British University in Egypt

Coursework Submission and Statement of Academic Honesty Form

All assessed coursework must be submitted on or before the due date.

Students are required to complete 2 copies of the Coursework Submission and Statement of Academic Honesty Form. 1 copy
must be kept by the student as evidence of submission and compliance with University Regulations. Students must also keep a copy
of their coursework assessment. 1 copy of the form should be submitted and kept by the Module Leader/Department .
Students should complete Section A, B and C. Section D should be completed by the Department. The Assessment Brief will specify the
mode of submission. This will be either (a) via eLearning, (b) a hard copy via agreed Departmental/Faculty procedures, or (c) via Turnitin.

SECTION A: YOUR DETAILS

To be completed by the student

Family name: Ezzat

Given name: Ahmed Student ID: 210447

Module code: 22BBST08I

Module title: International Business

Group: 34 Tutor: dr. Marwa anis

SECTION B: ASSESSMENT DETAILS

To be completed by the student

Assessment title: International Business

Due date: 8\12\2022 Number of pages: 10 Word count (if appropriate): 6206

SECTION C: STATEMENT OF ACADEMIC HONESTY

To be completed by the student

By submitting this work for assessment you are confirming that you have read and understood the University’s policy on plagiarism
and collusion and that the attached work is your own.

For full details of the University’s policy see: http://www.bue.edu.eg/pdfs/Examination%20&%20Assessment%20Regs%202010-11.pdf

(i) I confirm that this is my own work and that use of material from other sources, including the Internet, has been
properly and fully acknowledged and referenced.
 (ii) I confirm that this work has not been submitted either partly or wholly for any other assessment.
(iii) I confirm that this work has been created exclusively by me and that I have not been assisted, nor have
copied part or all of somebody else’s work, either with their explicit approval or without their knowledge or
consent.
(iv) I confirm that I have read a copy of the current University Regulations on coursework and academic honesty,
including plagiarism, and that I fully understand the meaning of these terms.
(v) I confirm that this piece of work conforms to the University’s Regulations regarding academic honesty.
(vi) I confirm that the information I have given is correct to the best of my knowledge.

Student’s signature: Ahmed Date: 8\12\2022

If this form is submitted electronically please type your name

SECTION D: CONFIRMATION OF SUBMISSION

To be completed by BUE staff member

Received date: Received by (please print name):

British University in Egypt

Coursework Submission and Statement of Academic Honesty Form
All assessed coursework must be submitted on or before the due date.

Students are required to complete 2 copies of the Coursework Submission and Statement of Academic Honesty Form. 1 copy
must be kept by the student as evidence of submission and compliance with University Regulations. Students must also keep a copy
of their coursework assessment. 1 copy of the form should be submitted and kept by the Module Leader/Department .
Students should complete Section A, B and C. Section D should be completed by the Department. The Assessment Brief will specify the
mode of submission. This will be either (a) via eLearning, (b) a hard copy via agreed Departmental/Faculty procedures, or (c) via Turnitin.

SECTION A: YOUR DETAILS

To be completed by the student

Family name: Ezzat

Given name: Ahmed Student ID: 210447

Module code: 22BBST08I

Module title: International Business

 Group: 34 Tutor: Dr. Marwa anis

SECTION B: ASSESSMENT DETAILS

To be completed by the student

Assessment title: International business

Due date: 8\12\2022 Number of pages: 10 Word count (if appropriate): 6206

SECTION C: STATEMENT OF ACADEMIC HONESTY

To be completed by the student

By submitting this work for assessment you are confirming that you have read and understood the University’s policy on plagiarism
and collusion and that the attached work is your own.

For full details of the University’s policy see: http://www.bue.edu.eg/pdfs/Examination%20&%20Assessment%20Regs%202010-11.pdf

(vii) I confirm that this is my own work and that use of material from other sources, including the Internet, has been
properly and fully acknowledged and referenced.
(viii)I confirm that this work has not been submitted either partly or wholly for any other assessment.
(ix) I confirm that this work has been created exclusively by me and that I have not been assisted, nor have
copied part or all of somebody else’s work, either with their explicit approval or without their knowledge or
consent.
(x) I confirm that I have read a copy of the current University Regulations on coursework and academic honesty,
including plagiarism, and that I fully understand the meaning of these terms.
(xi) I confirm that this piece of work conforms to the University’s Regulations regarding academic honesty.
(xii) I confirm that the information I have given is correct to the best of my knowledge.

Student’s signature: Ahmed Date: 8\12\2022

If this form is submitted electronically please type your name

SECTION D: CONFIRMATION OF SUBMISSION

To be completed by BUE staff member

Received date: Received by (please print name):

British University in Egypt Coursework Feedback Form

 The member of staff responsible for the coursework assessment must complete all sections below and return a completed
copy to the student normally
within 15 working days of the deadline for submission, or of the actual date of submission, whichever is the later.

SECTION A: STUDENT’S DETAILS

To be completed by the tutor

Family name:

Given name: Student ID:

Module code:

Module title:

Group: Tutor:

SECTION B: ASSESSMENT DETAILS

To be completed by the tutor

Assessment title:

Signature: Date: *Provisional grade:

*This grade is subject to review by the Subject Advisor and External Examiner and may be reduced or increased
before final approval by the Programme Examination Board.

SECTION C: FEEDBACK
To be completed by the tutor

Specific aspects of your work that were effective:

Specific aspects of your work that need more work:

Specific advice on how to improve your work:

The British University in Egypt

Faculty of Business Administration, Economics and Political Science

Individual Member Contributions Form

Project Title International business

……………………………………………………………………………………………………………………………………
….

