Panama’s government is working to establish a new innovation zone focused on science and research, which could help spark a new wave of entrepreneurs and university-based projects in the country.
The government expects that the new innovation zone, in north Panama, will generate 4,500 jobs, according to coverage in El Capital Financiero. Science and research jobs also tend to be high-paying and attract leaders and educators from around the world, which is always good news for the Panama real estate business.
The new innovation zone will be focused on scientific research, university centers, and companies dedicated to technology focused on developing eco-friendly cities with lower carbon emissions. It will be one of several new trade zones, which will be one strategy for the government to spark job growth and activity in the wake of the pandemic.
The Free Trade Zones in Panama are organized under Law 32 of 2011 and offer companies tax benefits, special immigration rules, and a wide variety of incentives to establish operations in specific areas. The zones are already a proven economic driver, a natural fit for Panama as the “Hub of the Americas.”
The ability to develop practical innovation zones is one of the reasons Panama was recently spotlighted as one of the Latin American companies most likely to attract foreign investment in the years ahead. The Milken Institute’s Global Opportunity Index 2021, which ranks countries on a wide variety of business and financial factors, placed Panama fifth in Latin America in terms of international opportunities, ahead of Brazil, Argentina, and Peru.
In the Milken Institute study, Panama scored particularly high in financial services and business perception, as well as economic fundamentals.