Forecasts anticipate that Panama will grow at the rate of 6.5% in 2012.

This is an important step for Panama as France has become one of the major opposers to to tax evasionworldwide.

JJ Espino

Distribution electric power companies will be more responsible for keeping all luminaries and electric lines in order and maintenance. These companies must issue an indemnify chart for all consumers that file claims for damage equipment caused for electrical variations.

Between 2005 and 2010 the National Authority of Public Services ordered to indemnify consumers for 1.4 Million dollars in 252 claims and imposed 1.6 Million dollars in fines to the electrical power companies.

For example, Manzanillo International Terminal has the capacity to handle around 2.2 Millions of 20 feet containers and has plans to double its operation with a 300 million dollars investment. This situation will happen at the same time with the Panama Canal expansion.  It is important to mention that Caterpillar corporation is bringing equipments and machinery to local projects including the Panama Canal expansion and it is part of the logistic park of the area.

Manzanillo is the biggest port in the Atlantic and several international companies has operations such as Evergreen and Hutchinson. This is an excellent sign of economical progress in the region due to the fact that the economic grow in the first economies are slow.

Leonardo Bonadies
bonadies@padela.com

The 22 companies established in Panama generated the 1222 Megawatts of power consumed by local clients on May 12, 2011 which is the annual record of the year 2011.  Wind Power Companies established in Panama have tax incentives such as exemption for 15 years of the import taxes for the equipment that will generate wind power. They also have an special procedure for the depreciation of assets in order to increase their profits.

There are 2 public bids for this project with an estimated cost of US$52,000,000.00 dollars. The first project with a 16.3 Million dollars cost will be for the design and construction of the airport and the second project with 36.2 Million dollars cost will be for the construction of a tunnel that will connect the interamerican highway with Rio Hato town.

Both projects will be ready in approximately 14 months; the airport users will be mostly foreign airlines (approximately  80%). Around 18 corporations are interested in participating in the public bid organized by the Civil Aeronautical Authority of Panama and the Ministry of Finance of Panama

by  Leonardo Bonadies M.

In its website, the OCDE certified that the Republic of Panama became one of the jurisdictions that has implemented its standards for tax information exchange with other jurisdictions and is a safe place for investments.

The Minister of Economy of Panama, Alberto Vallarino said “We are sure that all benefits will we estimated in a short and mid term”.

Amauri Castillo, General Secretary of Panamanian Bank Super Intendency office, which is a Panamanian government office that supervises local and foreign banks said. “Our main purpose is to show us to the world as a International Financial Center and that is the reason why Panama is trying to get an international certification grade and then get out from any discriminatory lists that put Panama away of the Financial Markets in comparison with other financial centers.

Panamanian insurance activity is growing up. During the first trimester it has an increase of 22,23%.  Despite the fact of many natural disasters in Panama (flood in December 2010) the numbers speak by itself. The increase of the policies are 68.8% in technical areas, 77,23% in civil liabilities,  and the rest 46,70%.

At this moment insurance activity is one of the most profitable business in Panama. Many public projects granted by concession to private investment  (such as Panama Canal extension or the Line 1 of the Panamanian Subway, among others) need a insurance policy issued by an insurance company duly authorized to Panamanian Law in order to comply their agreement duties.

Leonardo Bonadies
Email: bonadies@padela.com

Leonardo Bonadies
Email: bonadies@padela.com

The Update of the investment plan will be file to Panamanian Congress, and this process will be ready within the next 60 days. Many foreign investors are participating and competing in many public bids in order to make business in the Republic of Panama.