We confirm that the work submitted under this title is our own work and that we contributed to the project as
indicated below.

Name/ID of Contributor Description of contribution (in words)

1. Ahmed Mohamed Ezzat 210447 made the first part of the project of international
business and made the intro, conclusion and
recommendations
2. Ziad Wael Saleh 207167 Made the second part of the Project and the intro,
conclusion and recommendations.

3. Khaled Mahmoud Yassin 218569 Made the third part of the Project and the intro,
conclusion and recommendations.
 *kindly note that formatting, numbering and/or referencing are not considered individual work.

The weight of the group work is 60% while the weight of the individual work is
40%. Signatures of group members.

1 Ahmed……………………………………………………………………Date 8\12\2022……………………………
2 Ziad ………………………………………………………………………Date8\12\2022 …
3 Khaled …………………………………………………………………………Date8\12\2022 ……………………………
4 ………………………………………………………………………… Date ……………………………
5 ………………………………………………………………………… Date ……………………………
6 ………………………………………………………………………… Date ……………………………

International Business
22BBST08I
Coursework Marking Sheet
 Items Weight

Introducing the nature of the sustainable business 10%

Any of these parts (each student will be marked individually) 80%

1. First part
2. Second part
3. Third part

Key findings, conclusion (The suitability of the country), recommendations, in-text 10%
citations and referencing list (Group work).

Table of Contents

Introduction……………………………………………………………………………………………1.

Part 1……………………….…………………………………………………………………………2.
1. The first mega driver of globalization (Reduction of barriers to trade and investment in

Panama).

2. The second mega driver of globalization (Market liberalization and free market adoption).

3. The third mega driver of globalization (Technological advances).

Part 2………………………………………………………………………………………………….3.

1. Country risk

2. Cost of doing business

3. Financial attractiveness

Part 3……………………………………………………………………………………………………4.

1. Industry Market Potential

2. Growth rate and size of the market of Panama technology industry

3. Tariff, nontariff, standards and regulations

4. Availability and sophistication of distribution channels

Conclusion and recommendations……………………………………………………………………5.

Bibliography……………………………………………………………………………………………6.

Introduction

This research is talking about Samsung sustainable business. The performance of Samsung

sustainability activities in 2021 as stated in, Samsung company is under five major pillars of

sustainability which is environment, sustainable supply chain, employees, empowering

communities, and digital responsibility. Samsung Electronics is working to provide its

customers with environmentally friendly products. In support of these initiatives, it has released

eco-friendly inventions such as smartphones and monitors made from recycled fishing nets

and garbage found in the ocean as well as brand-new, low-power semiconductors. It has also

created Solar Cell Remote Controls, which can be charged by sunlight or inside lighting, and

AI-based SmartThings Energy, a service that helps conserve energy by using a power saving

mode that smart home products are equipped with. Samsung increased its renewable energy

use by 31% compared to 2020 and they are expanding the use of renewable energy

worldwide. Samsung made a collaboration in 2022 with UN global compact that is aimed to

promote the sustainable growth of the company and society at large. In order to ensure that

this value is upheld across the entirety of its company in 2021, Samsung Electronics prioritized

sustainability while managing its commercial interests. To that end, it greatly enhanced its

sustainability governance. In terms of sustainability, the firm is also extending its collaboration

with its stakeholders. Samsung is managing different corporate social responsibility activities

that her main focus is on education that focus on technological capabilities of new or future

generations.  

Part 1:

The first mega driver of globalization:

1. Reduction of barriers to trade and investment in

Panama.
This Photo by Unknown Author is licensed under
CC BY-NC-ND
This research is talking about free trade agreements and distance on international trade in

Panama. Panama has proved to be an open economy promoting international trade. There are

4.2 million people living in the incredibly diversified nation of Panama. As one of the most

connected nations in the world with ports on both oceans and the Panama Canal, it is known

as the Hub of the Americas. Panama's economy is based on US dollars.

1.1 The trade agreements and barriers in Panama:

Companies and countries now around the world are increasingly becoming part of free trade

agreements. The free trade agreements are the arrangement among two or more countries

under which they agreed to remove tariffs and non-tariff barriers on trade in goods and

services among the countries. each country has its own policies of the tariffs on trade outside

the agreement the free trade agreements create an environment that is more suitable for trade

and investors due to the incentives involved and the facilitating production sharing and

technology transfer. At the beginning free trade agreements were exclusively regional,

however over the last decades, countries have also negotiated free trade agreements with

adjacent countries and major trading partners, thus involving countries or even groups of

countries from all over the world (gavilanes, 2021). Ben amid the free trade agreements to

reduce the tariff barriers on international trade especially in agriculture and manufacturing to

reduce the cost and time. Panama made the free trade agreements so that low-income

countries could increase their exports and reduce their tariff barriers and they can gain profits

from these agreements and make more profit. low-income countries could increase their

exports around 10% if they reduce tariff barriers. In the same line, The IMF (2001) highlights

that if tariff barriers on trade were vanished totally, the estimated gains could range from USD

250 billion to USD 680 billion per year (gavilanes, 2021). Panama made a commitment to the
multilateral trading system and had an active role in the negotiation on agriculture fishing and

services. the Canal's significance, not only for the Panamanian economy, but also for global

trade, since around 2.3% of world maritime trade passes through the Panama Canal (WTO,

2022). Panama made a series of measures to facilitate trade, and this resulted a simplification

of customs procedures and reduction of costs. Panama eliminated and reduced internal taxes

and charges on imported goods. The average tariff level was low for agricultural products and

other products. Panama has low inflation and zero foreign exchange risk which make this

country an attractive place for investment by the companies and governments. More than half

of the agricultural products that the United States exports to Panama are now duty-free. One of

the most significant free trade zones in Panama is the Colon Free Trade Zone (CFTZ). By land

area, the CFTZ is the largest free trade zone on world. The principal container port of Panama

is situated in this region, which is part of the port city of Colon in the country's north. Trade

between Panama and the rest of the world is easier by the CFTZ, that was established in

1948. The CFTZ provides companies with a wide range of advantages, including as the

capability to import goods duty-free, with hardly any taxes, and even with simple delivery.

