Multi-national corporations Have Eyes on Panama
August 16, 2009
by La Prensa
In an article published in La prensa, it states how many companies from the US, and other countries are eyeing panama with the possibility of moving their headquarters. With all the incentives, great weather and friendly people as well as strategic geographical location panama is an ideal option for multi nationals to move their operations. See article as published in La Prensa.
Multi-national corporations eyeing Panama
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| Panama is seeking $1 billion in foreign investment from multinational corporations. |
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Companies from the United States, Singapore, Taiwan, Japan and Europe
are looking at Panama as a possible site to expand their operations,
according to officials with the Ministry of Commerce.
The ministry is currently reviewing proposals from a number of
companies seeking to take advantage of a special program established in
2007 that offers incentives to companies opening offices in Panama.
Currently, 23 companies have set up offices in Panama under the program.
Minister of Trade and Industry Roberto Henríquez said that he
preferred not to release any details about the ongoing negotiations
until they are complete. But he said that the government wants to
attract $1 billion of foreign investment a year for the next five years.
One deal that is complete is the decision by General Electric to
move its regional operations from Costa Rica to Panama. The company is
currently considering sites in places such as Clayton and the former
Howard Air Force Base. It has 225 employees at its Costa Rica office,
but that number could expand when the headquarters are moved to Panama
depending on factors such as the availability of qualified personnel.
The ministry is also working on reviving the project to establish an
oil refinery off the coast of Colón, an initiative that seems to have
fallen off the radar screen since it was announced a few years ago.
One way that Panama is promoting foreign investment is by
streamlining the immigration process for foreign managers and investors
of international companies locating here.
The government also plans to add staff members to its embassies in
countries with which Panama has free trade agreements. These employees
would be focused on ways to increase trade with those countries.
Adolfo Linares, president of the Chamber of Commerce, said that the
government's attempts to lure international companies to the country
should be supported as it will lead to a positive direction for the
economy.
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