New Multinationals Coming to Panama
Four new multinational enterprises are coming to Panama: Two from China, one from the United States of America, and one from Mexico, joining more than 160 multinationals that are already established in the country. Panama remains the country of choice for many international businesses due to its very generous SEM Program (SEM stands for Sede de Empresa Multinacional)
The SEM Program, which provides incentives on corporate taxes, immigration services, and exemption on income taxes for their executive employees, was designed to attract foreign investments to the Isthmus, create job opportunities and position Panama as a global business hub. The four new enterprises coming to the country total an approximate investment of $800,000 USD and around 50 new vacancies which will be filled mostly by local professionals.
Spectrum Brands Panama, Llc. (Estados Unidos), Panama Dashang Investment Trading S.A. (China), Hikvision Central América S.A. (China), and Adamantine Panamá, S.A. (Mexico) are just four of the ten multinationals that have been approved to come to Panama in 2020, proving that the SEM Program’s success prevails even in years with complicated economic circumstances. The integration of these enterprises will help the country’s economic reactivation following the coronavirus pandemic that has hit nations across the globe.
Spectrum Brands is a global consumer products company offering a broad portfolio of leading brands, such as Black+Decker, Remington and Kwister, amongst many others. They are truly an international company, with offices in North America, Latin America, Europe and Asia Pacific. In 2018 they had net sales of approximately $3.8 billion.
Hikvision describes itself on its website as a leading world provider of security solutions and products, diving into smart domestic technologies, industrial automation and automotive electronics. Adamantine is a Mexican company in the financial sector and Panama Dashang Investment Trading S.A. is a company in the agricultural sector.