Although Panama is in favor of trade liberalization, it is aware that the process must always be

conducted carefully enough to give producers time to adjust the new competitive environment.

This would protect the fragile nature of the products concerned while still creating major

opportunities for (WTO) who want to access the Panamanian market for all those products.

The average tariff applied in Panama in 2018 was 5.1% (11.9% on agricultural goods and

4.0% on non-agricultural goods) (WTO, 2022).

1.1 The investment in Panama:

Under the bilateral TPA in Panama, investor rights would be maintained by an efficient,

impartial dispute resolution process that is completely open to the public and transparent. The

public would be allowed to join dispute panel hearings and submissions, and parties involved

would be able to provide feedback. Panama has low inflation and insignificant risk, so it is a

good for investors and companies to make business decisions and ideas in Panama. Under

the bilateral TPA in Panama, investor rights would be maintained by an efficient, impartial

dispute resolution process that is completely open to the public and transparent. The public

would be allowed to join dispute panel hearings and submissions, and parties involved would

be able to provide feedback. Panama has a set of advantages for investment in their country.

Panama is a safe place to invest in, has no natural disasters, Panama has a stable currency

and no regulations on the currency they are communicating in the us dollar and investors and

companies can invest in. Because there are no currency controls or limitations in Panama,

money can freely move inside and out of the country.

The second mega driver of globalization

2. Market liberalization and free market adoption.

2.1) Market liberalization is the removing the restrictions in the market to encourage the new

suppliers to enter the market and increase the competition in the market. Panama is boosting

their international trade and to have market liberalization and free market. Due to Panama

geographical strategic position that centers in America, Panama has simple regulations and

largest free zone in the world that support the market liberalization and free market adoption.

That’s make Panama have a great competitive advantage because of the free trade
agreements that they made between countries. Due to the incentives outlined in such

agreements, free-trade agreements (FTAs) assist in establishing a setting that encourages

trade between countries while also promoting production-sharing and knowledge transfer in

Panama. International trade is the exchange of the goods and services across the countries.

Panama is promoting international trade to acquire expertise in international business, learn as

much as they can about the new markets, form alliances and partnerships, strengthen their

business networks, and to develop and establish trust with their partners (gavilanes, 2021).

International trade is particularly important for Panama to increase their gross domestic

product and add value to their product and have the maximum benefit from their activities from

the market liberalization. There are 19 complete free trade agreements between Panama with

countries in the Middle East, Asia, Europe, and the Americas (WTO, 2022). Central to

Panama's external trade and investment strategy are free market zones and similar polices,

which are considered to help in economic transformation and enhance the nation's integration

into worldwide value chains. Panama’s canal is the largest contributor to the economic growth

of Panama’s economy that help them in the market liberalization. Tolls revenue amounted to

$2.969 billion, an 11 percent increase from the previous fiscal year, there was also a 1.8

percent increase in transits from 13,548 in fiscal year 2017 to 13,795 in fiscal year 2018, The

Panama Canal serves more than 144 maritime routes connecting 160 countries and reaching

some 1,700 ports in the world (Export.gov, 2019). The Panama Canal is the country's largest

economic contributor, and the country's economy is largely based on a well-developed

services sector, which accounts for about 80% of GDP. Panama made the colon free zone to

allow companies to save money and avoid many tax obligations. The colon zone does indeed

have a variety of services, import ports, packaging capabilities, and re-export alternatives for
goods from around the world. Panama has a set of inflexible laws that can concern investors

and make them do not join the market of Panama In order to avoid penalties or potential

issues with the local authorities, it is crucial to comprehend labor regulations. first, Panama

follows an investment policy in order to attract FDI in the country companies and investors

must understand the country’s taxation policy to open business in Panama. A territorial tax

system occurs in Panama. This implies that the nation exclusively imposes taxes on income

generated within its borders. This indicates that foreign earnings are mainly taxed in the

foreign country for businesses and investors within Panama. The United States of America

(USA) made an export control on Panama trade agreements and importing goods and service

from the outside the borders. The United States of America made these regulations and

controls to safeguard national security interests in dual-use products and less-sensitive military

equipment through the execution of the Export Administration Regulations which is making

Panama have less adoption of free market and market liberalization. The investors must follow

these regulations that the United States of America made in order to export and import things

in Panama. Cooperation between the US and

Panama advances shared goals of enhancing

public security and enhancing the legal system.

