President sanctions the law that creates the National Authority for the Attraction of Investments

The President of the Republic, Laurentino Cortizo Cohen, sanctioned this Monday the law that creates the National Authority for the Attraction of Investments and Promotion of Exports of Panama (ProPanamá), with an effective and modern structure that allows it to attract foreign direct investment and as bridge to promote exports through an autonomous system.

 

The law establishes the legal framework for the Investment Attraction and Export Promotion Agency (ProPanamá) of the Ministry of Foreign Affairs to be elevated to Authority, to give it greater sustainability and that the different efforts are carried out strategically and channeled. public-private to attract investment and support export promotion.

 

For this reason, a Board of Directors is created with the participation of the private sector, in order to contribute efficiently to the economic and social development of the country.

 

ProPanamá will have autonomous legal status under public law, with its own patrimony, autonomy in its internal regime and independence in the exercise of its functions, subject to the policy and guidance of the Executive Branch, through the Ministry of Commerce and Industries and 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 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 transparency objectives. and investment.

 

This law creates institutional integration of efforts, in order to strategically promote the country's unique value proposition, efficiently use the resources of the foreign service, with an effective and modern structure that allows it to attract foreign direct investment and promote exports, with a roadmap and monitoring schedule with results-based indicators.