What was previously Howard, a United States military base, is now the Panama Pacific Special Economic Area. The multinational company London & Regional Panama, is a subsidiary of London & Regional Properties. This British based company will oversee and conduct the building installations of the commercial side of the properties. The intention is to have Panama Pacific become the ‘Business Center of the Americas’. The land here at the former Howard Base, is beautiful and expansive. Add to that, the business expertise, success will surely follow as businesses choose this area.
Hand in hand with Law 41, Panama Pacific is starting to see multinational companies setting up training centers, call centers and headquarters in the area. Panama Pacific is hopeful that this year some 10 to 15 multinational companies will set up in the area. Currently some of the companies established in Panama Pacific are Panama Aerospace Engineering (PAE), which is located in Howard International Airport as a company that provides maintenance, repairs and reconversion of aircraft of all types.
Dell Panama established a call center in 2003, Caterpillar set up a training center for equipment as well as call center and regional operations center and P. Leather Corp, an Italian Panamanian company that processes leather are all in Panama Pacific. Other companies are Cabo Drilling Corp., Oasala, S.A., Marine Engineering Corp. Panama (MEC) and 3M Panama Pacific.
Recently Google has started looking for another country in Central America or the Caribbean to set up and it is looking at Puerto Rico, Panama or Costa Rica. Holland also has companies interested in setting up in Panama for whom Panama Pacific is an excellent venue. Some of the Dutch companies already set up in Panama are Boskalis, Smit, Fugro and Tankrederij and Philips Electronics and Heineken will soon be opening their regional offices here too. With this surge of Dutch companies in Panama the airline KLM is planning to increase its flight frequency to seven weekly flights into Panama.
The international printing company based in El Salvador, Albacrome, has also chosen Panama to set up a subsidiary. They have set up in Panama Pacific from where they will export their services to the Caribbean region. For this company Panama Pacific seems to offer it all. They have set up in Panama Pacific due to the logistics platform it offer however by doing so they are also eligible for tax exemptions that the government grants international companies that set up in Special Economic Zones such as Panama Pacific.
Panama Pacific is a mixed use area which London & Regional will develop together with the Panamanian government. It is a 1,400 hectare area which will have homes, a golf course, hotels, office buildings and warehouses all following the standards of Smart Growth, New Urbanism and sustainable land development.
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