Through U.S. and international organizations, they

work together to counter the smuggling of illegal drugs and other types of criminal activity as

well as to advance social, democratic, and economic development that’s make USA controlling

most of the regulations of the Panama trade process. The United States is the number-one

user of the Canal, with 72 percent of all transits heading to or from U.S. ports. In 2021, trade in

goods between the United States and Panama totaled $8.8 billion dollars (State, 2022).
The third mega driver of globalization

3) The technological advances in Panama

3.1) Panama has the best technological advances in telecommunications. Panama has a tiny

powerhouse known as telecommunication hub, five of the main fiber optics in the world cross

here. Due to Panama's excellent infrastructure, land line and later cell phone calls were

extremely clear in Panama straight away. Panama has the one of the fastest internets in the

world. With impressive results in the categories of Internet penetration, personal computers,

wireless users, and fixed-line telephony, Panama claimed the top spot on the LBC's Latin

Technology Index. According to the World Economic Forum’s Global Competitiveness Report

2014-2015, Panama has the most competitive economy in Central America—in large part

thanks to its excellent technology and infrastructure (Ramesch, 2018). According to the World

Economic Forum's Global Information Technology Report, Panama ranked first in Central

America for adopting ICTs, third in Latin America for network capacity, and third worldwide for

mobile phone subscriptions. Panama and American businesses provide cybersecurity

solutions to stop and discourage online crimes. Both the public and commercial sectors need

to invest more in IT security as the disruption and costly effects of cyber threats become more

visible.

3.2) Panama has a technological advance in healthcare, they have the largest healthcare

facilities that which holds more than half of the population of the country. There are 923 health

centers, of which 844 are run by the Ministry of Health (MINSA) and seventy-nine by the Social

Security Fund (Caja de Seguro Social - CSS). Of these health centers, there are thirty-three
general hospitals, eighteen managed by the Ministry of Health, and 15 by the CSS

(administration, 2021). Panama private sectors in health care are containing to make

technological advances in their services and increase their capacity and make more

investments in healthcare. The private sector has contributed more than 30% of the nation's

overall investment in hospital equipment and infrastructure. The public sector in order to make

investments they must take a certification from the ministry of health. Regarding the purchase

of medical equipment, the private sector is unrestricted. Panama’s medical equipment market

is estimated to grow by at a minimum of 30% over the next three years. The medical

equipment market in 2019 reached $170 million, with U.S. equipment holding a market share

of 42% or $71 million (administration, 2021)

3.3) The Panama Canal made an expansion in 2016 to make new vessels in the canal for and

make new systems for transit. They made tugboats to assist ships to achieve agility in a short

time and to reduce paper regulations and make the employees work faster. The Panama

Water Locking System, created to meet the requirements of the ships and shorten transit

times, is considered as one of the finest engineering feats ever accomplished. The Panama

Water Lock System consists of a total of three sets of locks-12 locks- to help vessels transit

between the Atlantic and the Pacific Oceans via artificial lakes and channels (Dasgupta, 2021).

As long as the ecology is no longer harmed, renovations are constructed and planned to meet

the demands of the maritime industry and the

expanding population. To maintain service,

Panama must safeguard the watershed's

forested land.

3.4) Panama is also taking care of education

and establishing a policy for the improvement of student’s and teacher’s digital abilities and

encouraging curricular renovation and the development of material in line with these goals,

modifying teacher instruction and assistance procedures in accordance with the outcomes of

their assessment of their digital capabilities. Panama made evaluation and implementation of

technological advances on the education sector. Panama made Technology inclusion

programs, skill development, metrics, and content; connectivity, cloud, and devices; data

protection of youth and security; teacher assistance and training.

Part 2:

Panama is a country located in Central America. With a population of over 4.3 million, Panama

is the fifth most populous country in Central America. Panama is also a developing country,

with a GDP of over $63.61 billion. The country also has the highest GDP per capita in Central

America and the highest economic growth rate in the region at 4% per year. However, like

most developing countries, Panama has a number of risks that could negatively impact its

economy and overall stability. In this section of the report, we will look at the country's

macroeconomic environment as well as its main political, social, and economic risks that may

impact businesses operating in the country. (Panama,2022)

Panama’s macroeconomic strengths that can help it achieve sustainable economic growth

in the future. The country has a skilled labor force and a highly educated population, which is

helping to boost productivity levels and encourage innovation. It also benefits from a relatively

large market of just over 10 million people, which could provide ample opportunities for

investment from foreign companies. These strengths have helped the country maintain an

average GDP growth rate of about 4% over the last 5 years, one of the highest growth rates in

the region. However, like most developing countries, Panama has several risks that could

negatively impact its economy and overall stability. In this section of the report, we will look at

the country's macroeconomic environment as well as its main political, social, and economic

risks that may impact businesses operating in the country.

However, Panama faces several challenges that could limit future growth and put the country

at risk of stagnation or decline in the future. The main challenge for the economy is the high

level of public debt that the government has accumulated in recent years. This debt comes

because of overspending by the government and the cost of providing generous social

programs to lower-income households. Meanwhile, the economy also suffers from a lack of

adequate infrastructure, resulting in significant delays in the delivery of goods and services

across the country.

Panama’s political strengths and weaknesses are as follows: for the strengths, Panama

has the Inter-oceanic Canal and related infrastructure (ports, airports, roads, railways), which

is beneficial to the country; it is also a member of the Colón Free Zone, the world's second-

largest import-export platform. Panama's economy is totally dollarized, ensuring financial

stability. Panama is a regional banking and financial hub with good telecommunications.

Political shortcomings include low budget revenues (13% of GDP), gaps in education and

vocational training, and corruption and cronyism, as well as bureaucracy.

