IL Postcard
Export.gov Says Panama's the Place to Go for Exporters
Date: 10/08/2007
October 8, 2007
Panama City, Panama
The U.S. government website www.export.gov.com (a website dedicated to helping U.S. export companies) has featured Panama as its "Market of the Month" for October. The report highlights Panama's growing popularity as a business and investment destination-good news for those who have begun or are considering doing business here.
The report encourages U.S. export companies to consider Panama, citing the country's strategic geographical position (which makes Panama an air and sea transport hub); Panama's history as an international trading, banking, and services center; the pending U.S.-Panama Free Trade Agreement; the dollar-based economy; business-friendly regulations and initiatives; and stable government…not to mention the Colon Free Zone, one of the world's largest and most active free trade zones. Add to this a Panamanian penchant for U.S. goods, and this small but vital market becomes even more attractive as a place to do business.
The U.S. is Panama's main trading partner and, according to Export.Gov, the best prospects in 2008 for U.S. companies exporting here are:
1. Telecommunications equipment
2. Construction equipment and supplies
3. Travel and tourism
4. Material handling equipment
5. Environmental equipment/services
6. Medical equipment and supplies
7. Electric power systems
8. Hotel and restaurant equipment and supplies
9. Security and safety equipment (niche markets)
10. Cosmetics and toiletries (Colon Free Zone)
Just how easy is it to do business in Panama? This report cites Panama as an easy place to set up shop. The Panama constitution grants foreign and local business owners equal treatment (though certain industries or activities are restricted to Panamanian ownership), and business practices are similar in Panama and the U.S.-direct and simple. Setting up an office in Panama is also straightforward, and Panama's corporate law framework is one of the region's "most modern and flexible," says the report.
Read the full report here. Going to be in Panama this October? Join us and find out much, much more about business, investment, and retirement opportunities in Panama…and the rest of Latin America.
Best regards,