President Cortizo issues law that creates Authority for Attraction of Investments
The law that creates the National Authority for the Attraction of Investments and Promotion of Exports of Panama (ProPanamá), was sanctioned this Monday by the President of the Republic, Laurentino Cortizo.
Through this law, the legal framework is established so that the Investment Attraction and Export Promotion Agency (ProPanamá) of the Ministry of Foreign Affairs is elevated to Authority, in order to give it greater sustainability and that they are executed, in a manner strategic and channeled, the different public-private efforts to attract investment and support export promotion.
This authority will have a Board of Directors with the participation of the private sector, with autonomous legal status under public law, with its own assets, autonomy in its internal regime and independence in the exercise of its functions, subject to the policy and guidance of the Executive Branch, by through the Ministry of Commerce and Industries and under the supervision of the Office of the Comptroller General of the Republic, in accordance with the provisions of the Political Constitution of the Republic and the Law.
“The law creates a State entity with an effective and modern structure that allows it to attract foreign direct investment and promote exports through facilitation to investors through the implementation of public policies aimed at establishing instruments, strategies, programs, studies, mechanisms. promotion, facilitation and consultation. The purpose is to contribute to the economic and social development of the country, to the growth of strategic sectors, to the efficient integration of the national economy and to the generation of employment, ”the Presidency of the Republic highlighted in a statement.
He adds that in addition, this law creates an institutional framework that integrates efforts, in order to strategically promote the country's unique value proposition, efficiently use foreign service resources, with an effective and modern structure that allows it to attract foreign investment direct and promote exports, with a roadmap and follow-up schedule with results-based indicators.
“The attraction of investments and support for the promotion of exports are priority activities for the internationalization of the country's image and the optimization of the quality of these services, in addition to the application of best practices that allow the country to achieve the objectives of transparency and investment”, he points out.