在台灣與巴拿馬之間的自由貿易協定於2004年一月起己開始生效。此研究最主要之目的是提出台灣在巴拿馬的海外直接投資策略結構,並逐一地落實。我們概觀全球競爭性的結構與它在台灣與巴拿馬之間的關聯性,再加以描述台灣與巴拿馬之間的國際競爭優勢及投資巴拿馬的國家風險性。此外,也針對已在巴拿馬投資的台灣連鎖企業作全面性的策略評估,並提出台灣在巴拿馬的海外直接投資建議。目前在亞洲與美洲地區，皆有傾向地方性及互惠性自由貿易的趨勢，而中國大陸儼然己成為台灣海外直接投資的主要市場。巴拿馬相繼議定與美國的自由貿易協定及提出要開始履行和南美洲各國的協商，它的競爭優勢在於它得天獨厚的地理位置,有運河的運輸線作為通住美洲市場的幹道。而台灣在美洲所作的海外直接投資可以增加在中南美洲的貿易競爭力、提升新的技術，並且獲得低勞工成本和低稅金的優勢。台、巴兩國之間的協議，指出了台灣重要連鎖企業可以被改善的主要行銷活動、銷售策略、後勤供應及在連鎖企業的工程轉包支援活動。為了能夠提高台灣企業在美洲市場的競爭力，也為因應巴拿馬和其它世界各國的經濟整合，我們建議台灣企業應以由出口取向的海外直接投資轉變成攻擊性的進口替代投資，來作為主要的海外直接投資方針。

The implementation of the Free Trade Agreement (FTA) between Taiwan and Panama has been in effect since January 2004. Hence, the main purpose of this study is to propose a strategic framework for Taiwanese Foreign Direct Investment (FDI) in Panama.  Applying each component of the framework one by one, we overview the Global Competitive Structure and its relevance for Taiwan and Panama, then we describe the National Competitive Advantages of Taiwan and Panama, and analyze the country risks of Panama.  Also, we look at the experience of Taiwanese companies already investing in Panama and the Value Chain Synergies between the two countries to suggest strategies for Taiwanese FDI in Panama. Currently there is a trend for regional and bilateral trade liberalization in Asia and the Americas.  Mainland China has become the main recipient of Taiwanese outward FDI. Panama in turn is negotiating a FTA with the United States and has hinted to resume negotiations with other South American countries.  The competitive advantages of Panama point to its geographic location, banking and transport clusters for use as gateway to the American markets.  The main objectives of Taiwanese FDI in the U.S. is to increase its overseas sales competitiveness and access new technologies, and to take advantage of the low cost labor and tax advantages in Central and South America. Synergies between the two countries indicate the value chain of Taiwanese companies can be improve in the marketing and sales component of the firms primary activities, and logistics and outsourcing in regards to the value chain support activities.  The switch from export oriented FDI to Offensive import substitution FDI is suggested for Taiwanese companies in order to be able to gain an advantage in the American markets in view from increasing competition due to the impending economic integration of Panama to the rest of the hemisphere.

