Map of Panama showing the location of PIMM.

“Why do we believe that there is no better place to locate a merchandise mart of this size?” asks Reynald Henry Katz.

In addition to its strategic geographic location, the presence of the Panama Canal and the Colon Free Zone, the United States dollar is the legal tender in Panama. “Panama is a dollar-based economy. There are no visa restrictions, no quotas on textile trade, no taxes on profits and Panama has friendly custom laws.

“This country has the unique advantage of not being in the path of hurricanes nor is it prone to earthquakes. It is always summer in Panama. Soft daily rainfall maintains green landscapes and keeps the locks in the Panama Canal supplied with enough water that allows for 24-hour operation – a continuous passage of ships soon to include post-Panamax ships,” said Katz.

“In a comparison of the ease at which business is conducted, the World Bank rated Panama as the topmost country in Latin America,” Katz indicated.

“There is no doubt that Panama is the best logistics hub in Latin America and the Caribbean. Also, as there are no taxes on profits, no import duties for merchandise in transit and no income tax, it will be a tax haven for showroom owners at the Panama International Merchandise Mart,” said Katz. “The people speak English as a second language; it is easy to do business when the people are as friendly and helpful as the Panamanians.”

Panama is strategically located between North and South America. “It is the ‘Cross Roads’ of the western hemisphere. American, European and other international and Panamanian airlines have daily flights to major cites in the United States, in Central and South America, the Caribbean and parts of Europe,” Katz explained.

Panama is only 50 miles wide and links both the Pacific and Atlantic Oceans. The site of the PIMM city is 18 miles from Panama City and 18 miles from Colon Free Zone. It is almost midway between the Pacific and the Atlantic Ocean and close to the shipping ports and logistics services of Colon.

There is no specific legal statute on foreign investment in Panama. National and foreign investors are treated equally under the general legal regime. According to Panama’s constitution, both are treated as nationals, although, special conditions apply to certain activities that foreigners may engage due to considerations of health, morality, and public safety.