PANAMA CITY.- Panama's Commerce and Industries Minister Augusto Arosemena said today the scandal known as Panama Papers had "no impact" on the economy of Panama, because foreign investment grew in the following months and the number of multinationals that Installed their regional headquarters in the country.
"Although the international image (of Panama) was affected by the news of the misnamed 'Panama papers', Panama was able to maintain its position as a distribution center and as a gateway to Latin America," said the minister during a Press conference in which he took stock of its management in 2016.
"The 'Panama Papers' did not have the impact that many people believe they had," Arosemena reiterated.
According to official figures, foreign direct investment (FDI) in Panama increased by 17.8% in the third quarter of 2016, when the filtration of offshore companies had already taken place, reaching 4,211.2 million of dollars.
In addition, during the past year, a total of 25 companies decided to install their multinational headquarters in Panama, which is a record for the country, which houses a total of 134 companies under this modality, the ministry said.