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3. Policies and Projects for National and Regional Economic Development

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3. Policies and Projects for National and Regional Economic Development Final Report The Study on the Comprehensive Ports Development Plan in The Republic of Panama August 2004 3. POLICIES AND PROJECTS FOR NATIONAL AND REGIONAL ECONOMIC DEVELOPMENT 3.1 Economic Development Policies 3.1.1 Economic, Social and Financing Plan with Human Capital Investment The Plan de Desarrollo Economico, Social y Financiero con Inversión en Capital Humano (2001) (Economic, Social and Financing Plan with Human Capital Investment - the Plan) updates the first version made public in March 2000. The objectives of the Plan are to address a variety of social and economic problems among which poverty and unemployment and therewith related low purchasing power. The Panamanian economy is confronted with export deficiency and reduced international competitiveness due to significant changes in the global markets, creating little growth and stagnation. The guiding principles for the development and implementation of the National Government’s Economic Plan are summarized in its Vision 2020: Development, Equity, Sustainability, Auto-determination and Democracy69. Since the beginning of the nineties, different analysis and development programs identified the major social and economic problems of the country. These programs include the “Program of Develop and Economy Modernization” (October, 1991), the “Document on Public Policies for the Comprehensive Development” (September, 1994) and the “Program for Social Development with Economical Efficiency” (1997). These programs diagnosed that the economic and social problems are the result of “a combination of incentives and regulations to structure economic activities to install a competitive economic market environment”70. The strategy applied at that time was to establish a centralized policy according to the defined principles of a market economy without state intervention. Although that approach worked and works perfectly for the service sector, it has not done so for the agricultural and industrial sectors. The new economic objectives can be resumed in three fundamental principles of economic policy71: • Macroeconomic and Juridical Stability; • Economy Growth; • Social Development and Employment. 69 « Plan de Desarrollo Economico, Social y Financiero con Inversión en Capital Humano (2001) » ; October 2001 ; Ministro De Economía Y Finanzas, Republica de Panama; p 8 70 « Plan de Desarrollo Economico, Social y Financiero con Inversión en Capital Humano (2001) » ; October 2001 ; Ministro De Economía Y Finanzas, Republica de Panama; Section II, p 10 71 « Plan de Desarrollo Economico, Social y Financiero con Inversión en Capital Humano (2001) » ; October 2001 ; Ministro De Economía Y Finanzas, Republica de Panama; Section III, p 15 Page 89 Final Report The Study on the Comprehensive Ports Development Plan in The Republic of Panama August 2004 Stimulating the economy and improving export performance will be done via the development of economic clusters as dynamic vehicles to stimulate economic activities72. Special programs are also foreseen for the development of the tourism sector, the agricultural sector, transportation, and the Panamanian industry as a whole. In function of this reality and in line with the Vision 2020, the government pursues an aggressive economic policy to introduce more macroeconomic stability in the country and introduce fiscal and financing reforms to optimize the state’s financial resources. The package of reform programs includes the commercial integration with the Central American countries and the United States via bilateral Free Trade Agreements as an extension of the Free Trade Agreement signed with Mexico in 2002. The package of measures also includes more drastic changes such as the improved use of the “Fund for Sustainable Development (“Fondo Fiduciario para el Desarrollo” - FFD)73, reforms in public spending and in the Tax Reform Project. The “Fondo Fiduciario para el Desarrollo” (the Fund) was created through Ley No. 20 of 15 May 1995, modifying Decreto Ley Nº 1 of 7 January 1997, Ley No. 37 of 12 August 1999 and regulated by Decreto Ejecutivo No. 31 of 5 February 1996. The Fund is at present managed by the Ministry of Economy and Finances (Ministerio de Economía y Finanzas - MEF) and most of its revenues come from the privatization of public companies and the selling of concessions realized by the Autoridad de la Región Interoceánica (ARI). The conditions of the Fund were further changed by Ley No. 22 of 27 June 2000 that modified Ley No. 20 of 1995, and regulated by Decreto Ejecutivo No. 40 of 27 March 2001. 