In the News from Panama

Panama Woos California Businesses

The Panama government is busy marketing the country’s benefits to world business. The latest example was a series of meetings with members of the California State Assembly to tout the benefits of encouraging Companies to set up manufacturing plants and operations in Panama.

“Panama plays a crucial role in terms of supply chains, so it is important to encourage California companies to move their manufacturing plants to our country and to be able to serve the East Coast,” Minister of Commerce and Industries (Mici), Ramón Martínez told the delegation.

Panama officials have been visibly courting businesses in the United States in recent months, with delegations attending events in different states. Texas and its strong ties to the energy industry remain a key target for future expansion in Panama Real Estate. At the same time, the country’s tourism agency is actively raising the country’s profile among travel groups.

These efforts will have long-term benefits for the country, which is still evolving in the eyes of the international community. The country’s infrastructure and international relationships are growing, creating a big upside as trade and commerce connections expand.

The California effort provides an example of the key role Panama can play in future expansion. The Panama leaders were also touting the upcoming Bloomberg New Economy and LatAm Forum, which will bring together top-level business executives and political leaders from around the world.

“Panama is an ideal place for the first Bloomberg New Economy convening outside of Asia,” Bloomberg founder Mike Bloomberg said last year when the conference was announced. “Panama has long been a critical link between continents, helping Latin America to bridge north and south – just as our New Economy platform is working to do. We look forward to hosting discussions there with senior business and government leaders that will help shape a more modern global economy.”

In recent months, Panama has been working to reaffirm that the U.S. remains Panama’s main trading partner. A recent series of trade conventions focused on the long ties to the U.S. and opportunities for future growth.

With the California delegation, government officials provided information on the country’s competitive advantages in trade and tourism, due to its air connectivity, maritime and land support, and free trade agreements, according to La Estrella. Panama was promoted as the perfect for “nearshoring,” moving manufacturing operations closer to destination markets.