The Ministry of Commerce and Industry has indicated that it will open a new office exclusively dedicated to attracting foreign investment to Panama. This office will provide a single, one stop shop for investors to find out about Panama and investment opportunities and requirements in Panama. It also intends to help Panama take better advantage of the current commercial agreements the country has signed. The Martinelli administration has announced that it plans to attract one billion dollars in direct foreign investment in Panama per year as it intends to take steps to prove to investors that Panama is the best place to do business.
This office is expected to be operational in 2010 and the need for it arose from a study carried out by the Ministry of Commerce and Industry indicating that it was necessary to change the process for dealing with investors. This new office will be created under the Ministry of Commerce and Industry and will be direct responsibility of the National Directorate for Promotion of Investments. The official name for this department is the Agency for Attraction of Investments and Promotion of Exports. The plan for putting it into operation is a three stage plan starting this January with the set up of the office and all the negotiation of agreements. In July of this year the Agency will be launched and a marketing plan implemented. By December of this year the international phase of this Agency should be started and a satellite office abroad is expected to be opened.
The office will be have intelligent software which will allow it to follow up on the process and to measure results in order to see in real time the progression of investment projects. This office will have trained staff, will be physically located within the Ministry of Commerce and Industry and will have a webpage to make it easier for investors to check information.
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