Panama – Logistical Hub for investments from the Middle East, Africa, and India

As a result of agreements reached during a recent official visit to Dubai, our country is lined up to be the logistical hub for investments from the Middle East, Africa, and India. One of them, the Agreement for Reciprocal Promotion and Protection of Investments (ARPPI) will facilitate direct investments from United Arab Emirates to Panama, generating bilateral commercial exchange, as well the export of Panamanian products.

Along these same lines, it was announced that the Dubai Chamber of Commerce will establish its regional offices in Panama, which will promote the establishment of companies that contribute an added value, give more attention to our free zones, and distribute from Panama their finished products to other markets in the region.

In recent declarations, the Ministry of Commerce and Industry in Panama stated that “there are important synergies between both countries, because Dubai is the logistical hub for regions such as the Middle East, Africa, and India, while Panama offers its platform as strategic center for Latin America”.

Chinese Industrial Investment in Panama

With the establishment of diplomatic relations the People’s Republic of China, and after signing over 19 agreements on different matters, Panama is already noticing favorable results for commerce.

Recently, Shacman the equipment manufacturer, with over 40 years experience, announced that it would set up an assembly plant for heavy equipment in the Colon Free Zone. This, in addition to the already established multinational companies from the Asian country, which we hope will increase along with the companies that participate in the bids for State construction projects.

Fitch Ratings reaffirms Panama’s investment rating

The credit rating agency Fitch Ratings ratified Panama’s BBB investment rating with a stable perspective, based on a strong and stable macroeconomic performance that has led to sustained increase of per capita income based on economic and tax policies, and on the strategic position of the country’s assets like the Panama Canal, which support a high investment rating.

Learn more about this and other topics regarding the Economics and Investments sector, contact our attorneys Nadya Price and Khatiya Asvat. 

The Panama Canal prevented the emission of 15 million tons of CO2 

One of the extraordinary benefits provided by the Panama Canal is the global environmental commitment the Canal has made to prevent approximately 35 million tons of carbon dioxide (CO2) emissions during the 2017 fiscal year. The Panama Canal, in order to reach its goal, recognizes the environmental performance of its users through the Green Connection Award and Environmental Premium Ranking programs, offering rewards to those clients that use vessels that meet the highest standards of environmental efficiency set by the International Maritime Organization (IMO).

 

Expanded Canal reaches 3 thousand transits

At the beginning of March, after 20 months of having inaugurated the third set of locks, 3 thousand transits had been carried out, reaffirming the positive impact that interoceanic route has had on world maritime trade.

Request more details about the development of the Maritime sector in Panama consulting with our specialists, María Teresa Díaz and Belisario Porras.  

Bid: US$23 million for residual waters system

The Panamanian government calls a bid for the study, design, construction, operation, and maintenance of the ocean disposal system of Colon City, for a value of US$23 million. The deadline to receive offers is: April 9^th, 2018.

Bid: Construction of a dock for US$16.7 million

Panama’s Ministry of Public Safety is making a call to bids for the study, design, and repair of Dock Number 3 at Rodman Aeronaval Base, in Arraijan, in the province of Panama Oeste, with a reference value of US$16.7 million. The deadline for the delivery of offers is: April 25^th, 2018.

To learn more on this and other topics regarding Public Contracts contact our attorneys  Khatiya Asvat and Joaquín De Obarrio.

Bid: Roadworks for US$29.8 million

The Ministry of Public Works opens a bid to rehabilitate the roads in the townships of Ancon, Calidonia, Chorrillo, Bella Vista, and San Francisco, in the province of Panama, with a reference value of US$29.8 million. Deadline for the delivery of proposals: April 24^th, 2018.

Customer Protection – New Law

As of February 22^nd, the new Law 14 of February 20, 2018 went into effect, whereby the rights of consumers were expanded, and the amount over which the Authority for Customer Protection and the Defense of Competition (ACODECO) has the competence to make decisions regarding complaints is increased.  Now it can resolve complaints about guarantees without having to go to the courts when the matter involves products of up to US$5 thousand, and in the case of vehicles, up to US$30 thousand.

New Record in Project Registration

The project registry at the Copyright Directorate of the Ministry of Commerce and Industry (MICI) established a new record, by closing the year 2017 with a total of 999 inscriptions. Most of these inscriptions were literary, musical, art, and audiovisual works, as well as websites. This is the first time such a number has been reached, and it reflects a 39% increase when compared to 2016 (619).

Panama is applying public policies that promote and incentivize productions, such as audiovisuals, specifically in the movie industry, where the Copyright Directorate of the MICI works with producers to promote this type of work to create movies, while also working on the classification of scripts from literary works.

Learn more about this and other topics regarding intellectual property with our attorneys   Khatiya Asvat and Gilberto Arosemena.

Patton, Moreno & Asvat on the panel about

“Blockchain and Legal Services”

We foresee important changes in our country in terms of legislation that will lead to a modernization of legal and financial services, and our lawyers are part of the analysis and the adaptation of this modernization, in the same way that our firm has been part of the development of legal frameworks for important laws over the past almost 40 years.

At the event Felipe Escalona, from the Corporate and Financial Law Division, and Jose Manuel Jaen from our trust company, Assets Trust, were also present.

We are pleased to welcome our New Associates,

Joaquín De Obarrio and Felipe Escalona

Joaquín De Obarrio

Joaquín has more than a decade of experience within the legal sector, specializing in Commercial Law, Administrative Law, Public Procurement, Tax Law, Litigation & Arbitration.

He obtained his degree in Law and Political Science from Universidad Santa María La Antigua and he has a Master in Law specializing in Corporate, Banking and Financial Law from Tulane University Law School in New Orleans, Louisiana.  Joaquín also has superior studies in Alternative Dispute Resolution, Accounting and Auditing, Business Management, Corporate Governance, Corporate Law and the Practical Aspects of Hostile Acquisitions, European Union: Antitrust & Merger Control, Foreign Investment Law in China, International Trade, Finance & Banking, Mergers and Acquisitions, and Regulation of Financial Institutions.

Likewise, Joaquin is an active member of some of the main professional associations, including the International Chamber of Commerce – Panama Chapter (ICC), Arbitration Committee, and the Young Arbitrator’s Group from the Conflict Resolution Center. Also, he contributes towards international publications on topics regarding Public Procurement, Litigation, among others.

Felipe A. Escalona Boyd

Felipe focuses his practice on Aeronautical Law, Corporate and Financial Law, Insurance, Project Finance, and Commercial Law. 

Throughout his career he has acquired a vast knowledge on the aviation, banking and finance, consumer goods industries, maritime affairs, logistics and transportation, insurance, and other industries, where he has advised recognized local and multinational companies in all legal aspects of their operations. Likewise, he has experience in mergers and acquisitions processes.

Felipe obtained a degree in Law and Political Science, Magna Cum Laude, from Universidad Santa María La Antigua and a Master in Business Administration (MBA) from IE Business School in Madrid, Spain.

He is a member of the Panamanian Chamber of Commerce, the International Chamber of Commerce (ICC), and the Academy of History of Panamanian Aviation.

The knowledge and experience of our new associates reinforce our strengths and capacity to provide high quality service that represents Patton, Moreno & Asvat.