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Friday, July 20 2018 @ 08:19 AM EDT

Law 41 Affects Agreement With The European Union

Foreign Direct InvestmentThe European Union gave Panama a warning for applying Law 41, which restricts foreign investment in companies dedicated to auxiliary maritime services.

This law establishes that 75% of the shares issued by companies dedicated to boat and barge services operating in Panama must be owned by Panamanians.

The European Commissioner for Trade, Karel De Gucht, sent a letter to the Trade and Industries Minister, Ricardo Quijano, in which he warns the Minister about the effects of the legislation and asked Panama to make the necessary adjustments to avoid “possible negative consequences” in their business relationships.

Law 41 was ratified by the Assembly on June 15 and published in the Official Gazette of the same day. Quijano replied to De Gucht by saying they are consulting the corresponding authorities about the law. (Prensa)

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Law 41 Affects Agreement With The European Union | 1 comments | Create New Account
The following comments are owned by whomever posted them. This site is not responsible for what they say.
Law 41 Affects Agreement With The European Union
Authored by: susangg on Friday, September 20 2013 @ 01:16 PM EDT

It is not clear exactly who this law will apply to. Is it intended to apply to scuba dive operations, sailboat charters, tour operators who include actual boat tours in their agenda? In Bocas, these are largely mom and pop operations owned by one or two people, and some of the are from the USA, Europe, etc. If so, how does this benefit the community or Panama in general, to force small tourist operations to sell or disband their operations if they don't want to give up 3/4 of their business to a Panamanian? These kinds of businesses don't take jobs away from Panamaians, they actually create jobs.