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Panama: A Land of Opportunity

By: Jeremy Shorenstein 

In our economy today, only the most beneficial and proficient projects and companies survive.  The Panamanian economy has taken the same hit as most countries, but is holding strong throughout this global endeavor. Projects such as the Panama Canal Expansion and the development of Howard Air Force Base as a business and residential zone are keeping Panama’s economic status on the rise. In addition, the people of Panama have high hopes for President Elect Ricardo Martinelli to keep business and real-estate ventures moving forward. With these factors pushing Panama to a brighter future, this country is emerging as a new land of opportunity.

                The Panama Canal Expansion is a big player in keeping the Panamanian economy running smoothly. The$ 5.25 billion project employs over 5000 workers and is to be completed by 2014. Officials overseeing the construction of the expansion see no delay in their projected time estimates, using the $50 million bonus for completing the project by the canal’s 100^th anniversary as incentive to continue as scheduled. The expansion will allow ships sized at ‘post-panamax’ to pass through. Since these ‘post-panamax’ ships can hold more than four times as much cargo as the original ‘panamax’ sized ships can, the canal will make a significantly more profit.  With all of this money coming into the country from the existing canal as well as the increase in the near future from the expansion, Panama has little threat of economic instability.

                The area formerly known as Howard Air Force Base has become a bustling town of bulldozers and cement mixers. The construction in this area is booming because of its prime location across the canal from Panama City. London and Regional Properties recently acquired a $750 million deal to transform the old air force base into a mixed-use, business, residential and recreational center named Panama Pacifico over the next 40 years. Incentives are being given to those companies who relocate to Panama Pacifico, such as the implementation of this area as a free-trade zone; this meaning exemption from taxes for certain business activities and other legal, immigration and labor benefits. Dell Computers has already created one of the largest call centers in the world inside the free-trade zone. These incentives will draw in companies looking to take advantage of the opportunity, giving the option for expansion and more stability in Panama.               

                Tying these other components together so they may help Panama move forward as a single strong entity is President Elect Ricardo Martinelli.  Martinelli, owner of the Ranch 99 Market franchise, swept the vote with 61% in his favor. With his inauguration into presidency, the business sector of Panama has an ally on their side. With Martinelli’s success and experience in the business world, he has the ability to help Panama do more than just keep its head above water. Already, Martinelli is planning on cutting corporate taxes to instate a flat tax and resist more information sharing and transparency taxes among corporations. These proclaimed actions will also give the United States more incentive to instate the Free-Trade Agreement sooner than later. Martinelli’s experience as being the Minister for Canal Affairs and also Chairman of the body that oversees the canal provides him with knowledge of politics and how he may use the expansion to improve Panama in the most effective manner.

                With Panama having all of these projects moving toward an improved economic position, construction and real-estate lead the global market for foreign investors. Unfortunately, with the booming market for these products, there are those who look to take advantage of this type of situation, making it difficult to find a reliable firm to choose from. It is time consuming but crucial to take the time to find trustworthy companies such as Templar Panama who “lead the way” in the market by providing both Panamanian and foreign investors with a reliable and safe company to find the best fitting properties and/or investments. Construction companies as well are finding themselves neck deep in project offers, not knowing which one to take first.

                With the expansion of the canal, the revamping of Howard Air Force Base, the Election of Ricardo Martinelli and the growing real-estate and investment market, Panama has an upper-hand in this economic crisis. If Panama had only the expansion of the canal the country would still be on the rise. However, when the expansion is matched with all of the other positive movements happening within the country, Panama becomes an unstoppable force that has no choice but to rise to a new level and earn the title of “The Land of Opportunity”.