Panama provides plenty of opportunities to promote the production of non-traditional and traditional goods, innovation of new products for sophisticated markets (“gourmet”).
The Ministry of Commerce and Industry of Panama currently promotes six economic areas:
• Tourism (Commercial Tourism, International Touristic Promotion Events, Ecotourism, Adventure Tourism, Medical Tourism)
• Services (Financial Services, International Banking, Legal Services, Maritime Services, Medical Services)
• Logistics (Panama Canal, Logistics Platforms for value-added activities, Port Development for container transportation, public service for freight rail and ground transportation, air transport services, Panamanian Logistic Hub, Optical Fibres, Cold Chain)
• Agricultural Industry (Production, Agro-tourism, Innovation and new products, Products for sophisticated markets like gourmet coffee)
• ICTs (Information and Communication) (Special Zone “Panama Pacifico”, “City of Knowledge")
• Energy (Hydropower, wind energy, solar power, biomass energy)
At the same time these activities promote the development of other sectors, like cargo container movement, maritime transport, security and inspection companies, training of human resources, among others.
In 1998 the Law No. 54 was decreed in Panama, with the aim to protect foreign investment. Foreign investors and their businesses in Panama are granted the same rights as Panamanian citizens. This makes Panama a safe country to invest, offering a stable legal basis that protects private ownership and foreign businesses.
The Foreign Direct Investment in the Panamanian isthmus grows annually between 7% and 10%. We can constantly observe that new businesses operating in the field of food, medicines, energy and infrastructure are being established, transforming Panama into the country with the highest direct investment in the region. However, Panama is still a developing country that promises a lot once it reaches a greater sustainable growth.
Here are the four main economic zones in Panama:
• City of Knowledge is a scientific, technological and enterprise zone, located next to the Panama Canal.
• Economic Zone Panama Pacifico is an area dedicated to the production of high value-added goods, services and technology.
• Free Zones are zones in which all infrastructure, facilities, constructions, support systems and services are conducted under strict regulations of maximum efficiency and quality. With the objective of establishing businesses from all over the world, dedicated to the production of various categories of products, including high technology, scientific research, logistic services, higher education, environmental services, medical services, and services in general.
• Colon Free Zone is located some kilometers from the Panama Canal and is considered the first Free Zone in the West and the second Free Zone worldwide.
Main Legal Services offered by our Firm:• Legal advice on market research and market analysis
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