The fact that companies from the sector have invested about $250 million to settle in the country, is characterising Panama as a strategic center for data storage in America.
According to Eduardo Jaen, head of the Panamanian Authority for Government Innovation (AIG), the majority of these firms offer their services to banking and telephony companies in Central America and the Caribbean, and "Panama has found a safe haven for their data ".
The International Services Act, which created the environment for the arrival of foreign banks, free zones and call centers, will be modernized.
The government of El Salvador is preparing amendments to the Law on International Services, which in its time allowed a multiplication of foreign investment in the financial, telecommunications and the maquila sector among others.
Businesses need the government to provide clearer policies related to legal security, governance, education and macroeconomics.
The Costa Rican Union of Chambers and Associations in the Private Business Sector (UCCAEP) on Thursday presented President Laura Chinchilla with a development agenda for the country, which was derived from a survey that involved 500 entrepreneurs from all sectors.
Two companies will install production plants, one for solar panels and one for cardboard boxes.
The trade agreement signed in 2008 has boosted Taiwanese investments in Nicaragua and created closer diplomatic and commercial ties between both nations.
So far, Taiwan has invested more than $135 million in the Central American country, particularly in the free zones.
Investors should ensure that those who manage their assets must have sound processes and investment controls.
Summary of Fitch's special report "Know Your Manager: Investor's Guide to Identifying a Robust Investment Process.
Current level of macroeconomic uncertainty and market volatility has increased the need for investment processes and stronger controls for asset managers as well as a clear understanding of these processes by the investor.
The Government presented the 2011 Investment Plan, which is characterized by its commitment for generating employment and boosting the economy with public investment.
In the midst of major challenges for this year, the Technical Secretary of the Presidency, Alexander Segovia, sees the opportunities of public investment and the magnitude of this record budget in the history of El Salvador.
Total 2011 budget is $ 4,503.5 million which includes payment of $653.5 million in Eurobonds due in 2011.
Fiscal policy objectives set for fiscal year 2011 are as follows:
Increasing tax revenues by raising tax burden from 14.0% to 14.7% of GDP in 2011, implementing measures aimed at strengthening legal frameworks and the efficiency of the tax system in order to combat tax evasion and smuggling.
President Laura Chinchilla presented a $6.4 billion investment plan to international and domestic financial institutions, for 2010-2014.
An article by Leticia Vindas in Elfinancierocr.com presents some details of the plan, remarking that “Energy and Infrastructure will receive the most investment from the Government”.
Given the interest of the Costa Rican and international business community for finding more about this plan, CentralAmericaData.COM asked press representatives from the Presidency for more information. They answered that a summary will be delivered later today, but that the complete document, distributed today among financial institutions, will not be made available to the general public.
The Inter-American Investment Corporation (IIC) signed a loan agreement for up to US$4 million with Café Britt Costa Rica S.A., a subsidiary of Grupo Britt, N.V.
This IIC loan will provide Café Britt S.A. with appropriate permanent working capital financing that will help it plan its operating funding requirements at the regional level.
Pablo Vargas, Grupo Britt’s CEO, said: “This is another milestone in the history of Grupo Britt.
International Meal Company Holdings S.A. will invest $7 million to expand its operations to Panama.
The group is one of the Latin American leaders in fast and casual food. Its expansion plans are centered in Panama and the Caribbean. Through private transactions, they have raised some $100 million to fund these plans.
José Algarín, CEO of IMC for Central America and the Caribbean, remarked that “40% of our investment will be focused on our Caribbean expansion, which includes Puerto Rico, Dominican Republic and now Panama”.
In front of 300 Spanish businessmen, the President of Panama presented his country’s investment plan for the next five years.
President Martinelli noted that Spain is one of the largest investors in Panama, and told businessmen to take advantage of the country’s strategic benfits for installing regional headquarters for transnational corporations. He also remarked that trade between both regions will increase as a result of the recently signed Association Agreement between Central America and the European Union.
The 5 year plan includes Social and Economic strategies, Financial Planning and Public Investment Plan.
This plan is an important document for domestic and foreign investors, as it outlines what initiatives the government will undertake in the various areas that affect the country's progress.
According to the document, "President Martinelli and his cabinet intend to establish Panama as the 'Hub of the Americas'".