On December 2016, new companies set up operations under the Law for Headquarters of Multinational Enterprises in Panama. These were Sony, Estée Lauder, Adidas and Cosco.

The names of these multinationals were announced by the Deputy Minister of Foreign Trade who explained that Sony, for example established its division related to films.

The China COSCO SHIPPING LINES (CENTRAL AMERICA) INCORPORATED company, dedicated to maritime transport, exports and imports, parts logistics and freight and transshipment of containers.

The German company Adidas Intl., Which would become its second license due to its worldwide reorganization and IFI SEM S.A, dedicated financial services.

“This indicates that companies not only take advantage of Panama to manage their back-office to the world, but also take advantage of our logistics platform and geographic location that is very important, and not only at the airport platform but also in telecommunications, let’s remember That for our country pass seven submarine fiber optic cables, which is a fairly large incentive, “Gonzalez said.

The year just ended, 25 new companies were established under this regime a record since the law was established in 2007, which aims to attract companies to invest in Panama and generate jobs covered by a series of incentives among these tax exemptions.

The five new companies will contribute an investment of US $ 5.3 million in its first year of operation.

With the entry of these five multinationals, there is a total of 134 multinationals with Headquarters in Panama, which represent a foreign investment of US$800 million and a generation of 5,000 jobs.

Source: ANPanama