(Martes Financiero) Colon Free Zone, Panama Pacific, City of Knowledge and export processing zones, now called zones, are the four special economic zones that promotes the agency for attracting investment and promoting exports (PROINVEX) under the Ministry of Trade and Industry (Mici). But why are special economic zones? These are areas with tax breaks for specific … [Read more...]
Foreign direct investment boosts Panamanian GDP
(Prensa.com) Foreign direct investment reached $746 million in Panama during the first quarter of 2011, Kristelle Getzler, of the State Secretary of the Economy, said yesterday. Getzler said seven multinational companies have settled in Panama in 2011: Wrigley and Fastenal (United States), ATLAS Copco (Sweeden), Unilever (Netherlands), Merck and Bauer (Germany) and … [Read more...]
Panama continues to lead in shipping tonnage
(Prensa.com) A total of 9,121 ships were registered in Panama as of May 31, representing 229.1 million tons. This makes Panama the leading ship registry in the world by tonnage, according to officials from the Panama Maritime Authority. The figures were released during a recent general council meeting of the International Maritime Organization (IMO), according to a press … [Read more...]
Panama may soon exit tax haven gray list
(Newsroom Panama) Panama is on the cusp of being removed from the tax haven gray list of the Organization for Economic Cooperation and Development (OECD). Exiting the list will provide numerous economic benefits to Panama according to Deputy Minister of Economy and Finance Frank De Lima. The country’s cleansing will follow the signing its 10th double taxation treaty … [Read more...]
Panama’s economy at 9% growth rate
(Newsroom Panama) Panama’s economy will have one of the world’s biggest growth rates in 2011, according to projections by the Minister of Economy and Finance. Minster Alberto Vallarino told the Chamber of Commerce on Wednesday, June 11, that the projected growth for the year was 9percent, and had exceeded that level in the first quarter. Growth for 2012 would be … [Read more...]