Happy New Year! ¡Feliz Año Nuevo! C Hoвым Годом!
From our office in sunny Panama Republic – the thriving little gem of Central America and the gateway to Latin America – visit with us!
Best wishes,
Juliette M. Passer & the NY - Panama Team
Friday, December 30, 2011
Happy 2012!
Greetings,
Happy New Year! ¡Feliz Año Nuevo! C Hoвым Годом!
From our office in sunny Panama Republic – the thriving little gem of Central America and the gateway to Latin America – visit with us!
Best wishes,
Juliette M. Passer & the NY - Panama Team
Happy New Year! ¡Feliz Año Nuevo! C Hoвым Годом!
From our office in sunny Panama Republic – the thriving little gem of Central America and the gateway to Latin America – visit with us!
Best wishes,
Juliette M. Passer & the NY - Panama Team
Monday, December 19, 2011
Panama improved standing in the WEF financial index
Panama stood out among Latin American countries which have better financial development, climbing two positions located at No. 37 of 60 economies covered in the WEF (the World Economic Forum) index.
Panama shows large differences between its strengths and weaknesses in this report that measures and analyzes seven factors within three broad areas that encourage development of financial systems in the World.
WEF analyzes the policies and institutions, variety, size, depth and efficiency of financial intermediaries, and access of people and businesses to capital and financial services.
Panama ranked high with regard to the degree of financial sector liberalization (19), however, the Economic Forum found flaws in terms of enforcing contracts (58).
The country needs improvements in its policies and institutions, including the quality of education in mathematics and science (58). There are also large gaps in the time it takes to pay taxes (53) and the regulation of securities exchanges (51).
However, the country has a better position in financial stability (39), access to finance (33), access to loans (13), and a high level of foreign direct investment (5).
Panama shows large differences between its strengths and weaknesses in this report that measures and analyzes seven factors within three broad areas that encourage development of financial systems in the World.
WEF analyzes the policies and institutions, variety, size, depth and efficiency of financial intermediaries, and access of people and businesses to capital and financial services.
Panama ranked high with regard to the degree of financial sector liberalization (19), however, the Economic Forum found flaws in terms of enforcing contracts (58).
The country needs improvements in its policies and institutions, including the quality of education in mathematics and science (58). There are also large gaps in the time it takes to pay taxes (53) and the regulation of securities exchanges (51).
However, the country has a better position in financial stability (39), access to finance (33), access to loans (13), and a high level of foreign direct investment (5).
Thursday, December 1, 2011
Panama’s local economic activity grows 9.13%
The monthly index of economic activity (IMAE) of Panama grew by 9.13% in the first nine months of the year. Most sectors of the economy performed better than last year.
Construction continues to be driven by public investments in infrastructure.
Transportation, storage and communications, trade, hotels and restaurants, mining and quarrying, real estate, financial services, personal and social community services, electricity and water, agriculture and manufacturing are other growing sectors.
Interestingly, report stated that the sector with the worse performance from previous years is still the fishing sector.
The government estimates that Panama economy will close the year with 9% growth.
Construction continues to be driven by public investments in infrastructure.
Transportation, storage and communications, trade, hotels and restaurants, mining and quarrying, real estate, financial services, personal and social community services, electricity and water, agriculture and manufacturing are other growing sectors.
Interestingly, report stated that the sector with the worse performance from previous years is still the fishing sector.
The government estimates that Panama economy will close the year with 9% growth.
Saturday, November 19, 2011
Congratulations on celebrating 20th Anniversary of private practice!
To our clients, friends and associates:
Congratulations on celebrating 20th Anniversary of private practice to Juliette from PanaManagement Corporation, International Project Development Group and the Panama NY team!
As Juliette said: “It has been amazing 20 years, which took me from China, Uzbekistan and Russia to East and West Europe and now to Panama. I am looking forward to covering the rest of the World in the next 20 years… Thanks for all your business and support!”
We are looking forward to continuing working with you and seeing you in Panama.
