Panama exceeds 100 multinational companies established in the country

It’s a fact: Panama has surpassed the 100 multinational companies based in the country. It currently has around 106 companies and is estimated that by the end of 2014, the number of Multinational Corporations (SEM) is at 200.

Gogetit Highlights

* Panama seeks to become the Singapore of Latin America in attracting multinational companies.

* The most recent companies that have been established in the country are Quala Inc, provenienete of the British Virgin Islands and the French company Devanlay S.A.

* The multinational Phillips also arrived in the country and was responsible for the lighting of all new Cinta Costera 3.

Each day the number of Multinational Corporations (SEM) grows in Panama. Last November, according to information on one of our articles in Gogetit News, the amount of SEM in the country totaled 96 companies. Now, so far in 2014, this number increased to 106, which is very beneficial for the economy. (Read article here).

Companies that have recently arrived in Panama are: Quala Inc. and Devanlay, S.A. The first comes from the British Virgin Islands and specializes in consumer products and personal care, while the second is a French company that distributes and sells the Lacoste brand.

The Phillips company, also established in Panama, formalizing an agreement with the Panamanian government to light with LED technology the new stage of the Cinta Costera, which opened on Wednesday, April 9.

Phillips brings to Panama of its financial operations, human resources, sales and legal unit solutions for the region. At the beginning of this year had 45 employees and to date has 105 employees, said Henk de Jong, executive director of the company for Latin America. The goal of the multinational is to employ about 200 people in a period of approximately 18 months.

According to the SEM register of the Ministry of Trade and Industry (Mici), in 2011 they arrived in the country 22 headquarters of multinationals, while 21 did so in 2012 and the same amount in 2013. The SEM regime took effect in late 2007 and the two first companies to cover with these new rules were Maersk of Denmark and the US Procter & Gamble.

As indicated by the Deputy Minister of Foreign Trade, José Pacheco, four companies more are in the approval process. The arrival of these companies to the country represents investment and job opportunities for Panamanians.

Another multinational that made significant investments in Panama is Caterpillar, which decided in 2007 to set up a regional operations center would entail an estimated investment of U.S.$ 25 million.

Without a doubt, Panama seeks to become the Singapore of Latin America in attracting multinational companies.

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