Country risk, A country challenge many risks such as economic risk, business environment

risk, political risk, commercial risk, financing risk. According to Allianz’s report on Panama’s

country risk, it has a medium risk for enterprise. It also has a medium economic risk, business

environment risk, low political risk, high commercial risk, medium financing risk.

Panama’s economy, Panama's economy has been improving for some time. Low

unemployment, low debt, and the recent development of the Panama Canal have all been

positive economic signs, and investors are taking advantage of them. (Invest in Panama,

2022)
Rules and regulations, there are many rules and regulations that could affect the business, or

it could even not help a firm to internationalize such as import tariffs, trade barriers, trade

agreements, and import regulations.

The import tariffs, Panama’s government lowered tariffs to a maximum of 15%, except for a

few agricultural products, and to an overall average of 12%, the lowest in the region. The

revised import duty structure was significantly lower than the one negotiated for WTO

accession and represented a substantial commitment to trade liberalization. In October 2012,

the Trade Promotion Agreement (TPA) between the United States and Panama came into

effect and reduced import duties to zero for 87% of the products in the tariff schedule, except

for some food and agricultural products, on which duties will reduce gradually over the course

of the next ten years. (Ita, 2015).

Import rules and regulations, no import licenses are required in Panama. Any company

holding a commercial license can freely import goods into Panama. A commercial or industrial

license is required by individuals or companies wishing to engage in commercial or industrial

activities. Phytosanitary permits are required to import non-food agricultural products only.

Special import permits are required for all types of firearms, ammunition, and fertilizers. (Ita,

2015)

Trade Barriers, as part of the negotiations for the TPA, Panama approved a Phytosanitary

Agreement that eliminated sources of discretion and abuse in the import approval process,

thus lifting any existing phytosanitary barriers. Panama has no other trade barriers. The
Technical Barriers to Trade and Sanitary and Phytosanitary Measures provisions currently

under the Free Trade Agreement with the United States are subject to the International

Sanitary and Phytosanitary Standards adopted by the World Trade Organization and the

Codex Alimentarius Commission, both of which are international governmental organizations.

Trade Agreements, Panama has full FTAs in force with the following countries or economies:

(with date of entry into force): El Salvador (2003), Taiwan (2004), Singapore (2006), Chile

(2008), Costa Rica (2009), Honduras (2009), Guatemala (2009), Nicaragua (2010), Peru

(2012), U.S. (2012), Canada (2013), and Mexico (2015). Panama has partial trade agreements

with Dominican Republic (1987), and Cuba (2009). It is engaged in active negotiations with

Colombia and the EFTA countries and is part of the Central America-EU FTA that entered into

force in 2013. Panama lately reached free trade agreements with multiple countries in Latin

America, including Costa Rica, El Salvador, Nicaragua, Guatemala, Honduras, Peru, and

Chile.

Financial attractiveness, Wages and salaries, a person worker working in Panama will

normally make 25,940 PAB per year, with the lowest average pay being approximately 6,080

PAB and the maximum average annual salary approximately 114,820 PAB. (World

salaries,2022)

A typical middle-class salary in Panama is about $1,200 for a worker in Panama City. In the

countryside and smaller cities, this drops to around $600 per month. Parts of Panama are still

poor, and people get by on less than $450 per month.

Law and regulations, the rules, and regulations in Panama regarding the existing and the

new firms’ foreign companies may also be required to register in Panama as foreign

companies in order to carry out other types of procedures such as mergers or spin-offs with

Panamanian companies.

In certain circumstances, international corporations seek to re-domicile in Panama after

deciding to shift jurisdictions. The re-domiciliation procedure is straightforward. They must

present certain documents and authentications to register as a foreign corporation under the

laws of the Republic of Panama. Once this documentation has been gathered, it is presented

to the resident agent and notarized as a public deed to be recorded in the Panamanian Public

Registry.

A corporation headquartered in another country can be re-domiciled to continue activities

under Panamanian rules as if it were a Panamanian corporation, pursuant to Article 11-B of

the Commercial Code. Unlike foreign corporation registration, which establishes a branch of an

existing corporation in Panama, re-domiciliation alters the authority of such corporation,

changing it into a full-fledged Panamanian corporation. (Iisturitz, 2022)

Cost of doing a business:

The main taxes you must pay in Panama are:

1. Income Tax 2. Corporate Annual Tax 3. ITBMS - Tax on Transfer of Goods and Provision of

Services (VAT). 4. ISC - Excise Tax 5. Fuel other Petroleum Derivatives Tax 6. Capital Gain

Tax 7. Dividends Tax and Complementary Tax 8. Operation Notice Tax 9. Stamp Tax 10. Real

Estate Tax (PWC: Audit and Assurance, consulting, and Tax Services,2022)
-Tax rate, foreign citizens in Panama pay tax exclusively on money generated within the

nation. Personal income tax is exclusively levied on income earned in Panama, regardless of

resident status. Pensions, Social Security, and comparable income earned in the United States

are not taxed. Even if they are not living in the United States and have no tax burden, the IRS

compels US citizens to submit US tax returns (as long as they meet the minimum income

requirements). Your first US$101,300 (2016) of earned income will not be taxed (double that

for a couple). This is as good as it gets for the foreign resident or retiree in terms of taxation.

