The new business entity seeks to convene 100 companies in two years, and foster business development, trade and investment between Panama and the European country.
The Franco - Panamanian Chamber of Commerce (CCFP) is a non profit organization that seeks to bring together the business sector of both countries to promote business development, trade and investment.
The Superintendency of Competition in has sanctioned Total El Salvador with a fine of $69,314 for filing incomplete information in an investigation into the liquefied gas market.
A statement from the Superintendency of Competition (SC) reads:
The Superintendency of Competition (SC) has fined the company Total El Salvador, S. A. de CV $69,314 for filing incomplete information in a case that the institution has been investigating in the market for liquefied petroleum gas.
Lack of security and high energy and logistical costs have caused the closure of 150 industrial companies in the past 5 years.
127 maquila operations have closed since 2005, firing 60.000 people. Pharmaceutics company Sanofi-Aventis sold its assets in Setember 2007, Avon did the same by the end of 2008, and more recently Kellog's announced its decision of closing its industrial operations in the country.
French investment in Panama has reached $600 million and is projected to reach $1 billion in 2010.
An article by AFP in mipunto.com reported that the French ambassador to Panama, Pierre Henri Guignard, said: "Panama is a key player in the globalization of Latin America and our companies understand this."
GDF Suez is the company that has made the largest investment in Panama, developing power generation projects for $650 million.