Panama is a more competitive country, summary by Juliette Passer

Panama advanced this year four positions in the rankings of Global Competitiveness and was among the 50 most competitive economies in the world. The country, according to the World Economic Forum, coming from the 53rd position joined the 49th position, and became again the second most competitive nation in Latin America in 2011, surpassed only by Chile, which held the 31st position.

Summary and photo by Juliette Passer

Millions are invested into the western suburbs of Panama City

According to the main Panamanian newspaper, LA PRENSA, investors found fertile land to put their money west of Panama City. Arraijan -specifically, in the past was known as a dormant town - they have now developed commercial and hotel projects whose main attraction is its proximity to the capital city, but without the typical traffic chaos and bustle of the City of Panama.

Between 2009 and July 2011 the value of construction in Arraijan added $200 million, of which $97 million was invested in nonresidential projects. Regis Gaston, President of the Panamanian Chamber of Construction (CAPAC), estimated that commercial property investments will continue to increase towards the west.

He noted that there is already a captive population in Arraijan and La Chorrera, and so now employers are focusing on commercial projects. But beyond the dollar investments, the President of Capac argues that it is urgent to expand the road infrastructure to expedite travel between the capital and the area west and vice versa.

The Panama Canal Authority (ACP) included $ 20 million in its budget for 2012 for the design of a fourth bridge over the waterway. The bridge, according to information from the ACP, will be designed to withstand the weight of a light rail. On the grounds of the former Howard Military Base, the firm London Regional is planning to invest $705 million over a period of 40 years. Of this total, the company has already invested 15%, and by 2015 the figure expected to reach $405 million.

At least 70 companies, mostly multinationals, already operating in Howard and by the end of the year the company expects to deliver the first residential units with sales recorded over 50%. This project pushes the development of surrounding areas, as is the case of Farfan, where Empresas Bern is building a hotel of 621 rooms and a residential complex. The combined investment is exceeding $120 million and is scheduled for October 2011 opening of the hotel, which will be managed by the Westin chain.

Panama’s economic activity keeps pace: 8.68% in 2011

Panama’s economic activity keeps pace: 8.68% in 2011


Panama’s economy is healthy! According to the latest report by the General Comptroller of the Republic of Panama, in the first seven months of 2011 the monthly index of economic activity (IMEA) grew by 8.68% over the same period last year. The best performing sectors were: construction, transportation, storage, communications, trade, hotels and restaurants, mining and quarrying, the social and personal community services, electricity, water and manufacturing.

President OBAMA promises commercial Agreement with Panama

President OBAMA promises commercial
agreement with Panama at the UN General Assembly

President of Panama, RICARDO MARTINELLI, participated yesterday in the debates of the opening of the sixty sixth United Nations General Assembly, where subjects in reference to the challenges of the Nations of the world and national concerns were discussed.
Martinelli also met with the President of the United States, Barack Obama, who said that the commercial promotion treaty (free trade agreement) will be a reality. “Soon we will see the culmination and realization of the United States FTA”, said Martinelli. Among the leaders that met with them, was Chilean President Sebastian Pinera, who will visit Panama in October, President Mikheil Saakashvili, from Georgia, and some executives from AES Panama and Petroterminal of Panama.

CEO Club Miami Branch Inauguration Conference

Happy Birthday, Panama Canal!

August 15th 2011 marked the 97th birthday of the Panama Canal, which was a hugely famous engineering achievement at its inauguration and continues to awe its visitors, including me, every time I visit Mira Flores!

Happy Birthday, Panama Canal!

August 15th 2011 marked the 97th birthday of the Panama Canal, which was a hugely famous engineering achievement at its inauguration and continues to awe its visitors, including me, every time I visit Mira Flores!