Panama trade mission opens Latin American opportunities
By Bdaily
A UK trade mission to Panama will be the first of its kind launched by travel and conference management specialists CT Group Travel.
The Kent based firm, in partnership with European Atlantic Trade and Investment Missions will lead delegates to the Central American country in March, with full support of the the British Embassy, UKTI in Panama, and the Embassy of Panama in the UK.
Panama?s economy has boomed in recent years with an average growth rate of 8%, which has largely been fueled by the expansion of the Panama Canal and extensive infrastructure projects.
As the logistics hub and global financial centre for the Latin American region, Panama has attracted significant foreign investment, and the UK is the second largest investor in the country.
Business opportunities in the country include marine services, financial services, procurement related to the Panama Canal, provision of concessionary services to the ports, and logistics, education and training, among others.
A recent London conference called Panama Invest 2011 provided investors and decision makers from the main capitals of the world with information regarding business opportunities in Panama.
Attending the event was CT Group Travel?s, missions manager, Lyndsay Snowden, who said: ?The high numbers of delegates attending this event was a pleasant surprise, there were far more attendees than other similar events I?ve been to in the past.
?This confirmed just how much opportunity and interest there currently is in Panama and we?re confident our mission should attract a good number of participants.?
Panama – a rising star with a major international film festival on its horizon
By Craig Weincek - The Visitor Panama
With Panama rapidly becoming an international hub destination, the timing is perfect for the country to step into the international spotlight, by presenting the first ever International Film Festival of Panama. The dates for this brand-new, week-long cultural showcase are April 26 to May 2, 2012.
The motto of the festival is ?Come for the stars?stay for the sun.? Hotel, flight and festival packages are currently being negotiated.
Promoters Henk Van der Kolk and his son-in-law T. Rob Brown plan to bring 50 films from around the globe. It will also provide a forum for local, regional and South American film makers to network as well as position Panama as a new focal point of the world?s film industry.
Van der Kolk, who resides full time in Panama, is one of the founding fathers of the Toronto International Film Festival (TIFF), which began in 1976. It grew to be one of the most important events of its kind. TIFF brings $170 million a year to the province of Ontario, with nearly 500,000 people getting a chance to see 300 films over an 11-day period.
?This opportunity reminds me of Canada, when we first got started,? Van der Kolk said. ?Everyone here is accustomed to American films, blockbusters mostly, with over 90% being Hollywood products. Back in ?76, the press and most of the film community had no interest in a Canadian movie industry. So we held a film festival to bring the world to us.?
He added: ?At least half of our movie gems will be Latin American?.
Movies shown in Spanish will have English subtitles and vice versa. While most of the screenings will be in Panama City, the plans also include other provinces, with an enthusiastic audience already waiting in Boquete, the largest expat centre in the mountains of Chiriqu?.
Largest Panama arts endowment to date
Panamanian filmmaker Pituka Ortega Heilbron will be Co-Director of IFF Panama. A successful producer, director and writer of both fictional and documentary film since 1994, Heilbron is proud of the support of the Panamanian government, which has promised over a million dollars, by far the largest endowment ever for an arts-related project. Unprecedented support is also coming from the private sector. Copa Airlines has pledged a million-dollar contribution.
IFF Panama is supported by an enthusiastic board and a group of creative advisors including local filmmakers and entertainment industry representative such as Abner Benaim, Luis Pacheco and the popular singer/songwriter/actor, Ruben Blades, who previously was Minister of Tourism and understands the potential importance of this festival as a means to not only promote tourism but film making in Panama.
Genesis for a film school
One of the long-term objectives of the festival is the creation of a film school to train future industry professionals from Panama and the region. Another is to promote Panama as a scenic, historic and diverse filming location.
Big Business Benefits for Panama and the U.S.
By Jessica Ramesch - International Living
U.S. President Barack Obama recently put the final signature on what some are calling the last major trade agreements of his administration.
With a simple signing ceremony, Obama made Panama—along with South Korea and Colombia—one of only 20 countries in the world to have a Free Trade Agreement (FTA) with the U.S.
The Associated Press reports that the agreement ?could be worth billions to American exporters and create tens of thousands of jobs.? For Panama, the implications are just as far-reaching—for big business and small business alike. Looking to start an import-export business? If you plan on trading between Panama and the U.S., the situation is looking more favorable than ever. Considering the fact that Panama is one of the region?s highest ranked import-export markets, that is saying something.
And in a country that already boasts astonishing variety—from choice of restaurants and entertainment to the selection in shops, supermarkets, and more—the influx of new products will only make the panorama more exciting.
Competition may also drive prices down and boost everything from customer service quality to the already thriving job market. (Unemployment is already lower here than in the U.S. at just 5.6%). Needless to say, the expat community here is also likely to swell as foreign investment in Panama gets kicked up yet another notch.
Good News For Panama
Serious talks for the Free Trade Agreement began in 2004. Three years later, in 2007, U.S. and Panamanian trade representatives announced that negotiations had concluded on a comprehensive FTA to eliminate key barriers and expand trade between the two countries. Supporters of the pact in both countries hoped for speedy ratification.