Contents
Chapter 1 Introduction-------------------------------------1
1.1 Background---------------------------------------------1
1.2 Purpose and Structure Study----------------------------5
Chapter 2 Literature Review and Framework------------------7
2.1 Definition and Nature of Foreign Direct Investment-----7
2.2 Theories of Foreign Direct Investment-----------------10
2.3 Framework for Country Risk Strategic Management        Analysis--------------------------------------------------19
2.4 Foreign Direct Investment in Latin America------------24
2.5 Proposed Strategic Investment Framework---------------29
Chapter 3 The Global Competitive Structure----------------30
3.1 Taiwan and Panama in the Global Competitive Structure-30
3.2 Taiwan’s Competitive Advantages----------------------42
3.3 Taiwanese Overseas Foreign Investment-----------------45
Chapter 4  Panama’s Competitive Advantages and Risks-----49
4.1 Overview of Panamanian Economy------------------------49
4.1.1 Panama's Industrial and Service Clusters------------50
4.2.2 Economic Stability and the International Banking Center (IBC)----------------------------------------------51
4.3.3 Political Stability and Risk------------------------53
4.2 Investment Policy in Panama---------------------------54
4.2.1 Legal Framework-------------------------------------55
4.2.2 Tariff and Non-Tariff Barriers----------------------59
4.2.3 Intellectual Property Protection--------------------60
4.2.4 Special Economic Zones------------------------------60
4.2.5 Free Trade Agreements-------------------------------64
4.3 Trade Patterns of Panama's External Sector------------65
4.3.1 Main Exports by Country-----------------------------65
4.4 Taxes and Labor---------------------------------------71
4.4.1 Taxes-----------------------------------------------71
4.4.2 Labor-----------------------------------------------72
4.5 Information Technology Infrastructure-----------------74
Chapter 5 Taiwan-Panama FDI and FTA-----------------------75
5.1 Taiwanese Investment in Panama------------------------75
5.2 Current Situation of FDI in Panama--------------------76
5.3 Taiwan-Panama FTA-------------------------------------78
5.4 Motivations of Taiwanese companies already invested in the Americas----------------------------------------------81
5.5 Taiwanese Companies in Panama------------------------ 83
5.5.1 The Case of Evergreen Marine Corp (Taiwan)----------85
5.5.2. Taiwanese Financial Institutions in Panama---------87
5.5.3 Taiwanese Companies in the Colon Free Zone and Davies EPZ-------------------------------------------------------88
5.6 Problems encountered by Taiwanese Companies in Panama-91
Chapter 6  FDI Strategies and Conclusions-----------------95
5.1 FDI Strategies----------------------------------------95
5.2 Summary of Main Findings-----------------------------103
References-----------------------------------------------103
Appendix	
1.Taiwanese Companies Already Investing in Panama--------107
2.Text of Taiwan-Panama FTA Part 4, Investment, Services and Related Matters------------------------------------- 109

List of Tables
Table 2-1 Drivers and Sources of National Competitive Advantage-------------------------------------------------13
Table 3-1The Industrial Giants----------------------------32
Table 3-2 The Asian NICs ---------------------------------36
Table 3-3 The Latin Americans-----------------------------38
Table 4-1Main Statistics IBC 2004-------------------------52
Table 4-2 Political and Economic Policy Risk (2005)-------54
Table 4-3 Main Country Destinations of Panama's Exports in 2004------------------------------------------------------66
Table 4-4 Panama’s Main export products in 2004----------66
Table 4-5 Imports to Panama by Country of Origin or Customs Zone------------------------------------------------------67
Table 4-6 Imports to Colon Free Zone by Country of Origin-59
Table 4-7 Re-exports from Colon Free Zone by Country of Destination-----------------------------------------------69
Table 4-8 Main Re-export products in 2004-----------------70
Table 4-9 Minimum Wage for Various Industries in the Panama City Area-------------------------------------------------64
Table 5-1 Main Taiwanese Exports to Panama 2004-----------80
Table 5-2 Motivations for Taiwanese Companies Investing in American Countrie-----------------------------------------83
Table 5-3 Approved Taiwanese FDI to Panama until 2003-----84
Table 5-4 Movement of Containers Registered through Panamanian Ports------------------------------------------86
Table 5-5 Taiwanese Companies in the Colon Free Zone------89
Table 5-6 Main Companies in Davies Export Processing Zone-90
Table 5-7 Advantages and Problems of Companies already investing in Panama---------------------------------------91
Table 6-1 Panama Strategic Risk Management Matrix---------98

List of Figures
Figure 2-1 Drivers and Sources of National Competitive Advantage-------------------------------------------------14
Figure 2-2 Porter’s Generic Value Chain------------------19
Figure 2-3 Country Strategic Risk Management Analysis-----23
Figure 2-4 FDI flows into Latin America and the Caribbean-27
Figure 2-5 Proposed Strategic Investment Framework--------29
Figure 3-1 Taiwan's approved outward FDI by geographic region----------------------------------------------------46
Figure 3-2 Taiwan's approved outward FDI to American Countries 1993- 2004--------------------------------------48
Figure 4-1 Map of EPZ, FTZ and Main Ports-----------------61
Figure 5-1 Taiwan's approved FDI to Panama from 1993 to 2004 by Industry------------------------------------------75
Figure 5-2 FDI Inflows to Panama 1992-2003----------------76
Figure 5-3 FDI Inflows to Main Latin America Countries 1992-2003------------------------------------------------------77

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