The text approved by President Varela contemplates an increase of 25% to 40% in tax credits for investment in manufacturing and agribusiness.

The law that modifies and adds articles to Law 76 of 2009 and establishes measures for the promotion and development of industry was been worked on jointly by businesspeople from the sector and representatives from the government, and promises to streamline procedures and reduce costs in order to increase the competitiveness of the Panamanian industry.

From a statement issued by the Presidency of Panama:

On Tuesday, the President of the Republic, Juan Carlos Varela, sanctioned the Industrial Development Law which modernizes the sector and creates the National Program for Industrial Competitiveness in order to achieve greater diversification and links to international markets, generating jobs and economic development.

See details on the benefits of the law for industrial companies. 

During the event, held in the Fernando Guardia Jaén Chamber of the Chancellery, the President stressed the two year long work carried out between the Government and private enterprise, noting that “this Act worked to build consensus, articulating wills, examining proposals and supporting analysis of the Industrial sector in order to share visions of the future development of the sector to which we aspire”.