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Analysis

Linking up: Strengthening infrastructure and logistics can help reduce waste and boost competitiveness
OBG
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As Panama’s agricultural sector is faced with direct competition from modern farms in the US and Europe, it is in need of an upgrade to its storage and transportation infrastructure. To this end, various initiatives have been proposed to bring production and handling in line with international levels. Besides emergency stop-gaps to accelerate the recovery of national output, more permanent resolutions…

Analysis

One step at a time: The market for low-income housing remains large
OBG
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With a housing deficit of over 136,000 units and growing at around 15% per year, a huge market remains unsatisfied as few developers construct within the low-income segment. Government incentives, almost entirely restricted to assisting the consumer in purchasing a home, have fallen short of providing viable solutions on a large scale and attracting needed development. “Over the past two years, practically…

Analysis

Learning the basics: New initiatives aim to improve training and human resources
OBG
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One of the most commonly voiced concerns by business professionals in Panama City is the lack of a strong qualified workforce to sustain the country’s economic growth. While authorities have attempted to address problems of quality and increase sector investment, many private facilities have focused on developing new tertiary educational programmes in accordance with market trends. The fact that…

Analysis

Increasing coverage: The government is investing to consolidate the national hospital system
OBG
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While logistics and transportation haul in major public investment, initiatives in medical infrastructure should not go unnoticed. In 2010 the government launched an ambitious plan to construct five regional hospitals, a medical city within the capital, and a network of smaller health care facilities and ambulatory services. With several projects coming to a close, the question remains as to whether…

Analysis

On firm ground: The country’s long-standing prominence in trade is backed by a strong legal foundation
OBG
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Generally, individuals who decide to engage in a commercial activity in Panama are free to choose the type of legal entity. Legal entities such as the Panama private interest foundations and non-profit organisations are subject to special legal provisions according to which they cannot be established for the purpose of engaging in business activities on a day-to-day basis. Foreigners are able to engage…

Analysis

Making the world go round: A look at the credit picture across the banking sector
OBG
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In the third quarter of 2013, credit was the main component of International Banking Centre (IBC) assets, reaching $62.5bn, 64% of the total. Interest generated by loans was the source of 58% of the IBC’s income from January to September 2013. In 2012 the volume of credit represented 154% of GDP in the IBC and 128% in the national banking system (NBS). The biggest share of the credit portfolio in…

Analysis

Numbers game: A rundown of the top players’ recent performance
OBG
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As in any mature banking sector, a small group of large banks dominate the market in Panama. By assets held in the third quarter of 2013, the five largest banks operating in Panama were Banco General, HSBC, Banco Nacional de Panama, Bladex and Bancolombia. Only Bancolombia does not operate in the national banking system (NBS), as it has an international licence. Banco Nacional de Panama is an official…

Analysis

Location, location, location: Colón Free Zone is seeing increasing demand from distributors
OBG
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Panama’s advantages as a regional base for Latin America are of primary interest to international distributors. Its location along some of the world’s busiest trade lanes, the Panama Canal, a dollarised economy, stable political environment, and tax and fiscal incentives have all contributed to Panama’s proven ability to attract international players to its shores. Distribution firms now make…

Analysis

Poised for consolidation: Key reforms could increase the likelihood of mergers and acquisitions
OBG
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The insurance market in Panama has been going through an important change since 2012. With the approval of Law 12 of 2012, a new legal framework was created to regulate the sector, replacing Law 59 of 1996. The old law was considered outdated by private and public sector players, and the new one seeks to raise the level of the Panamanian insurance market to international standards. According to Luis…

Analysis

Flight plan: The nation is bidding to become a leading regional aviation hub
OBG
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A continued push to become a major transportation hub in the Americas goes far beyond Panama’s status as a logistics and trans-shipment point for goods traversing the canal. The government is also looking to establish the country as a major aviation hub, again drawing on its advantageous geographical position in the heart of the Americas. On top of that, Panama City and Tocumen International Airport,…