New licenses have been approved for five multinational companies in the finance, engineering and customs security sectors, who will operate under the incentive scheme of Act 41 of 2007.
Monday, October 6, 2014
The companies which were recently authorized to operate under the Law of Multinational Companies come from countries such as France, South Korea, Switzerland, China and the Netherlands.
The Minister of Trade and Industry, Meliton Arrocha informed Anpanama.com that "... this investment is representative, if we take into account that since the creation of the law to date, a total of 110 multinational enterprises ( SEM) have set up in Panama, with an estimated $700 million in investment and the generation of 1,300 jobs for nationals. "
"Currently, the Ministry of Commerce and Industry, has the Agency for Attracting Investment and Export Promotion (PROINVEX), which promotes both international and domestic events which created, among other schemes, the Multinational Enterprises Venues . "
Six new foreign companies will be establishing their regional headquarters in the country, under the conditions of the Multinational Company Headquarters regime in Panama.
From a statement issued by the Ministry of Trade and Industry:
MICI 11-12-2017.Confirming once again the competitive advantages offered by the Panamanian isthmus as the great connection of the Americas to the world, six new companies will be establishing their regional headquarters in Panama, with a direct investment -only in its first year of operation under the SEM regime. - of more than four million dollars and the creation of some 200 jobs.
Within the conditions to operate under the Multinational Enterprise Headquarters regime in Panama, the requirement for a worldwide number of employees has been changed to instead include a requirement to have a presence in more than 40 countries.
From a statement issued by the Ministry of Trade and Industry:
GSK has obtained a licensed to operate under the Multinational Enterprises Branch scheme.
Sridhar Venkatesh, vice president and general manager for Central America and the Caribbean, explained to Laestrella.com.pa:"... from our SEM office we will run the site our Pharmaceutical Divisionfor Central America and the Caribbean and the site for our Demand and Substitution hub for Latin America. With this opening, there will now be more than 300 jobs that will be generated in the country. The projected investment for this project over three years is approximately $2 million."
Grupo Lala, Pandora and The Estee Lauder Companies are three of the companies who have requested approval to start operations under the SEM regime in the first half of 2017.
Prensa.com reports that "...The other companies that operate under the Multinational Enterprises Regime (SEM by its initials in Spanish) are Hazama Ando Corporation from Japan (advice on general construction and civil engineering services); Mondo Ibérica, S.A. from Spain (sports center facilities, from artificial turf, seating systems, to pavements, etc.); Elbert Software, from Argentina (licensing, import and export of enterprise application software and IT security)."
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