Panama Seeks to Increase Foreign Investment
The government and private enterprise are looking to strengthen the legal and regulatory framework to preserve and enhance the competitiveness of the country.
Wednesday, April 8, 2009
The Government of the Republic of Panama recognized that the country, as a center for prestigious international and financial services, needs to preserve and enhance its competitiveness and increase the attraction of foreign direct investment, so it must strengthen its legal and regulatory framework.
The bill submitted by the Executive aims to increase legal certainty and transparency of processes through improved tender mechanisms.
The Law on Legal Stability for Investments has been approved, which aims to improve confidence in the country preventing changes to incentive schemes granted to foreign companies.
The law enhances competitiveness and promotes a business climate in the country, says the government.
The organization is urging the Panamanian government to accelerate the measures needed to get off the gray list in order to avoid counterproductive medium-term effects on the economy.
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