-Income Tax, Personal income tax in Panama is levied on a sliding basis, with a minimum rate

of 15% after the first $11,000 USD and a maximum rate of 25%. The tax only applies to

income earned in Panama for temporary residents. (Taxes in Panama,2022)

-Property Tax, Properties with a registered value of US$30,000 or lower do not pay property

tax. Properties worth more than US$30,000 are taxed as follows:

- 1.75% from US$30,000 to US$50,000

- 1.95% from US$50,000 to US$75,000

- 2.1% over any property value above US$75,000

(Taxes in Panama,2022)

-Rental Income Tax, if you get rental income from your property, you will be subject to income

tax of up to 25% (on returns exceeding US$250,000). However, if you invest in a hotel or

condo-hotel, you may be tax-free for 15 years. This only applies to hotels and condo-hotels,

not to individual residences. (Taxes in Panama,2022)

-Transfer Tax, Real estate transfer taxes in Panama are paid by the seller and are 2% of the

property's latest registered value or the transaction price, whichever is greater. The updated

value is the registered value + 5% of ownership every year. If the property is purchased by a

corporation, the company's shares are typically sold, eliminating the need to pay transfer tax.

(Taxes in Panama,2022)

-Capital Gains Tax, if you are not in the business of selling and buying property, you pay a flat

10% of the gross profit. (Taxes in Panama,2022)

- Infrastructure costs, Panama City and its environs have great infrastructure. Most things

function here—the Internet, cable TV, phone service, and so on are virtually as dependable as

you'd like them to be. But it does not imply everything is the same as it is at home. The

availability of Internet bandwidth is lower in this location. Sometimes there is a power outage,

or the neighborhood water is shut off, and you must go without it for a few hours. Trash and

garbage collection are other difficulties in the city. Aside from these little inconveniences, life in

Panama City and its surrounding suburbs is pleasant, and services are provided as they

should be. As for utilities, water and gas are cheap. Electricity, however, can be more

expensive. Depending on your number of appliances, electronics, and use of air conditioning,

you could pay up to US$200 a month. (Infrastructure in Panama, 2022)

Culture adaptation:
Language, 90% of the nation is Castilian Spanish speaking, the English language is also

spoken by citizens who work in offices, schools, or the corporate sector. Around 4 percent of

the people speak French, and one percent speak Arabic.

Communication, expect some light conversation before getting down to work. Personal ties

are crucial. Panamanians like to do business with someone they trust, thus considerable effort

is spent cultivating the relationship. A contract is generally closed over multiple visits. Business

is hierarchical, and choices are made by the person with the most authority after evaluating

how the decision would influence the group. Because Panamanians dislike conflict, positive

signals may be offered out of courtesy rather than agreement. Similarly, don't assume that

your plan is well received simply because no one questions it. Decisions are frequently

dependent on the decision-personal maker's preferences, which is why it is important to invest

time in developing trust and personal connections is crucial. (Commisceo Global Consulting

Ltd, 2020)

Learning dress codes for the new culture, Men should dress conservatively. Panamanian

businessmen wear camisillas, which are lightweight open-necked shirts that do not need to be

tucked in. Women should wear a skirt and blouse. Jeans and shirts are only appropriate for

informal attire, not for the workplace.

Meeting & greeting, when individuals meet, handshakes are the standard. Always shake

hands with everyone in the room, beginning with the most senior person. Business partners

that are close may embrace or kiss one other on the cheek.
Industry Market Potential

Overview of opportunities in promising tech in Panama

Health tech and digital health in Panama

As stated in (Panama, 2022)Construction on Panama's Health City, which will have 1,235

beds, 43 operating rooms, offices for different medical specialties, robotic surgery, a research

center, and an international vaccine center, has resumed. The demand for cutting-edge

medical equipment and digital health solutions is anticipated to increase as a result of this

growth. Growth in the health sector is anticipated to be 6% annually.

Banking in Panama

According to (Panama, 2022)With more than 100 banks, Panama is Latin America's financial

hub. For Dutch businesses that provide IT solutions for this industry, mergers and acquisitions,

the use of digital technology, the introduction of fintech, and an elevated cybersecurity risk

offers potential.The use of fintech is seen as a chance to further solidify Panama's status as a

global financial hub, and the Panamanian Parliament recently unveiled a new legislative

proposal to encourage the use of blockchain and cryptocurrency (Panama, 2022).

e-government

The Agenda Digital 2021 of Panama actively promotes the digitalization of procedures and

processes, digital identification solutions, methods of digital payments, and simpler access to

services via digital platforms. Over 100 digital transformation projects, ranging from federal to

local government levels, are on the table (Panama, 2022). According to a statement released

by the tech giant on, Samsung Electronics Vice Chairman Lee Jae-Yong travelled to Panama

to meet with Samsung officials and speak with President Laurentino Cortizo (Ji-hyoung, 2022).
The nation on the isthmus that separates Central and South America was the first to import

color TVs from Samsung Electronics in 1977, and it also houses Samsung's first international

branch. In order to get support for the Korean port of Busan's bid to host the 2030 World Expo,

Lee, the heir to South Korea's largest corporation focused on electronics, building, and finance,

met with President Cortez on Tuesday at Heron's Palace in Panama City, the country's capital.

