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Analysis

Panama replicating its successful number portability process
OBG
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Number portability enables both fixed-line and mobile customers to keep the same number when changing from one telecoms operator to another. By most measures, it is considered an essential consumer right, as well as a way to increase competition in the market. Implemented for the first time in Hong Kong in 1995, the process soon became available in most European states, the US and highly developed…

Analysis

Panama launches multimillion-dollar plan to revitalise agriculture
OBG
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On July 29, 2014, soon after assuming office, the government of Juan Carlos Varela unveiled a multimillion-dollar plan to revive the agricultural sector at the National Agriculture Institute (Instituto Nacional de Agricultura, INA). The plan, known as pacto nacional por el agro, or the national pact for agriculture, proposes 10 measures to incentivise local production in an effort to enhance the country’s…

Analysis

Panama expands technical and vocational training
OBG
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A shortage of skilled workers remains one of the most commonly voiced concerns of business professionals in Panama. The World Economic Forum’s (WEF) “Competitiveness Report 2014-15” lists an inadequately educated workforce as the second-most problematic factor in doing business in the country. With the skills shortage having an impact on the labour market, authorities are looking at ways to align…

Analysis

Panama stays ahead of intellectual property developments
OBG
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The most recent and relevant developments related to intellectual property (IP) in Panama have been the amendment of Law 35 of 1996 (Panama’s Industrial Property Law) through Law 61 of 2012, and the amendment of Law 15 of 1994 (Copyright Law) through Law 64 of 2012. These amendments have enabled Panama to update two laws that for many years were considered models for the IP in the region. Panama…

Overview

Panama builds on decades of reforms and expansion
OBG
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Though one of Latin America’s fastest growing economies, Panama’s political situation stands in contrast to its economic performance. The past decade has seen sustained economic growth, driven by the transport, services and banking sectors. More recently, expansion of the canal and other large public spending infrastructure projects have set the pace of economic development. By contrast, institutional…

Overview

Panama is at a crossroads of history and culture
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For millions of years the Isthmus of Panama has been the bridge adjoining the Americas, shaping the development of life on the continent. Its importance has been magnified in recent centuries, as it is also the shortest land route for maritime goods crossing from the Atlantic to the Pacific and vice-versa. As a result, the isthmus has played a vital role in enabling the movement of native people in…

Overview

Panama Canal capacity set to double as expansion nears completion
OBG
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Since 1914 the Panama Canal has been a key conduit for international trade. Connecting 144 routes and reaching 1700 ports in 160 countries, the man-made waterway has positioned the country as a transportation and logistics hub in the Americas. In 2014 the canal marked its 100th anniversary since completion, and the 15th since Panama assumed control of the waterway. As its eight-year expansion programme…

Overview

Panama authorities work to strengthen banking sector
OBG
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Due to its openness to foreign financial institutions, dollarisation, low inflation and relative political stability, Panama remains a highly attractive regional financial centre. Recording strong performance in 2014, the country’s International Banking Centre (IBC), which contributes 7.5% to Panama’s GDP and comprises the national banking system (NBS) and international banks (IBs), remains well…

Overview

Panama's non-bank financial sector seeks to match banking sophistication
OBG
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The capital markets in Panama are highly internationalised, both in terms of capital flows and the institutions involved, with the financial stability of a dollarised economy helping attract global firms looking to expand their Latin American footprint. The country has already established itself as a regional banking hub, with 76 local and international banks operating in a country with a population…