2020 Latin American (Panama) International Tire and Auto Parts Exhibition The Latin Tyre Expo and the Latin Auto Parts Expo 2020

2020 Latin America (Panama) International Tyre and Auto Parts Expo

  The Latin Tyre Expo  and the Latin Auto   Parts Expo  2020

Exhibition Overview

Exhibition Name: 2020 Latin America (Panama) International Tyre and Auto Parts Expo  

Exhibition Date: November 17-20, 2020           

Exhibition Venue: Amador Convention Center, Panama City                     

Organizer: Shandong Zhenghe International Exhibition Co., Ltd.

Exhibition Introduction  

Since 2010, the organizer Latin Expo Group has separately held the Latin America (Panama) International Tyre Expo and the Latin America (Panama) International Auto Parts Expo in Panama. Thanks to effective buyer promotion and professional exhibition operations, the exhibition area has increased by 80%, and the continuous participation rate of exhibitors has exceeded 90%. The newly completed, larger, and better-equipped Amador Convention Center in Panama was put into use in 2020, allowing the Latin America (Panama) International Tyre Expo and the Latin America (Panama) International Auto Parts Expo to be held concurrently. The 2020 Latin America (Panama) International Tyre and Auto Parts Expo is expected to host over 400 exhibiting companies.

Panama is a crucial hub connecting Central, South, and North America, radiating to over twenty surrounding countries with a population of 120 million, earning it the titles 'Hong Kong of the Caribbean' and 'Dubai of the Caribbean.' Panama has also consistently opened up to foreign trade in recent years, hoping to highlight its status as a Central and South American trade center through various reciprocal treaties and visa-free agreements with Central and South American nations. For tire and auto parts manufacturers and traders worldwide, Panama will be the best foothold if they wish to enter the Central and South American and Caribbean regions.

Panama Overview

1. Tariff Rate Preferences

Panama is one of the countries with the lowest import tariffs in Latin America. Since January 1998, the average import tariff has been 8.25%. Goods entering the Colón Free Trade Zone can be imported, stored, processed, repackaged, and re-exported without paying import duties or other taxes; no consular fees or any other handling fees are charged for cargo ships entering and exiting the free trade zone to foreign countries; sales tax, production tax, and investment tax are exempted within the free zone; import duties are exempted for machinery, raw materials, and equipment used for production; no capital gains tax is levied on capital transactions involving assets held for more than two years; for foreign investments, only a low tax is charged on the profit earned.

2. Incentive Policies

Panama's domestic and export incentive laws stipulate that companies that entirely export their products are exempt from income tax, export tax, manufacturing tax, and import duties on raw materials and spare parts required for production. Companies that partially export their products can enjoy preferential treatment based on the export ratio.

3. Convenient Re-export Conditions

Panama is a beneficiary of the US Caribbean Basin Initiative and the Generalized System of Preferences, so products manufactured in Panama can be exported to the United States and Europe without quota restrictions and enjoy preferential tariffs, provided they meet the rules of origin. The Colón Free Trade Zone in Panama has for years established its status as a Latin American trade center and has become a distribution and re-export hub for Latin American trade. Therefore, goods have multiple sales channels and a wide customer base. As long as there is stock in Panama, it can quickly be re-exported through various channels to other countries in North America, Latin America, and Europe. Trade in the free trade zone is less negatively affected by the economic situation of a single Latin American country or region. Import and export trade between Panama and countries with which it has signed trade agreements or other preferential agreements are exempt from tariffs; these countries include: Guatemala, Honduras, Nicaragua, Dominican Republic, Costa Rica, El Salvador, and Colombia. Foreign-invested enterprises in Panama are treated as domestic enterprises and can enjoy these preferential treatments.

4. No Foreign Exchange Control, Free Capital Remittance

Panama has over one hundred international banks, with major influential banks worldwide having branches or representative offices there. The Bank of China also established a branch in Panama in 1993. Bank deposits in Panama are tax-exempt, there is no foreign exchange control, and profit remittance in and out is free.

Advantages of Colón Free Trade Zone

Located within Panama, at the Atlantic entrance to the Panama Canal, it is the largest free trade zone in the Western Hemisphere and the second largest in the world, second only to Hong Kong, China. It offers a good investment environment and stable policies. Established in 1948, the zone has a long history, and the local government has legislated specific guarantees and incentives, ensuring legal protection for investors. Company registration procedures in the free zone are simple and approval is fast. Panama's national currency, the Balboa, is only a subsidiary coin; its legal currency is the US dollar, making it one of the few countries in the world without its own national currency. Trade settlements also use the US dollar, so investors do not need to worry about currency depreciation or appreciation. This is an advantage not found in other countries. Goods can be freely imported into the free trade zone without quota restrictions or import duties; goods for re-export are also free and tax-exempt. Goods circulate freely within the free trade zone. The income tax is 8.6%.

Over the years, the Colón Free Trade Zone in Panama has established its status as a Latin American trade center, becoming a distribution hub, re-export center, and smuggling base for Latin American trade. Therefore, goods have multiple sales channels and a wide customer base. As long as there is stock in Panama, it can quickly be re-exported through various channels to other countries in North America, Latin America, and Europe. Trade in the free trade zone is less negatively affected by the economic situation of a single Latin American country or region. The free trade zone is filled with shops, concentrating major global brands, and Chinese products are popular.

Exhibition Scope

Tyre and Wheel Zone:

All types of tires and wheels; inner tubes; tire and wheel accessories; tire retreading and repair equipment and tools; tire repair materials; tire and wheel production technology and equipment, etc.

Auto Parts Zone:

Various auto parts (chassis parts, engine systems, steering systems, heating and cooling systems, automotive electronics, cabins, etc.); auto repair and maintenance tools and equipment; automotive manufacturing technology and equipment; various auto accessories and modified parts (seat cushions, floor mats, car lights, horns, dashboards, mufflers, etc.); gas stations and car washes, etc.

  Contact Information:

Shandong Zhenghe International Exhibition Co., Ltd.

Address: Room 905, Building 1, Xiangtai Plaza, No. 129 Yingxiongshan Road, Shizhong District, Jinan City, Shandong Province

Contact Person: Zhang Chongwen Pan Guoyan Zheng Xiao Duan Zhenzhen Wei Rui Zhou Chao

Phone: 0531-61314322 82975940 82726908 86985005 86085400 82770583

Fax: 0531-86085342 Email: sdcnexpo@126.com

Website: www.brightway.com.cn QQ: 2101761078