Summary.
The bill creates the Office for the Promotion of Investment Attraction and Exports (Oficina para la Promoción de la Atracción de Inversiones y Promoción de Exportaciones) as a unit attached to the senior office of the Ministry of Commerce and Industries (Ministerio de Comercio e Industrias). Its purpose is to promote investment and exports in the country. It provides that the office will use the name PROP ANAMA when carrying out functions associated with that purpose. An executive decree will establish the office’s structure and functions.
The bill amends Article 15 of Decree Law 6 of February 15, 2006 (Decreto Ley 6 de 15 de febrero de 2006) to set out the organization of the Vice Ministry of Foreign Trade. Under the proposed wording, the Vice Ministry will comprise the National Investment Directorate (Dirección Nacional de la Inversión) and the National Export Directorate (Dirección Nacional de la Exportación). The amendment identifies these two national directorates as parts of its structure.
The bill also creates an unpaid High-Level Council to support and advise the new office on policies for attracting investment, promoting the country brand, and international participation. The Ministry of Commerce and Industries will chair it. Its members will include the Ministry of Foreign Affairs (Ministerio de Relaciones Exteriores), the Ministry of Economy and Finance (Ministerio de Economía y Finanzas), a representative of the Panama Tourism Promotion Fund (Fondo de Promoción Turística de Panamá), and the Presidency’s Secretariat for Economic Affairs (Secretaría de Asuntos Económicos de la Presidencia). Private-sector representatives will also serve. They must have recognized experience and a record in strategic sectors identified as drivers of national economic development, including commerce, logistics, tourism, agroindustry, innovation, and financial services. The Executive Branch (Órgano Ejecutivo) will appoint them for a term concurrent with the presidential term, and they will act as unpaid advisers to the Council.
The bill repeals Law 207 of April 5, 2021 (Ley 207 de 5 de abril de 2021), which creates the Authority for Investment Attraction and Export Promotion (Autoridad para la Atracción de Inversiones y la Promoción de Exportaciones). It provides that state-owned movable and immovable property, staff, budgetary and financial resources, assets, and bank accounts held by or assigned to that authority when the proposed law takes effect will become part of the Ministry of Commerce and Industries’ assets and property. The transfer also covers appropriations for staff, travel expenses, trade missions, fairs, and exhibitions associated with promoting investment and exports. The ministry will reorganize the authority’s existing structure through regulations. The Executive Branch will issue regulations under the proposed law, which would take effect upon promulgation.
The proposal concerns the public institutions represented on the High-Level Council and the Authority for Investment Attraction and Export Promotion, whose property and structure it addresses. It could be of interest to exporters, investors, and businesses in commerce, logistics, tourism, agroindustry, innovation, and financial services.
What it proposes.
- Creation and organization of an office to promote investment and exports.
- Membership and advisory role of a high-level council.
- Institutional reorganization and transfer of property, staff, and resources.
Who it would affect.
- The Ministry of Commerce and Industries and its foreign trade units.
- The Authority for Investment Attraction and Export Promotion and its staff.
- Public institutions and private-sector representatives who would serve on the High-Level Council.
Key points.
- Creates an office attached to the senior office of the Ministry of Commerce and Industries and leaves its structure and functions to an executive decree.Art. 1
- Provides that the Vice Ministry of Foreign Trade will comprise the national directorates for investment and exports.Art. 2
- Creates an unpaid High-Level Council to advise on investment attraction, the country brand, and international participation.Art. 3
- Includes public institutions and Executive Branch-appointed private-sector representatives on the Council.Art. 3
- Repeals the law creating the Authority for Investment Attraction and Export Promotion.Art. 4
- Transfers property, staff, resources, assets, bank accounts, and appropriations associated with investment and export promotion to the Ministry of Commerce and Industries.Art. 5
- Directs the ministry to reorganize the authority’s structure and the Executive Branch to issue regulations under the proposed law.Arts. 5-6
- Provides that the proposed law will take effect upon promulgation.Art. 7