The Panama Pacific Economic Area aspires to become a hub of innovation with the incorporation of semiconductor and startup companies.
José Luis Moreno, president of the Panama Pacific Business Association, reported that they have the best infrastructure in the country to attract companies that manufacture semiconductors, startups and entrepreneurs to create this hub of innovation.
“It is a long process; it is important to create human talent in the country to attract companies,” said the entrepreneur.
He explained that semiconductor initiatives today consist of moving manufacturing far to a market like the United States, to nearby places like Panama, which has incredible logistics to export across the world’s two main oceans.
Moreno placed as an example 3M a known company in the country, which from Panama Pacific and Xporta to everyone, including Japan.
“Products manufactured by Panamanians with technology and are cases of success we have,” he said.
Meanwhile, the Minister of Trade and Industries, Julio Moltó, indicated that they are making a thorough effort so that Panama can access funds derived from the semiconductor industry.’
400 companies operate in Panama Pacific, located at the former Howard military base.
10,000 jobs and more generates this special economic area, which is good wages.
“We can bring semiconductor business equipment that we believe correspond to the country, which is assembling and logistics for distribution outside Panama,” the minister said.
‘Startups’
In the case of startups, Moreno said in order to attract them, changes in regulations must be made and a fertile scenario created.
“We are working with the Panama Pacific Agency and the master developer to achieve that appeal and start capturing companies,” he said.
Panama Pacific was created as a special area 20 years ago and its projection is to quadrupt the number of companies that operate there.
This article has been translated after first appearing in Panama America