Panamanians were already envisioning economic growth and increases in foreign investment. But these benefits would not come as soon as locals hoped. Year after year, Panama tried to resolve key issues presented as requirements for ratification by U.S. Congress.
After enacting labor reform and increasing fiscal transparency, Panama was proclaimed by U.S. trade representatives to have satisfied every major concern. Earlier this month, U.S. congressional passage of the agreement began generating headlines. Finally, the end was in sight, and Obama?s signature was the only thing needed to seal the deal.
U.S. companies like mega-manufacturer Caterpillar—which already has operations in Panama—were quick to praise the FTA. Manufacturing wasn?t the only industry to rejoice—agricultural concerns have been lobbying for the FTAs in a big way.
In Panama, President Ricardo Martinelli announced he had received a call from Obama. He gave Martinelli ?the good news? and reportedly commended Panama for its democracy and transparency. The FTA gives Panama greater access to the U.S. market (some 300 million consumers), provided Panama enacts a series of changes to legislation concerning customs, immigration and insurance, among other things.
While there is still a great deal of work to be done, one thing?s for sure: everyone involved in promoting the FTA—both in the U.S. and Panama—has achieved a major milestone.
Panama called 'world?s best offshore haven'
By Panama Offshore
The Sovereign Society is a very popular expat publication that recently declared Panama as ?The World?s Best, All-Around Offshore Haven.?
Bob Bauman of The Sovereign Society, a former U.S. congressman, sums it up: ?Panama is still the ideal location for retirement, a second home, an offshore bank account or any number of legal, asset protection structures.? Here is why.
Real estate
One of the reasons for this recognition is that Panama continues to have a real estate construction boom. As reported in a recent Economist magazine article: ?The 50-storey skyscrapers of Panama City jut out of the jungle like nowhere else in low-rise Central America. Panama?s smart banks, open economy and long queues of boats at its ports have caused many to compare it to Singapore, another steamy success story.?
Economic power
A second reason why The Sovereign Society rates Panama as the best offshore haven is our strong economy, stating: ?From 2005 to 2010, Panama?s economy grew by more than 8% a year, the fastest rate in the Americas. The IMF predicts growth of over 6% a year during the next five years. Accounting for purchasing power, it is one of the five richest countries in mainland Latin America.?
The Canal
Another reason is the Panama Canal. The Sovereign Society wrote: ?In 2010 the Panama Canal?s revenues were $2 billion (7.5% of GDP). So far in 2011, they are up by a quarter thanks to more traffic and higher tolls.
The canal and Panama?s business-friendly regulations have expanded big insurance, finance and legal offshore industries. The traditional free-trade zone in Col?n, at the canal?s Atlantic end, has lured the regional bases of firms like Procter & Gamble. In 2010, Col?n and Balboa, Panama?s Pacific-side trade gateway became Latin America?s two busiest ports.?
Direct foreign investment
Panama having one of the lowest import tariffs in Latin America is another reason. Foreign direct investment is worth 9% of the GDP which is the largest on the continent.
Infrastructure
The future looks bright for Panama according to The Sovereign Society. The Panama Canal expansion will be completed in 2014. President Martinelli?s $13.6 billion dollar investment for schools, sewage, roads, and the Panama City metro transit system will be a boost for the country.
Here is what Panama has to offer according to The Sovereign Society: ?Panama remains the world?s best, all-around offshore haven. This is due to all the other investor friendly policies and opportunities it offers: its asset protection laws, a strong anti-money laundering law, a territorial tax system with tax exemptions for foreigners, an array of useful statutory legal entities, and a host of qualified offshore professionals and bankers.?
Expats interested in relocating, buying a second home, opening an offshore bank account, or setting up legal asset protection entities here should contact a reliable, competent Panama lawyer for assistance.
Free tourist insurance costs Tourism Authority $1.5m so far
Panama gives free health insurance for 30 days to all who enter the country through Tocumen International Airport. During the first eight months of this year the Panama Tourism Authority paid close to $1.5 million in policy payments out of the $4 million budgeted for the year.
Cards promoting this benefit are available at the airport. But carrying the card is not necessary to collect on the policy to cover medical expenses for accidents that occur while in national territory.
Visitors to the country who have a medical emergency must simply show the entrance stamp on their passport to the hospital staff and the Panama Tourism Authority (ATP) will cover the cost through a blanket policy provided through Generali Insurance.
The free insurance policy covers visitors for the first 30 days of their stay and covers medical emergencies up to $7,000 and $40,000 if the patient needs to be transported to a medical facility outside Panama. Over 500 tourists have so far taken advantage of the policy.
Through this effort, Panama expects to capture a greater percentage of the tourism market by making visitors to our country feel safer through providing this free value-added service. There is an exclusive hotline for questions and concerns regarding the new policy, reachable at 204-9300 and 204 2312.
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