According to the president of Panama, Lee expressed interest in Samsung's potential

sponsorship of the World Robotics Olympiad in November 2023.The World Robotics

Olympiad's international final will be held in Panama. According to Samsung, the two also

discussed joint ventures between Samsung and businesses in Panama. Cortezo stated that

"Panama supports foreign investment with official laws that permit the installation of

multinational firms that generate jobs and contribute to the country's economy. That highlights

the importance of Panama as Samsung's first trading partner (Ji-hyoung, 2022). In 1977, the

same year they started their mass production, Samsung started exporting color TVs to nations

like Panama. In June 1976, four years before Korea started broadcasting in color, Samsung

brought a 14-inch color TV to the country for the first time. At the time, Samsung's reliance on

the importation of parts from Japanese manufacturers to create black-and-white TVs was a

major game shift (Ji-hyoung, 2022).Thus, it is difficult to predict how quickly advancing

technology may affect inequality. Sector to sector, the real impact will vary and be influenced

by a country's capacities, policies, and strategies. There will always be more jobs in certain

occupations and fewer opportunities in others. Some employees may lose their jobs and need

to pursue new careers. (TECHNOLOGY AND INNOVATION REPORT, 2021)Some employees

ought to be able to adjust by retraining or changing occupations. However, some people might

never be able to adjust since change happens so quickly. Therefore, while developing
strategies to reduce negative effects, all governments should work toward the production

structures-based dissemination of frontier technology (TECHNOLOGY AND INNOVATION

REPORT, 2021).(Guterres, 2021 )Internet gender disparities Though the discussion above

focuses on the digital divide between nations, the gender digital divide is very apparent inside

nations in terms of smartphone ownership and Internet usage.

Growth rate and size of the market of Panama technology industry

Panama has made amazing economic success, more than doubling its per-capita GDP in the

last ten years. For all activities connected to the Panama Canal, including logistics,

transportation, financial services, communications, and trade, Panama has excelled at

developing a competitive service sector. In addition, through establishing a variety of Special

Economic Zones, the Panamanian government has actively supported place-based policies to

draw in foreign businesses and stimulate innovation (SEZ) (Santos, 2016 ).According to

(Bárcena, 2021 )static Advantages of Panama's Special Economic Zones 3.0 Direct foreign

investment We would ideally require a reliable counterfactual in order to accurately estimate

the FDI consequences of SEZs. 13 We examined several FDI parameters, compared the

region's and Panama's FDI trends, and evaluated greenfield FDI projects. Our findings imply

that SEZs have not been the driving force behind the enormous FDI inflows recorded over the

last ten years in Panama, even when effective in luring foreign capital. Panama has seen a

sharp rise in FDI during the early 2000s. Inflows of foreign direct investment increased from

US$830 million in 2000 to US$5.8 billion in 2015. 14. For several factors, including its political

and economic stability, security, trade liberalization, construction of a business-friendly climate

with low taxes, and advantageous geographic location, Panama has been successful in luring

foreign investors. Figure 5 demonstrates how Panama scored better in FDI than almost all of
its nearest countries. By 2013, Panama's FDI stock per capita had increased to US$8,000,

more than twice that of Costa Rica (neighboring country with second-largest stock of FDI per

capita). Although it is difficult to be certain, the fact that Panama's FDI increased sharply in

2004—three years before PP began operations and, in a year, when CFZ garnered less than

US$500 million in FDI—indicates that SEZs were not the primary source of capital inflows.

Panama ranks top among the rest of Latin American nations in terms of FDI inflows as a

percentage of GDP, demonstrating the country's effectiveness in luring

international investment (Bárcena, 2021 ).The use of digital technologies has expanded rapidly

around the world. A large portion of mankind now enjoys ubiquitous and ongoing

connectedness because of the widespread use of smartphones and the resulting access to

information, social media, and audiovisual enjoyment. The use of devices and applications

utilizing cloud computing, big data analysis, blockchains, or artificial intelligence has become

routine due to the pace of technological growth in the digital sphere. The technological

revolution has combined with a change in the strategies used by the leading digital technology

companies to greatly increase the role of global platforms. As a result, an all too small group of

companies with market capitalizations of close to or more than a trillion dollars are now

wielding excessive economic and political power. These companies are only about twenty

corporations based in two or three major world powers. Moreover, (Bárcena, 2021 ) As a

result, the nations of Latin America and the Caribbean are facing both new opportunities and

new challenges. As stated in (Bárcena, 2021 )The area will be most severely affected by the

crisis and will be forced to address persistent issues from a position of increased structural

weakness. It will need to overcome the sluggish economic development of the previous seven

years, marked by declining investment and stagnating productivity, while redoubling its efforts
to vehemently combat poverty and inequality. It will need to make a significant effort to achieve

economic, social, and environmental sustainability, which will result in gradual structural

transformation based on the robust development and incorporation of technology to diversify

the production system (Bárcena, 2021 ).The challenging interplay of sustainability and

digitalization Digital technologies encourage ecological advances that, by minimizing negative

environmental effects and maximizing resource usage, aid in sustainable development. These

technologies may produce exponential innovations that support a sustainable future as they

advance and converge with biotechnology and nanotechnology. The environment is affected

by digitalization in both positive and harmful ways. One way it can do this is by making it easier

to deliver the digital goods and services that make up a rising portion of the economy and

exports. As the importance of digitally supplied services rises, fewer movements and hence

fewer emissions are made possible (Bárcena, 2021 ).

Tariff and nontariff

After Panama joined WTO in 1997, government decreased tariffs to 15%, expect some of

agricultural products of Panama products, to overall average 12%, to the lowest in the region

(export.gov, 2016).Moreover import duty structure was less than the one that was negotiated

for the WTO accession and it represent huge commitment to trade liberalization. In 2012, the

trade promotion agreement between Panama and the US that reduced imports to zero for 87%

in the tariff schedule of the products, with exception of agricultural products and some food

(export.gov, 2016).

e-commerce and retail

From 2019 to 2020, the e-commerce market in Central America and the Caribbean expanded

by 40%. Even surpassing economies like Brazil, where e-commerce accounts for about 7.8%
of total sales, Panama has the highest percentage of e-commerce in Latin America's total retail

sales. This opens e-commerce potential for businesses involved in big data (analytics), digital

marketing, and e-commerce platforms (Panama, 2022). The BPOS Panama Digital Free Zone

is designed specifically for e-commerce businesses and offers perks.

