Launch of the Investment Agency to attract Investment and Promote Exports of the Ministry of Commerce and Industry (MICI) in Panama

Panama has entered the major leagues in attracting investment and exports

MICI, 12 January 2010. The implementation of an integrated information system to identify investment opportunities and increase exports is the goal of the new strategy that incorporates the Ministry of Commerce and Industry (MICI) in Panama.

For this purpose MICI launches today (12 January 2010) the first stage for the creation of the Agency for Investment Attraction and Export Promotion of Panama, in order to exploit the potential of the country, capturing a Foreign Direct Investment (FDI) of at least a billion dollars a year and better benefit from trade agreements.

The Minister of Trade and Industry Minister Roberto Henriquez, explained that the intention with this new structure is to have and to facilitate access to relevant information that supports the efforts of the national productive sector and the national government for the conquest of new markets and capture capital in the international market.

For the Deputy Foreign Trade Minister, Jose Domingo Arias, Panama has the infrastructure, stability, security and legislation that make it an attractive location for regional headquarters and new business.

The Agency will allow investors to understand and identify the tools for attracting FDI, focusing on four strategic areas: logistics, agro-exports, tourism and financial services.

The strategy will provide the necessary tools to export successfully in the global marketplace, focused on goods and services in which the country has sustained competitive advantages (such as agro-exports).

Henriquez said the minister through the agency they want to involve investors and managers of local firms and multinationals in decision making within the project of transformation and promote Panama as a logistics hub, commercial and financial area.

The agency will involve all government agencies that affect the business climate as the Ministry of Education, National Directorate of Immigration, Labor and Welfare Ministry and Ministry of Government and Justice, among others.

The first phase of the initiative, which contemplates the realization of agreements for the operation and facilities will be introduced this month. The second phase of the launch of the agency and the implementation of a marketing plan will be implemented in July. In the third phase, consisting of the internationalization of the agency and the opening of the several offices abroad, will be activated in December of this year.

Event Photos:

Frank Heemskek, Minister of Foreign Trade of Holland

Jose Domingo Arias, Vice Minister of Commerce of Panama

Eugenio Boehm, CEO of Philips, one of Panama's Multinational Headquarters

Jacob Ehrler (Editor of The Visitor), Ursula Kiener Ford (President of The Panama Club), Ingrid Vega, Miroslava VIlar (Director of Multinational Headquarters of the Ministry of Commerce), representatives of Kuehne Nagel and guests.

Article courtesy of the Ministry of Commerce and Industry of Panama.

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