This year's upcoming investments will solidify Panama Pacifico's standing as the go-to location for business in Latin America.
Panama City, Panama (PRWEB) April 10, 2015
More multinational companies looking to establish a strong presence in the Latin American market are turning to the Panama Pacifico Special Economic Area, one of the largest mixed-use developments in the world, for their business needs. Last year alone, the development saw more than 516,323 square feet (47,968 square meters) in expansions and new development projects.
“We are thrilled that so many companies have chosen Panama Pacifico for their international business operations,” said Henry Kardonski, General Manager of Panama Pacifico. “This upcoming year will see even more investments from companies looking to connect with the Americas, which will solidify Panama Pacifico’s standing as the go-to location for business in Latin America.”
Already, the development has more than 200 companies, eight of the Fortune 500, 16 of the Forbes Global 2,000, and more than 7,000 employees that call Panama Pacifico home. Two state-of-the-art commercial facilities, the International Business Park and PanAmerica Corporate Center, have been built within the development to house internationally-known companies such as 3M, DELL, Cummins, VF, Grainger, BASF, and Caterpillar.
Last year’s influx of companies expanding into Panama Pacifico included:
- NYCO Defense, a European manufacturer of high performance specialty lubricants and synthetic esters in the aeronautics, defense, and automotive sectors, opened its first Latin American office in the International Business Park to increase the company’s visibility within that market.
- Allied Steel Buildings, a building company in the steel construction sector, started its international expansion in Panama five years ago and currently has 50 new projects planned nationwide including the recent expansion into Panama Pacifico.
- Rainbow Agrosciences, one of the biggest agrochemical producers and suppliers in China, is constructing a new plant and distribution center in Panama that will serve as platform for the production of new specialty and innovative formulated products upon its completion in this month.
Panama Pacifico’s status as a Special Economic Area makes it an even more attractive location with labor, migration, and legal incentives as well as special direct and indirect tax exemptions given to companies that qualify. The Government of Panama established the zone in 2004 to drive foreign direct investment, provide Panamanians with better-paying jobs, and attract new growth industries to the country.
About Panama Pacifico
Panama Pacifico is a mixed-use master planned community located on the former U.S. Howard Air Force Base near the Panama Canal and just 15 minutes from downtown Panama City. Developed by London & Regional Panama, a joint venture by British company London & Regional Properties and Southstone Investments, the project is one of the largest mixed-use developments in the world with 3,450 acres (1,400 hectares) of land assets. Panama Pacifico has quickly become a vital business hub and world-class global logistics center for leading multinational corporations seeking a competitive position in the Americas. More than 200 companies have already set up operations in Panama Pacifico. For more information, visit http://www.panamapacifico.com.