Availability and sophistication of distribution channels

Maritime and logistics

The Panama Canal facilitates 6% of global trade, and the sector of ports and logistics accounts

for 30% of Panama's GDP. Using business analytics and data, the port infrastructure (such as

the 22 seaports) has to be updated and connected to various digital platforms. Big data, AI,

and software companies will benefit from this potential in logistics. Traceability and

cybersecurity technologies have great potential in port security (Panama, 2022). Panama got

ports connected to two oceans which make it as the home of the Panama Canal and one of

the most connected countries. Panama has low inflation, zero foreign risk and has dollar-

based economy. Panama has its government stable, democratic, and always seek for

investments and foreign investments (trade.gov, 2021).

Panama and encourage foreign investors to invest and stablish business due to its size and

market growth. Moreover, Panama got ports that is connected to two oceans which make it

one of the most countries that connected to the world. Government in Panama cares for the

labor force, banking, e-commerce and retail, logistics and maritime. Panama economy focus

on service sector that is about 80% GDP, Panama Canal is the largest economic contributor

for Panama (trade.gov, 2021). In my opinion nowadays any investor needs to take advantages

of every single advantage that may led to higher success, so investors may take advantages of
Panama that no sales tax, no taxes for commercial licenses or industrial. Panama got higher

education center for training employees and location for ministry of labor which led to higher

labor force. As mentioned in the report Panama enjoys significant financial and investment

freedoms; in general, transparent business practices must be followed. Additionally, the Colón

Free Zone offers numerous tax and tariff savings, a modest tax rate for homes and

enterprises, and (CFZ). The country's strategic geographic location, its dollar-driven economy,

and its economic specialization in important critical areas (banking and maritime traffic) are all

characteristics that draw foreign direct investment. Additionally, the nation has a developed

banking system, solid political stability, and a modernized infrastructure. However, Panama

continues to struggle with a high level of corruption, notably in the public sector, a delayed

judicial system, and is impacted by the political and economic conditions in its neighbors.

However, the government actively promotes FDI and does not make a distinction in the law

between domestic and international businesses. Through several tax benefits, the nation

additionally encourages international corporations to establish regional

headquarters in Panama. Furthermore, Panama government is stable and always calculated

decisions that made one of the most important countries for investor. Moreover, Panama is

known as the hub Latin American consumers as stated in the report and always looking for

good or competitive services and goods. Especially financial sector and insurance has been

always important and attractive sector for Panama in terms of investments. That is due to the

reputation and quality of banking and financial sector as I mentioned in the report.
The conclusion and recommendations

To conclude the three mega drivers of globalization. The first mega driver is the reduction of

barriers to trade and investment in Panama. There are few regulations on the trade and

investment in Panama. Panama has Free trade agreements that make countries contribute

with each other and make agreements with each other to make companies and investors come

to Panama and invest there. Panama should have free market adoption and market

liberalization because of their laws and regulation they have that can make investors come to

Panama because of their privileges in their economy and their market. Panama has advanced

technologies that can make companies come and invest their due to their advanced

technology in the internet and telecommunication and their excellent infrastructure, they also

have technology in medical care and in education that make Panama an attraction for a lot of

business and companies to invest in. Panama is in central America. Panama achieves

sustainable political growth. Panama faces several challenges that could limit future growth

and put the country at risk of stagnation or decline in the future. The main challenge for the

economy is the high level of public debt that the government has accumulated in recent years.

Panama has great infrastructure. Most things function here—the Internet, cable TV, phone

service. In Panama a typical middle-class salary in Panama is about $1,200 for a worker in
Panama City. In the countryside and smaller cities, this drops to around $600 per month. Parts

of Panama are still poor, and people get by on less than $450 per month. There are main

taxes you must pay in Panama such as income tax, property tax, and transfer. Panama’s

government lowered tariffs to a maximum of 15%, except for a few agricultural products, and to

an overall average of 12%, the lowest in the region.

we recommend Samsung to go their and invest in Panama because of their low trade barriers

and the free trade agreements they have that can help Samsung to get their good and services

delivered in Panama. Panama’s technological advances in telecommunication can help

Samsung in their investment and opening business in Panama. Samsung should

internationalize in Panama according to the low economic risk, political risk, and the medium

business risk. Panama also provides all kinds of infrastructures such as: (tele-communications,

roads, internet, electricity) that is required for our firm to start.

Panama provides low tax rates. Panama has a free trade agreement with multiple countries in

Latin America, including Costa Rica, El Salvador, Nicaragua, Guatemala, Honduras, Peru, and

Chile which will boost and provide a safe, fast, and easy importing and exporting either

products or raw materials between the suppliers and the firm.

For the wages and salaries in Panama some workers may take less than 100$ per month, this

will help reducing costs. To sum up, as mentioned in part three of the report of industry market

of Panama that Panama is know as Latin America financial hub, good labor force, canal that is

connected to two oceans which save time and money for imports and exports, they care about

quality of products and services. They made amazing economic success. Panama got strong

financial sector. Panama Canal facilities 6% of global trade, all of these advantages encourage
investors to invest in Panama due to of its economic growth and good labor force with

education.

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