In yet another example of global players moving to Panama in order to spearhead a Latin American conquest, El Corte Ingles, a massive Spanish department chain, recently took over their 750 meter (8,100sf) regional headquarters in Panama City.
According to Victor Saro, CEO of the Spanish retailer (Europe’s largest by the way), “Panama has become our gateway to Latin America, so we are grateful for the reception from the business sector and the Panamanian institutions. We are committed to supporting the country’s growth with our work and experience. “
Spaniards and other EU-based business owners continue to migrate to Panama, with a number of major Spanish players operating in the energy, residential development, and telecom sectors, not to mention Saycr, who forms a part of the group working on the canal expansion.
Favorable tax laws, a business-friendly government, and a key location in the Americas are three of the major reasons companies like Proctor and Gamble, Dell, and Caterpillar (among many others) have decided to consolidate their Latin American presence in Panama over the years.