BRIEFS. Business

Spanish investment in Panama on the rise

According to statistics from the Contraloría General de la República, Spanish investment in Panama reached $573 million between 2000 and 2005 .

But the Spanish embassy in Panama declared that this amount represents only a small percentage of the real number, since many Spanish companies have intermediaries in the United States or Canada when dealing with Central American countries.

La Contraloría said Spain is the second largest investor in Panama after the United States.

"Panama recently became the premier destination for Spanish investors who want to do business in Central America," a source from the Cámara de Comercio Española said.

The largest Spanish investment was made by the electricity company Unión Fenosa, which has invested about $300 million to manage two-thirds of Panama’s electrical distribution.