Nice Live Inn Panama

Archive for April, 2009

Multinational corporations such as Hewlett Packard, Dell, DHL, Adidas, Caterpillar, Proctor and Gamble, Roch, Merch, Peugeot, Hyundai Heavy Industries, Western Union and more have announced the opening or expansion of their Latin American regional headquarters, and/or their call centers in Panama due to government tax incentives, relatively low?cost labor, a willingness to provide visas for foreign born executives, and Panama’s increasing relevance and prime location with regards to the international community.

Macroeconomic projects
While the gaming and casino industry continues to report record revenues year over year, the banking industry extends its growth, foreign investment rises and tourism and eco tours flourish, the macro?economic projects in Panama assure a smooth and robust growth trend in Panama for the foreseeable future. Of course, the expansion of the Canal is the most publicized expansion due to its world?wide benefits and massive economic impact on world trade.
In the energy sector, there are twelve hydro?electric power plants being built or in the planning stages in the provinces of Chiriquí and Bocas Del Toro and wind turbine companies are in negotiations to supplement electricity. The Brazilian company Petrobras is planning an ethanol refinery plant in Panama from which it can redistribute ethanol more efficiently to North, Central and South America.
The Panama Maritime Authority is building a new pacific port complete with container port and access yard at the entrance to the Panama Canal and the Manzanillo International terminal is undergoing a dock expansion project to better serve the expected increase in traffic from the shipping industry. There are water projects, highway systems, school expansions, and hospitals being built throughout Panama to accommodate the forecast of growth in both the
foreign and domestic population seeking to live in Paradise.

International banking services (there are 139 banks in Panama!) and re?exportations from the Colon Free Zone are Panama’s major exports and its economy is mainly service based. Because it is home to the Panama Canal, and its proximity to both South and North America Panama has become a shipping, banking, and communications hub that the world depends on. International shipping has been paramount to Panama’s economy for almost a hundred years.
Naturally, many people from around the world participate in this industry and because of this Panama is a melting pot of religion, culture, and people of all races. Panamanians and their government are very friendly and welcoming towards foreigners and consider the visit to their country a complement. Due to Panama’s development to cater to these industries and their employees, Panama has many first world amenities. Cable TV, widespread cell phone coverage, high?speed internet, and hospitals with American trained doctors are standard in Panama’s major cities. Conveniently, Local and worldwide calls can be made instantly, and at very affordable rates. In addition to these first world amenities tourists and residents enjoy the second largest Free Trade Zone in the world, the largest retail mall in Latin America, and the largest kosher supermarket in the entire world.

The Panama Canal is a man?made canal which joins the Atlantic and Pacific Ocean. Because all Asian exports including those from China, Japan, Singapore, and India go through the canal to reach the United States Eastern and Gulf coasts, the Panama Canal is critical to maritime vessels saving time and money in bringing cargo to its final destination Cargo and cruise ships leaving the port of Miami and Caribbean destinations headed to the pacific also must pass through the canal. The canal is so important that cargo and other ships are built to comply with the “Panamax” standard of vessel size so that they are not too wide or long to pass through the canal. However, due to improvements in technology (the canal was built in 1914) and an increasing number of modern ships that exceed this limit, the Panama Canal has been undergoing a five billion dollar expansion since 2006. The expansion project will increase the number of ships that can pass through per day, expand the width of the locks and make the process more efficient and economical for both the vessels and the country.
Two new locks are being created in addition to the existing locks and the existing locks are going to continue to run indefinitely. This is a major economic factor in sustaining Panama’s growth, as the canal continues to bring revenues to the expanding economy.