Panama Business News

  IFZA Free Trade Zone is interested in replicating business model in Panama During its meeting with senior IFZA executives, the Ministry of Commerce and Industry of Panama (MICI) was informed of its desire to establish operations in Panama and expand its presence to the level of its activities in Dubai, where it currently manages 45 thousand square meters of offices, occupied by 35 thousand companies that generate approximately 15 thousand direct jobs. IFZA, one of the leading free zones in the United Arab Emirates, has expressed interest in replicating its successful business model in Panama by opening an office under the free zone regime, reported the Vice Minister of Industry and Commerce, Eduardo Arango, after his recent visit to Dubai to participate in the tenth edition of the World Congress of Free Zones 2024. IFZA representatives noted that their interest in Panama is due to the similarities between both places as financial and logistics centers, as well as the country's pr

  Generadora Gatún Begins Natural Gas Operations in Panama Gatún Generator, a $1.2 billion gas-based project located in the Caribbean of Panama, began commercial operations with the delivery of 440 megawatts to the electrical system and the expectation of not only promoting a reduction in domestic rates in the medium and long term but also of exporting energy to the region. Source: EFE The Gatún Generator project, run by Grupo Energético Gas Panamá, made up of InterEnergy Group (51%) and AES Panamá (49%), was built in 36 months in the Telfers Island sector of the province of Colón, adjacent to the Panamanian capital. Its production capacity is 670 megawatts (MW) using natural gas as a source. “Starting on October 1, we began delivering to the Panamanian electrical system, to the National Dispatch Center (…) around 440 MW” produced by two natural gas turbines, the general manager of the plant, Esteban Barrientos, explained to EFE on Wednesday. A third turbine, steam-powered and with a c

Panama is not a tax haven. We will not accept being placed in discriminatory lists.  Mulino before the UNITED NATIONS ORGANIZATION President of Panama, José Raúl Mulino, during his speech at the United Nations.  Source:Charly Triballeau | AFP The president questioned the arbitrary inclusion of the country in various ‘black lists’, despite the significant efforts that have been made to improve its tax system. The president of Panama, José Raúl Mulino, categorically rejected that the country be considered a “tax haven”. In his first speech before the United Nations General Assembly, Mulino defended Panama's reputation and criticized the blacklists that have affected the nation's image, particularly after the "Panama Papers" scandal in 2016. Mulino was emphatic in stating that Panama has been unfairly singled out and that the country has made great efforts to align itself with global standards of transparency. "Panama is not a tax haven or anything like th

  Collective Hospitality buys SELINA in Panama Selina really had a dream start: it was founded in 2015 by two Israeli friends who were traveling the world and fell in love with the beaches of Pedasí, a small Panamanian town located at the southeastern tip of the Azuero Peninsula on the Pacific. Source: Israel Económico The Collective Hospitality group, which operates mainly in Southeast Asia, announced the acquisition of most of the assets of the Selina hotel chain, thus putting an end to the commercial fairy tale started by two young Israeli travelers in Panama. Daniel Rudasevski and Rafael Museri had arrived in Panama years before, but it was in Pedasí that they decided to apply their entrepreneurial real estate spirit. They traveled to Israel to raise funds, returned to Panamanian soil and bought the land for the first hotel. That first accommodation quickly caused a revolution by combining luxuries typical of high-end boutique hotels with the sense of community experienced in backp

  Prodapt expands in Panama by bolstering Nearshore Center to expand Americas Service Delivery Capability Increased capacity, AI-led solutions to further improve customer experience and operational efficiency for customers Source: Business Wire Prodapt, a leading provider of consulting, engineering and transformation services for the telecom and technology industry, today announced the completion of the first phase of expansion of its nearshore operations center in Panama. The expanded center seats technology and domain experts working with the largest Communications Service Providers (CSPs) across the Americas. “The Panama delivery center is among our most strategic operations facilities worldwide” The expanded center was inaugurated by Pabitra Margherita, India's Minister of State for External Affairs and Textiles, and Dr. Sumit Seth, India's Ambassador to Panama, in the presence of senior executives from Prodapt and leading CSPs in the region. The center continue