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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Foreign Investment: Bill Moves Forward

March 2021

The bill to create the Authority for the Attraction of Investments and Promotion of Exports in Panama was approved in second debate.

The creation of an independent Authority exclusively in charge of attracting investments was passed to the third debate. Bill 543 creates the Authority for the Attraction of Investments and Promotion of Exports (PROPANAMA), informed the National Assembly on March 11.

Exporters Aim for New Markets

August 2020

Mesoamerican countries, the Caribbean and Chile, are the markets where Panamanian exporters have set their attention to take advantage of new niches, geographical proximity and few restrictions to trade.

According to ProPanama executives, for several years the United States had been the main destination for Panamanian exports, but gradually sales to Europe have been gaining ground and now the plan is to take advantage of the niches that have not been exploited in some markets in the region.

What is Needed to Attract More Investment?

August 2019

In Guatemala, businessmen are asking the incoming government to create a public policy on foreign investment that incorporates issues such as fair and equitable treatment of investments, the minimum standard of treatment and the definition of arbitrariness.

Foreign direct investment (FDI) in the country is not having its best moment, as figures from the Bank of Guatemala indicate that in 2018 the flow captured was $1.031 million, 12% less than the $1.170 million reported in 2017. See official data.

Guatemala: Proposal for Investment Promotion Agency

February 2014

The Government aims to create Proguate, an entity that will focus on attracting foreign investment and implementing a competitiveness strategy.  

The Guatemalan government aims to create an agency to promote investment in the country. Proguate will focus on designing a brand for the country in order to attract foreign investment and implement a competitiveness strategy.

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