Business Chamber backs moves to attract investment as economy reopens

Panama’s Chamber of Commerce, Industry, and Agriculture (Cciap) has voiced its support for Government moves to attract overseas investment and says that the country should boost its image, at a time when an economic reopening process has begun.

“Panama must present itself as a destination for investments that, in addition to implementing and respecting the established biosecurity measures, has an action plan that guarantees national development, as well as productivity, stability, and legal security for those who place their trust in this country, ” said the Chamber said in a statement on Sunday, October 18.

According to the Cciap, the country must take “firm and accurate steps to strengthen and project the competitive advantages” that distinguish Panama from other nations.

“The country not only needs economic reactivation planning, which encourages local investment. It also requires visualizing changes in the behavior of logistics chains and new global needs, in order to assess new opportunities in industries such as manufacturing and technology. Meanwhile, the logistics hub must be strengthened in the face of the challenges posed by the pandemic and adapt to them, “it added.

The Chamber supported recent government decisions, such as the recently enacted Law 159 that creates the new Special Regime for the Establishment and Operation of Multinational Companies for the Provision of Services Related to Manufacturing and approval of an Executive Decree which creates within the category of Permanent Resident for Economic Reasons, the subcategory of Permanent Resident as a Qualified Investor”.