LatinNews Daily - 07 August 2020

* Panama’s national assembly has given its final approval to a bill creating a ‘special regime for the establishment and operation of multinational firms that offer services related to manufacturing’ (Emma). The aim of the Emma is to attract foreign manufacturing firms to the country by offering tax, customs, migratory, and labour incentives. The bill was tabled by the trade & industry ministry, which said that it formed part of the government’s action plan to reactivate the national economy following the slump it has suffered as result of the coronavirus (Covid-19) pandemic. The latest official projections are that Panama’s GDP will fall by 9% this year as a result of the general fall in economic activity due to the pandemic. But the government led by President Laurentino Cortizo hopes that with the Emma and other measures aimed at attracting foreign investment and promoting job creation, Panama’s economy will rebound in 2021, with a projected GDP growth of 4%.

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