Trade Mission to the East Coast of the United States
Washington - New York, September 2021. Balancing economic growth with sustainable investments with social impact in various fields such as tourism, digital technology, infrastructure, energy, and food production is a natural fit for Panama.
Top government officials from Panama visited the East Coast of the United States, specifically to the cities of Washington D.C. and New York from September 13 to 17, to share their success story and promote all the opportunities to visit, invest, work, and retire in the country of just over 4 million people that is expected to grow 12% (GDP) this year (International Monetary Fund) and reach herd immunity from COVID19 by October.
Panama Tourism Authority (ATP) began the Trade Mission with a panel discussion at the Smithsonian National Museum of Natural History to update the original Tourism Conservation Research (TCI) economic model, created in 1999 by Dr. Hana Ayala to use tourism to serve as an economic catalyst to conserve the country’s natural and cultural heritage through scientific research and sustainable investments.
Panama is leader in sustainability because of their Infrastructure and natural resources
· 32% of Panama’s land mass and now 30% of its marine areas are protected.
· 65.4% of Panama’s territory is made up of forests and other wooded lands, making us a true living lab.
· The Panama Canal is calculated to have saved more than 650 million tons of CO2 emissions during its 107 years of operation.
· Panama has microclimates that are perfect for some of the most exquisite and unique products in the world, such as its Geisha coffee, spring water and sweet pineapple.
· History of natural and cultural conservation efforts that started with the establishment of the San Blas comarca in 1925.
· Conservation is a way of life in Panama, the areas around the Canal basin have been protected for more than 100 years.
· The Smithsonian Institute has been studying Panama’s extraordinary biodiversity since 1923
· Panama is a Global Champion for the UN High-Level Dialogue on Energy and has been praised by the UN for its Energy Transition Strategy.
· Abundant rainfall and rivers allow for 70% of our energy matrix to be hydropower.
· About 10% between solar, wind and natural gas.
· Home of the largest windfarm in Central America and the Caribbean
· Panama is a Natural Gas Hub, with a delivery capacity of up to 175,000m3.
The work tour continued with the "Stelite Media Tour" in The National Press Club in Washington, D.C. based in a media tour and several interviews to RAMÓN E. MARTÍNEZ DE LA GUARDIA – Minister of Commerce, RAFAEL SABONGE – Minister of Public Works, the Ambassador CARMEN GISELA VERGARA - Director of the Authority for Investment Attraction and Export Promotion of the Republic of Panama (PROPANAMA) - and IVÁN ESKILDSEN ALFARO – General Administrator of the Panama Tourism Authority. The journalists had the opportunity to ask about the key sectors of Panama such as tourism, logistics, energy and digital, under a concept called "The Panama Pitch". This communication strategy allowed to reach an audience of more than 14 million people in United States.
On September 15-17th, the Panamanian Delegation travelled to New York for events at the Union League Club, Americas Society/Council of Americas, and Columbia University to continue with the promotion of the key sectors of the Panamanian economy.
One of the most important work meetings was the first "Panama Open House" in New York City, in there the Ministers had the opportunities to talk with members of the US Chamber of Commerce about recently Panamanian Government’s initiatives for the foreign investment. The Ambassador Carmen Gisela Vergara, Director of the Authority for Investment Attraction and Export Promotion of the Republic of Panama (PROPANAMA) presented “Panama, The Place To Be”.
Panama’s Facts:
· The Panama Canal today it is responsible for 6% of the World’s maritime trade.
· The COPA Airlines operated Hub of the Americas services over 16 million in transit passengers every year.
· The 8 Fiber Optic cables that cross Panama serve as an information highway for the Americas.
· Most connected country with North America and the region
· US Dollar as legal currency
· International Banking & Financial Center
· Political & Legal stability
· Excellent quality of life
· High Tech medical services of international prestige
· High quality education
· Stability of Investment regimes
· Virtually Free of Natural Disasters
· Commercial openness and market access
· The most secure country in the region (low crime rate)
The official agenda also included a meeting with companies that belong to Wallstreet, with the mission of promoting our banking and financial sector.
Banking & Financial Sector
• Total Assets: US$ 129,2 Billion as of March 2021
• Global Competitiveness Index Soundness Banks Ranked #16
• Investment Grade
o Standard & Poor’s BBB
o Moody’s Baa2
o Fitch BBB-
As part of the final work tour, top government officials from Panama met the “the Americas Society or Council of the Americas". This was a face-to-face event in which was promoted our tourism, investment, construction, logistics and digital sectors with all members of the council, who were present both in person and virtually connecting their members throughout the United States.
For more information about Panama, you can visit the followings sites: