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Swiss food giant Nestlé has chosen Panama City for its new regional purchasing division, marking the latest multinational to set up a large scale operation in the Panama capital.

The headquarters, which will be located in Costa del Este, will employ more than 200 people, the company said. The move reaffirms the many elements Panama City can offer companies, including logistics, technology, infrastructure and financial resources, said Minister of Commerce and Industries Augusto Arosemena, who was present at a ceremony announcing the deal.

Beyond all those factors, multinationals are attracted to Panama by the SEM legislation, which offers companies tax incentives and other benefits, Arosemena said.

Nestle has similar operations in Switzerland and Malaysia. The new Panama City headquarters will handle the “purchases of raw materials, packaging materials, indirect materials and other services and operations,” the ministry said in a statement.

According to Leo Leiman, CEO of Nestlé Central America, “the Procurement Division, Nestrade, will enable us to develop the capabilities necessary to continue leading the development of nutrition, health and wellness solutions for all our consumers in the Americas.”

International conglomerates like Nestlé provide a steady stream of renters and buyers in Panama City. FDI into Panama grew by 16 percent in 2016, according to government data. In 2016 alone, 20 international companies expanded in Panama City, taking advantage of the SEM benefits, the government announced last November.

Panama’s economic growth is expected to lead the region in 2017, the Ministry of Economy and Finance reported earlier this year.