations
24. The Panamanian banking center is the most modern and
successful in Latin America
• Free movement of U.S. Dollar
and free movement of capital,
without a Central Bank.
• Financial System with a solid
and diverse International
Banking Sector, whose assets
increased by 15.2%.
• In the insurance sector,
premiums grew by 14.6%,
surpassing the barrier of 1
billion written premiums.
• New Law on Insurance and
Reinsurance.
25. Panama seeks to stay ahead of the curve of progress
Hotel and Real Estate
Telecom
Offer in Panama.
Real estate is one of the most Panama became one of the first
dynamic, up 24%. countries in the world to offer
free wireless broadband access
Panama currently offers 25,000 hotel
nationwide, reaching 80% of the
rooms with renown hotel brands
population.
from around the world.
26. New Convention Center
• Investment of US$ 120 million with 15,000 mt2 of constructed area
and 8,000 mt2 of exterior area, in Amador touristic sector.
• Will have a capacity to house 20,000 visitors, and will be completed
by 2014 to attract regional meetings and conventions.
27. Panama: the best destination to visit in 2012
• The New York Times highlighted Panama in its January 2012 edition, using
the slogan “Go for the Canal. Stay for everything else”.
• Listed in The Economist Intelligence Unit, as the least expensive city to live
in America and the sixth in the world.
• Strategic site for meetings, conventions and regional events. The February
2012 issue of Forbes Magazine, recognized Panama as an excellent place to
invest.
28. Final Remarks
• Panama's economic growth is driven by the dynamism
of the public sector, seeking to increase productivity
through its investment programs.
• Logistics in the country has led to significant
improvements in levels of competitiveness, which have
been recognized by international organizations,
business magazines and financial newspapers
worldwide.
• Growth rates will be maintained in the coming years
characterized by the diversification in the economy,
providing the basis of both growth and sustainability of
development.
Thank You
Editor's Notes
The Panama Pacific Special Economic Area is a designated area for the production of goods and services with high added value and technology. It is located in the former Howard Air Force Base. Tax Incentives Exemption from any tax, fee, fee, tax or import duties on any goods, products, equipment, service and other goods in general shall be placed at Panama Pacifico. Exemption from Transfer of Property and Services (ITBMS). Exemption from any tax, duty, fee, fee or charge regarding the movement or storage of fuel or other hydrocarbons and their derivatives. Exemption for any commercial or industrial license or tax registration. Exemption from land tax on land and improvements commercial / industrial, as well as Transfer Tax of Real Estate. Exemption from export / re-export of any goods, products, equipment, goods or services. Any tax exemption for leasing of equipment necessary for the development of activities and business operations within Panama Pacifico. Work Incentives: Fixed rates over time (25%) and days off work for employees (50%). Flexibility to allocate days off to employees. Companies may be open on Sundays and holidays. Foreign workers: ability to exceed the percentage rule of the Labour Code. The companies may request additional expatriate employees beyond 15% if labor does not exist locally. Migration Incentives: Available special visas for investors and workers (3 to 5 years is the standard time). The benefits of extending visas to immediate relatives of the employee, spouse, dependent children up to age 25, parents, dependents over 62 years of age. Once and import tax-free any personal belongings and household (up to $ 100,000
Tax Incentives 0% tax on earnings from foreign operations. 0% tax on imported goods for export. Exempt specific services that have effects abroad. Highly competitive costs.
ADDITIONALLY, the Panama Canal RAILROAD PROVIDES AN efficient transshipment service BETWEEN ATLANTIC AND PACIFIC PORT . and complements the existing transportation infrastructure provided by the Canal moving containers from port to port without touching the tax territory. Handling capacity is around 500,000 TEUS a year Panama is the only place in the world where it is possible to transship containers in-bond from the Atlantic to the Pacific in a couple of hour. Basically if Free Zone on rails.
our Logistic plataform based in our unique geografic position , our logistics assets and the Panama Canal..
Panama is the only country in the western hemisphere offering two major connectivity business platforms at the same time . First , our service plataform based in our air connectivity , financial services , solid macroeconomic grounds and stabilty and second