3.1.2 The Tax Reform Project The “Tax Reform Project”, introduced the 26th of December 2003, intents to have more developed sectors being part in justice and solidarity with Panama’s destiny74. According to the Ministries presentation on the new law, Law Nº 61 introduces a more just, equal and simplified tax system that would bring “Equidad y Justicia Tributaria para las personas naturales, en especial aquellas con menor capacidad contributiva”75. 72 « Plan de Desarrollo Economico, Social y Financiero con Inversión en Capital Humano (2001) » ; October 2001 ; Ministro De Economía Y Finanzas, Republica de Panama; Section III, p 28. The implementation of the cluster strategy is realized in the Compite Panamá program (see further in this chapter for details) 73 Ley Nº 20 of 15 May 1995, modified by Decreto Ley Nº 1 de 7 January 1997, Ley Nº 37 of 12 August 1999 and regulated by Decreto Ejecutivo Nº 31 of 5 February 1996. The Fiduciary agreements with the National Bank of Panama organized according to the “Convenio de Fideicomiso” signed in May 1996, confirming the dispositions as stated in Ley Nº 20 of 15 May 1995, the Decreto Ejecutivo Nº 31 of 5 February 1996, and modified by the Decreto Ejecutivo Nº118 of August 1998. The fund became operational on the 3rd of May 1996. Through Ley Nº 22 of 27 June 2000, modifying Ley Nº 20 of 1995, the “Fondo Fiduciario para el Desarrollo” is created and its operational framework defined by Decreto Ejecutivo Nº 40 of 27 March 2001. 74 Ley Nº 61, Official Journal Nº 24.702 of 27/12/03. The plan was called “Simplificación Tributaria en Panamá” and was developed and formally introduced by the Ministerio de Economía y Finanzas, Dirección General de Ingresos 75 “Simplificación Tributaria en Panamá: Ventajas que ofrece la Reforma Tributaria (Ley Nº 61 de 26 de diciembre de 2003”; Presentation by the Ministerio de Economía y Finanzas, Dirección General de Ingresos, slide nº 4 (http://www.dgi.gob.pa/documentos/ventajas) Page 90 Final Report The Study on the Comprehensive Ports Development Plan in The Republic of Panama August 2004 The main innovation is that taxes are distributed over the population in respect to the capacity to pay of individuals and that a higher level of neutrality is observed in approving tax incentives / exemptions so that overall purchasing power of households increases and consumption is stimulated. According to the government’s calculations, a total of 193 thousand Panamanians will directly have a maximum benefit of the new tax exemption. In that context, the IDB approved on March 26th, 2003 a 10 million USD loan to Panama76 for a program to improve fiscal and economic management in the public sector, making tax collection more efficient and effective, expanding management and oversight capacity of the customs administration and strengthening the land registry. According to the project terms, more efficient governance, higher levels of tax collections, and lower costs for public administration should make more resources available for financing the government’s social programs. 3.1.3 Compite Panamá Panama’s economy shows little dynamism77. To face this challenge, the Panamanian Government, in cooperation with the private sector and with the financial and technical support from the Banco Interamericano de Desarrollo (Inter-American Development Bank), established Compite Panamá to set in motion a participative process for the formulation of strategies and projects that promote competitiveness. Compite Panama supports drastic changes for successful integration in global markets in four initial sectors that are presently considered engines of economic growth in Panama: • Agricultural-industrial; • Logistics / transportation; • Technology; • Tourism. The Program brings financial and non-financial assistance to install “development clusters” in the identified sectors to improve the productivity of the sectors. The cluster technique includes the use and dissemination of evidence and experiences of its participants to promote the cooperation between businesses of one sector at a specific geographic location with the objective of: • Improving economic production; • Provide high quality business procedures and structures; • Develop and accumulate human resources; • Provide technical assistance. 76 IDB Press Release, March 26th, 2003 (see http://www.iadb.org/NEWS) 77 Information provided by Ministry of Economy and Financing; Compite Panamá Page 91 Final Report The Study on the Comprehensive Ports Development Plan in The Republic of Panama August 2004 At this time, the organization has established 6 formal clusters: • Two clusters in the tourism sector: - Colon; - Bocas del Toro. • Two clusters in the agricultural sector: - Chiriqui area; - Azuero area. • One cluster in technology sector located in the Panama City area; • One cluster for logistics in the Panama City area. The Tourism Cluster for Bocas del Toro has been selected by Compite Panamá because of the strategic importance of tourism for the future
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