2023 Latin American (Panama) International Tire and Auto Parts Exhibition The Latin Tyre Expo and the Latin Auto Parts Expo 2023

2023 Latin America (Panama) International Tire and Auto Parts Exhibition

  The Latin Tyre Expo and the Latin Auto   Parts Expo 2023

I. Overview of the Exhibition

Exhibition Name: 2023 Latin America (Panama) International Tire and Auto Parts Exhibition

Exhibition Time: June 14-16, 2023

Exhibition Venue: Amador Convention Center

Organizer: Shandong Zhenghe International Exhibition Co., Ltd.

II. Exhibition Introduction

Since 2010, the organizer, Latin Expo Group, has held the Latin America (Panama) International Tire Exhibition and the Latin America (Panama) International Auto Parts Exhibition in Panama. With good buyer publicity and professional exhibition operation, the exhibition area has increased by 80%, and the exhibitor's continuous participation rate has exceeded 90%. The newly completed, larger-scale, and better-equipped Panama Amador Exhibition Center was put into use in 2020, allowing the Latin America (Panama) International Tire Exhibition and the Latin America (Panama) International Auto Parts Exhibition to be held simultaneously. The 2023 Latin America (Panama) International Tire and Auto Parts Exhibition is expected to attract more than 400 exhibitors.

Panama is a key location connecting North, Central, and South America, radiating to more than 20 countries with a population of 120 million, known as the "Hong Kong of the Caribbean" and the "Dubai of the Caribbean". In recent years, Panama has been opening up to foreign trade, hoping to highlight its position as a Central and South American trade center through various reciprocal and visa-free treaties with Central and South American countries. For tire and auto parts manufacturers and traders from various countries, Panama will be the best foothold if they want to enter the Central and South American and Caribbean markets.

III. Panama Overview

1. Preferential Tariff Rates

Panama is one of the countries in Latin America with the lowest import tariffs. Since January 1998, the average import tariff has been 8.25%. Goods entering the Colon Free Trade Zone can be imported, stored, processed, repackaged, and re-exported without paying import duties or other taxes; no consular fees or other handling fees are charged for ships entering and leaving the free trade zone for 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; capital gains tax is not levied on the sale of assets held for more than two years; for foreign investment, only a lower tax is levied on the profit portion.

2. Encouragement Policies

Panama's domestic and export encouragement law stipulates that enterprises whose products are entirely exported are exempt from income tax, export tax, manufacturing tax, and import tax on raw materials and parts needed for production. Enterprises with partial export of products can enjoy preferential treatment according to the export ratio.

3. Convenient Transshipment Conditions

Panama is a beneficiary country of the US Caribbean Basin Initiative and a beneficiary country of the Generalized System of Preferences. Therefore, products manufactured in Panama can be exported to the United States and Europe without quota restrictions and enjoy preferential tariffs, but they must meet the rules of origin. The Colon Free Trade Zone in Panama has formed the status of a Latin American trade center over the years and has become a distribution and transshipment center for Latin American trade. Therefore, there are many sales channels and a wide range of customers. As long as there are goods in stock in Panama, they can quickly be transshipped to other countries in North America, Latin America, and Europe through various channels. The trade in the free trade zone is less negatively affected by the economic situation of a single country or region in Latin America. Import and export trade between Panama and countries with which it has signed trade agreements or other preferential agreements is exempt from tariffs. These countries include Guatemala, Honduras, Nicaragua, Dominica, Costa Rica, El Salvador, and Colombia. Foreign-invested enterprises in Panama are treated the same as domestic enterprises and can enjoy these preferential treatments.

4. No Foreign Exchange Control, Free Remittance of Funds

Panama has more than 100 international banks, and major powerful banks in the world have branches or representative offices in Panama. Bank of China also established a branch in Panama in 1993. Bank deposits in Panama are tax-free, there is no foreign exchange control, and profits can be freely remitted in and out.

IV. Advantages of the Colon Free Trade Zone

Located in Panama, at the mouth of the Panama Canal on the Atlantic Ocean, it is the largest free trade zone in the Western Hemisphere and the second largest in the world after Hong Kong, China. It has a good investment environment and stable policies. Established in 1948, it has a long history, and the local government has enacted special laws to provide guarantees and preferential treatment, and investors enjoy legal protection. The procedures for registering companies in the free zone are simple and the approval is quick. The Panamanian Balboa is only a subsidiary currency, and its legal currency is the US dollar, making it one of the few countries in the world without its own currency. Trade settlements also use US dollars, so investors do not have to worry about currency devaluation and appreciation. This is an advantage that other countries do not have. The import of goods in the free trade zone is free, without quota restrictions, and no import taxes are required; goods for transshipment are free and tax-free. Goods flow freely within the free trade zone. The income tax is 8.6%.

The Colon Free Trade Zone in Panama has formed the status of a Latin American trade center over the years and has become a distribution and transshipment center and a smuggling base for Latin American trade. Therefore, there are many sales channels and a wide range of customers. As long as there are goods in stock in Panama, they can quickly be transshipped to other countries in North America, Latin America, and Europe through various channels. The trade in the free trade zone is less negatively affected by the economic situation of a single country or region in Latin America. Shops are lined up in the free trade zone, concentrating on major world brands, and Chinese products are popular.

V. Exhibition Scope

Tire and Wheel Area: Various 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 Area: Various auto parts (chassis parts, engine system, steering system, heating and cooling system, automotive electronics, cab, 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.

Six Contact Method

Shandong Zhenghe International Exhibition Co., Ltd.

Address: Room 905, Building 1, Xiangtai Plaza, No. 129 Yingxiongshan Road, Shizhong District, Jinan City, Shandong Province (250002)

Contact Person: Zheng Xiao  Zhang Chongwen  Wei Rui   Zhou Chao

Phone: 18854113262  18615609927   15153143036  15053143179

Website: www.brightway.com.cn