PanamaTimes

Monday, Jun 17, 2024

Businessmen request withdrawal of Bill 598 that regulates cabotage

Businessmen request withdrawal of Bill 598 that regulates cabotage

Apede points out that the project has restrictive articles to attract new investments and guarantee legal security for maritime companies.
The Panamanian Association of Business Executives (Apede), through a statement requested the authorities to withdraw Bill 598 , which regulates cabotage and domestic trade activities in the jurisdictional waters of the Republic of Panama and is issued other provisions.

This initiative is currently pending discussion by the Trade and Economic Affairs Commission of the National Assembly, since said bill presents restrictive articles to attract new investments and guarantee legal security for companies that already operate in the maritime field of Panama.

"We consider that the limitations raised in the bill discourage the establishment of new international and national companies since it goes against free competition, affecting the competitiveness of Panama in logistics compared to other ports in the region," says Apede .

The business union adds that it is not appropriate to create restrictions for investment, and less so in this period, where tools and conditions must be created that allow the generation of local and foreign investments necessary for job creation. Among these tools are access to soft financing that facilitate the timely replacement of vessels, investments in new technologies and the development of companies that aspire to an international position in the maritime segment.

"Panama has projected itself internationally as a promoter and leader of initiatives in the Maritime Sector. Applying clauses that restrict the participation of foreign companies affects multinational agreements, acquired through free trade agreements, signed and in force, that involve commitments in the different commercial aspects such as auxiliary maritime services," concludes the statement.
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