Panama really needs to focus on cutting the red tape in the bureaucracy that bogs down investment in Panama.

Claims have been made that the time it takes to undertake the procedures needed to start up a business stated in the Doing Business report are much longer in reality.

With the aim of improving competitiveness, private sector representatives have asked the Panamanian government to cut the amount of red tape, as some of the processes can take up to a year. This discourages foreign investment and above all increases costs for industry.

The president of the National Council of Private Enterprise and executive secretary of the National Housing Council, Elisa Suarez Gomez, told Prensa.com that according to the Doing Business report, “… A procedure with the National Environmental Authority takes 10 days, when it can actually take 365 days. There are similar situations with the Public Registry and the Municipality of Panama, where they are projects pending approval worth more than $635 million. When projects are not implemented this means job losses. ”

For his part, the Minister of Economy and Finance, Dulcidio De La Guardia said “… the concerns have been noted these and he promised to convey them to the directors of those institutions so that they can work on resolving the problems. “

Source: Prensa.com