Maritime Services Reopened to Foreign Investment

Panama's National Assembly has passed a law which removes the restrictions imposed in 2013 on granting operating licenses to foreign companies for the provision of ancillary maritime services.

Thursday, January 29, 2015

From a statement issued by the National Assembly of Panama:

The full Legislature approved on its third reading an initiative which fosters and promotes the auxiliary maritime industry, which is considered a pillar of development because of its contribution of 20% of gross domestic product and source of employment.

Bill 117, modifies Article 43 of Law 41 of June 14, 2013, regarding working at sea, which significantly restricts foreign investors from accessing the Panamanian market in the provision of those services and which, according to those knowledgeable in legal matters, undermines legal certainty.

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