memorandum about panama

The Republic of Panama is an independent nation since November 3, 1903; when we gain independence from Colombia and we became a republic self-fulfilling expiring already 100 years, as free nation which was celebrated in 2007 with the 3 millions Panamanians. Panama has a total territory of 75,517 km2, and are located at the narrowest part of the American continent, our limits are: in the northern part with the Caribbean Sea, in the southern part with the Ocean Pacific Ocean, in the eastern part with Colombia and in the western part with Costa Rica.

skyline of panama, avenida balboa

We are a developing country as shown in the different graphics throughout the various sectors such as in the Maritime sector, Tourism, Banking, Construction, Agro export and the Colon Free Zone, witch is indicated to us for the last 5 years. Many citizens of almost all nationalities in the world have immigrated to Panama to make large investments in different areas or in various sectors.

For example: We found that in the Maritime Sector, we have the eighth wonder of the world and it is of course the Panama Canal that has generated millions of dollars collected for the country with its transition from large ships of load. Currently a new canal gateway is under constructions that this offering solution for minimal 5 thousand persons who were unemployed. This new gate has an investment at least of 5.5 Billion US dollars.

The tourism industry is one of the encouraging steps on what is Investments in the last 5 years. According to government sources, Caribbean Cruise Lines will bring 2000 tourists weekly to Panama when Colon becomes their home port next year. The ships will sail to destinations such as Cartagena and Santa Marta in Colombia as well as Aruba, Bonaire and Curacao.

Tocumen AirportVacationers will arrive at Tocumen International Airport where they will take buses bound for Colon to board their cruise ships. Panama Tourist Bureau (IPAT) also stated that a multi-institutional plan is in place to train personnel at the airport.
The Panamanian banking sector is one of most important of Latin America, not only by the volume of assets but also by the number of banks, that are established already at 187 between international and nationals. The category of financial intermediation showed to an annual growth of 18.7 percents, explained by the high performance of the banking activities and cooperatives of saving and credit (other types of monetary intermediation), that ascended in 21.5 percents.

The added value of the banking activity benefited by the dynamism of the financing of banking licenses of general and official, mainly by the increase of served to the external sector; in addition to the increase in the activity of other financial intermediaries, such as the financiers, with a good performance of the portfolio credit, fundamentally the hypothecating one, the one of personal consumption and the commercial one. The insuring activity during the year grew 3.8 percents, by the increase in the branches of life, automobile, fire, health and guarantees; as well, an increase in the indemnifications by wrecks was registered.

The Colon Free Zone: The high levels of Panamanian trade are in large part from the Colon Free Zone, the largest free trade zone in the Western Hemisphere. Last year the zone accounted for 92% of Panama's exports and 64% of its imports, according to an analysis of figures from the Colon zone management and estimates of Panama's trade by the United Nations Economic Commission for Latin American and the Caribbean (ECLAC).
There has been an increase of 12.6% in trading activity of the Colon Free Zone Free (ZLC) during the first ten months of the year, adding up to total of US$13,435.5 million, compared with US$11,933,3 million over the same period last year.

panama skyline is greatThe construction sector has had an extraordinary development and proof of this is in large projects that we find along the capital; construction of big buildings in Balboa Avenue and the coastal strip, the project that ICA will construct with the islands Santamaria and Pinta. These islands will be constructed 150 metres from the coast south of Punta Pacifica two artificial islands. The islands are 10.3 and 8.8 hectares, where 138 houses will be built to create a "community of mixed uses most exclusive and elegant in the city." In this work approximately 140 million dollars will be invested, 10% of the value of construction in Panama, last year. It is presumed that this project will conclude with the building of the houses between 2011 and 2013.

The added value annual of the construction, presented a whole increased of 19.6 percents, made up of the production of market of construction sites that increased 19.8 percents and by the construction for own final use, that reported a rise of 15,5 percents.

The land sector non-traditional product exports of Panama has become a substantial element of progress, mainly in the rural regions of the country where the population, during decades, has had to emigrate towards the metropolis inhabitant of the capital to accede to the labour market.

From year 1999, when thousand 267 containers were sent to the foreign markets, until agricultural cycle non-traditional the agricultural product 2005/2006, when the numbers rose high until reaching 5 thousands 361, exports have gone in evident and constant increase.

pineapples are one of the best export of panamaIn proportion terms, the fragmentation the pineapple obtains the 35 percent of these commercial relations, the melon the 28, the watermelon the 19, pumpkin the 9 and the other products contribute 2 percentage points to the export statistics. The most important areas of production of the headings above-mentioned are the region of Azuero, the Spout, Chiriquí, Coclé and other provinces.

For the year 2014, the country could count with more than 20 thousand hectares seeded with agricultural products of export, which would represent one hundred thousand seats of work for the inhabitants of the rural sectors. Also, this height would affect the development of the agro-industrial activities and the parallel companies that would settle to maintain the demands of this sector.

Because of its key geographic location, the economy of Panama has a mixed-western economy. Also, foreign investors like Panama because it is a country that has a good population of bilinguals and the geographic position is convenience to set up an offshore company.

The Republic of Panama is the Paradise to invest in with assurance of security and the place to make it your home free of crime and political strive.

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For more information please contact:

Mrs. Tatiana Viktorovna Nazarova
Phone: +507-340-4444

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ocean reef islands panama
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ocean reef islands panama
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