Foreign Investment Attraction: Creation of ProPanama

President Laurentino Cortizo sanctioned the law that creates the National Authority for the Attraction of Investments and Promotion of Exports of Panama, an institution whose objective is to attract foreign investment to the country.

Wednesday, April 7, 2021

The law establishes the legal framework for the Investment Attraction and Export Promotion Agency (ProPanama) of the Ministry of Foreign Affairs to be elevated to an Authority, to give it greater sustainability and to execute, in a strategic and channeled manner, the different public-private efforts to attract investments and support the promotion of exports, informed the Presidency.

Check out the "System for monitoring markets and the economic situation in Central American countries" of CentralAmericaData.

According to the official statement issued last April 5, ProPanama will have autonomous legal status under public law, with its own assets, autonomy in its internal regime and independence in the exercise of its functions, subject to the policy and guidance of the Executive Branch, through the Ministry of Commerce and Industries and the supervision of the General Comptroller of the Republic, in accordance with the provisions of the Political Constitution of the Republic and the Law.

"The attraction of investments and support for the promotion of exports are priority activities for the internationalization of the country's image and the optimization of the quality of these services, in addition to the application of best practices that allow the country to achieve the objectives of transparency and investment," the document notes.

According to the publication, "... the law creates a State entity 'with an efficient and modern structure that allows it to attract foreign direct investment and promote exports through the facilitation of investors by means of the implementation of public policies aimed at establishing instruments, strategies, programs, studies, promotion mechanisms, facilitation and agreement'."

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