In the News from Panama

Panama Elects Pro-Business President

Panama voters went to the polls to elect a new President last Sunday and the winner was Jose Raul Mulino, a 64-year-old former interior and security minister who has vowed to boost the country’s economy.

In interviews after the election, Mulino emphasized that his administration will promote investment and tourism in the country and continue to boost big infrastructure projects. He’s been described as a “pro-private enterprise,” which should help attract international investment and grow the economy.

While all elections are controversial, Mulino’s focus on business is a good sign for the property market. More international corporations expanding in Panama and the large infrastructure projects that bring in skilled executives from around the world are a direct feeder to our rent and sales efforts. At PPR, we see the benefits every day, in large part due to our long relationships with multinational corporations such as Caterpillar and Sony.

In an interview with Reuters, the new President said a new tourist train from Panama to David, similar to the Maya Train in Mexico, would be a top priority. A train linking destinations around the country could be a huge boost for tourism, providing easy access to destinations on the West Coast.

The train has been discussed before, but Mulino has signaled he is ready to move the project forward. 

“One of the first decisions I am going to announce is the creation of a national railway secretariat,” Mulino said.

Like any election, there will be controversy around Mulino. Yet, the free election reinforces that Panama is a stable democracy. Administrations come and go, but Panama continues to grow and thrive.