Panama has always been seen as “the country of the Canal.” It turns out that Panama has many more things to offer. Panama has remained under the radar of investors for a long time, time that has help out in the sustained growth of China year after year in the last decade. In our article today, we will see some of the advantages offered by the country in all sectors: economic, social, cultural, among others.
* The Daily Telegraph highlighted Panama as one of the 20 best places in the world to invest in property.
* Inflation is constant at a moderate rate of 4%, largely because Panama uses the dollar as its currency, which means that the government can not print money.
* The banking, tourism, regional headquarters of multinational and the mining industry have led Panama to growth and income levels unimaginable a decade ago.
According to information published by the information portal Panama Advisory International Group, Panama has 92 local and international banks, with a total of $ 78.3 billion of assets from July 2013. More than 100 multinationals use the capital, Panama City as its regional headquarters for Latin America including companies such as Isuzu Motors Japan, the Dutch electronics giant Koninklijke Philips, Swedish telecom equipment maker Ericsson and Ace American insurance Group.
Importantly Panama has diversified beyond trade and finance and tourism, with 1.68 million foreign tourists in the first nine months for 2013. Idyllic beaches, lush tropical scenery and the cosmopolitan sophistication of the city of Panama attract increasing numbers of tourists each year, boosting the country’s economy.
Besides tourism, major infrastructure investments added buoyancy to Panama’s economy with government spending of about $ 15 billion in public works programs to develop and improve airports, roads, ports, schools and hospitals.
For his part, Foreign Direct Investment (FDI) has increased significantly in Panama, amounting to a record of $ 4 billion in 2013, more than 980 million in 2012, according to the Ministry of Economy and Finance (MEF). The development of Panama has been compared with the rise of Singapore several decades ago. Both are small countries blessed with favorable geographic locations: Panama occupies the strait between the Atlantic and Pacific Oceans point; Singapore sits on the strategic shipping lanes of the Straits of Malacca. Both countries have been developed as logistics centers. Singapore became a major financial center and Panama seems to have chosen the same path.
For these and many other reasons, there is no doubt that Panama is more than “just a Canal”.