Businessmen dedicated to the commercialization of machines and heavy equipment expect that between the end of 2020 and the beginning of 2021 sales will begin to recover, derived from the mega-projects that will be executed in the country.
The public infrastructure projects that are close to being developed and that have generated expectations among the sector's businessmen are the construction of the fourth bridge over the Panama Canal and Line 3 of the Panama Metro.
This year the food producer plans to invest $50 million in its operations in Nicaragua, $20 million in Honduras and between $10 and $15 million in Costa Rica.
In Nicaragua the company will invest in building two plants and strengthening its distribution center, in Costa Rica it will be investing in improving logistics systems and in Honduras resources will be used for renewal of equipment.
The mining company has signed contracts with four companies to supply its fleet of mobile mining equipment.
In a press release, the parent company Inmet Mining announced it has completed the selection of mobile mining equipment suppliers and has awarded two contracts:
- P & H Mining Equipment for rope shovels.
- Komatsu Holding South America for shovels and hydraulic excavators and trucks.
Six months after the Industrial Promotion Law was approved, no companies have requested this document.
Investments in machinary, personnel and process development are eligible for the Industrial Promotion Certificates (CFIs in Spanish), which are requested from the Panamanian Ministry for Trade and Industry, in order to receive up to a 35% refund on the expenditure.
Panamanian industrial companies can now deduct up to 35% in taxes by using Industrial Promotion Certificates (CFI).
Companies who invest in machinery, staff and process development will be entitled to a 35% refund, by requesting Certificates of Industry Promotion from the Industry Ministry.
From Laestrella.com.pa: "The law states that the only companies entitled to the benefit are those engaging in manufacturing, agro industry and transforming sea resources, including micro, small and medium companies based in Panama. It also includes those working in gathering and transforming agricultural and forestry resources".
The multinational company, a global leader in welding equipment, is considering expanding to the region via Panama.
Prensa.com reports: "No decision has been made yet, but the company could set up a sales office or regional training center in Panama, or even an industrial plant.
There is also the possibility of participating as a subcontractor in the construction of the third set of locks: yesterday they shared this interest with the Panama Canal Authority."
The opening of the branch is in accordance with the company's expansion plan for Central America.
The American company said that the new branch in Panama will offer a wide variety of products to companies and institutions for the maintenance of their installations.
"Grainger chose Panama as its second expansion market in Latin America after Mexico because it offers interesting opportunities and an excellent business climate," said Bonnie McIntyre, vice-president of Development for the Group.
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