In the News from Panama

More Multinationals Commit to Panama

Panama continues to attract multinational corporate headquarters, which will help drive the local economy over the next few years.

Five new companies have committed to establishing headquarters in Panama, according to the Multinational Company Headquarters Licensing Commission (SEM). The additions will likely pump an additional $38 million into the local economy and generate 155 jobs, the agency estimates.

“The approval of these licenses is one more step in the search for new investments, and will positively impact the economic reactivation that is currently being promoted,” said Juan Carlos Sosa, vice-minister of Foreign Trade of the Ministry of Commerce and Industries (MICI).

SEM oversees the Law No. 41 of 2007, which streamlined the ability of the big international companies to establish operations in Panama. The result has been 162 of the world’s biggest companies have established their regional base in Panama. The total foreign investment has surpassed $1.1 billion, according to SEM.

It’s one of the reasons Panama’s economy is expected to grow at more than 5 percent annually in the years ahead, making it one of the fastest-growing economies in the world. And the multinationals also provide a steady stream of renters; our property management team has exclusive arrangements with many of the biggest firms and place a steady stream of executives into rental units.

The new companies are Spectrum Biomedical Latam (Canada), Inceca Regional Services, Inc. (Nicaragua), ABB Central America and the Caribbean, SA (Switzerland), Alórica Panama ( United States), and EY Latam North Holding, SA (United Kingdom and USA). The companies represent a wide range of industries, including medicinal products, beverage production, and distribution, electric power generation, ‘call center’ services, and audits and tax services.