The NY-Panama Team
Congratulations on celebrating 20th Anniversary of private practice to Juliette from PanaManagement Corporation, International Project Development Group and the Panama NY team!
As Juliette said: “It has been amazing 20 years, which took me from China, Uzbekistan and Russia to East and West Europe and now to Panama. I am looking forward to covering the rest of the World in the next 20 years… Thanks for all your business and support!”
We are looking forward to continuing working with you and seeing you in Panama.
The NY-Panama Team
Tuesday, November 15, 2011
Colon Free Trade Zone re-exports increased by 57%
Colon Free Trade Zone (“CFZ”) is the largest free zone in the Americas and the second largest in the World. Created in 1948, the free zone houses 1,751 merchants, receives yearly more than 250,000 visitors from all parts of the World, mainly from countries such as Haiti, Jamaica, Costa Rica, Venezuela, Colombia, United States, Ecuador, and others. The CFZ generates exportation and re-exportation goods valued at more than US$ 11.4 billion in 2010.
According to a report of Statistics and Census Institute (INEC), Colon Free Trade Zone (CFZ) grew 31% in first half of 2011 over the same period of last year. The expansion occurred as a result of increased orders from almost every Latin America countries. Total re-exports reached US$6.715 million in the first half of this year, which represented an increase of US$ 1.602 billion over the same period of last year; in August re-exports reached a value of US$ 1.429 million, an increase of over 57% over the same month last year of US$910 million.
At the same time imports from the Colon Free Zone, in August reached U.S. $ 1.516 million, which exceeded $ 997 million the same month in 2010, representing an increase of over 52%. Imported products are mainly - according to their amount - of China ($538 million), Singapore ($430 million) United States ($125 million), Hong Kong ($67 million) and Mexico ($41 million).
CFZ employment is 30,000 people. This special economic area makes a contribution to GDP of 7%. CFZ value added increased 7.3% in the first quarter of 2011, as a result of strong economic expansion of Latin America. The forecast is that CFZ re-exports will grow 8.3% from 2011 to 2014 (average growth rate per year).
According to a report of Statistics and Census Institute (INEC), Colon Free Trade Zone (CFZ) grew 31% in first half of 2011 over the same period of last year. The expansion occurred as a result of increased orders from almost every Latin America countries. Total re-exports reached US$6.715 million in the first half of this year, which represented an increase of US$ 1.602 billion over the same period of last year; in August re-exports reached a value of US$ 1.429 million, an increase of over 57% over the same month last year of US$910 million.
At the same time imports from the Colon Free Zone, in August reached U.S. $ 1.516 million, which exceeded $ 997 million the same month in 2010, representing an increase of over 52%. Imported products are mainly - according to their amount - of China ($538 million), Singapore ($430 million) United States ($125 million), Hong Kong ($67 million) and Mexico ($41 million).
CFZ employment is 30,000 people. This special economic area makes a contribution to GDP of 7%. CFZ value added increased 7.3% in the first quarter of 2011, as a result of strong economic expansion of Latin America. The forecast is that CFZ re-exports will grow 8.3% from 2011 to 2014 (average growth rate per year).
Friday, November 11, 2011
New photos from Panama City from Juliette Passer
New photos from Panama City from Juliette Passer, including the architecturally innovative Yacht Club Tower – enjoy and visit with us soon!
More on Picasa:
https://picasaweb.google.com/110954409554769523837/PanamaCityPanamaNovember2011ByJuliettePasser#
More on Picasa:
https://picasaweb.google.com/110954409554769523837/PanamaCityPanamaNovember2011ByJuliettePasser#
Thursday, November 10, 2011
Critical situation in Colon, Panama - landslides and floods…
The end of the rainy season in Panama proved treacherous again this year - floods, landslides and even closed schools in the isolated communities in the province of Colon, where the Ministry of Education suspended classes this week.
Similarly, the highway was blocked by a landslide. A team from the Ministry of Public Works is working on clearing the road even today, despite of the national holidays.
Similarly, the highway was blocked by a landslide. A team from the Ministry of Public Works is working on clearing the road even today, despite of the national holidays.
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