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Panama Economy is Growing Strongly and Generating Thousands of Jobs

Panama city

Wednesday, July 25, 2012 at 1:07 pm

• The Panama trade agenda remains active
• The government is putting the final steps to the entry into force of the TPC with the United States in October

The 10.6% growth in gross domestic product during the first quarter of 2012, generated 107,000 new jobs, representing an increase of 7.4% annualized, compared with the same period, reported Getzler Kristelle the Ministry of Economic Affairs and Competitiveness of the Ministry of the Presidency.

"This explains why the development experienced by the Panamanian economy has a direct and positive impact on the quality of life of Panamanians," said Getzler, who gave remarks during the breakfast that monthly economic-organized by the Ministry of the Presidency, through the Ministry of Communications of the State, in conjunction with the Ministry of Economic Affairs and Competitiveness.

-Economic indicators are analyzed by Getzler-covered Multipurpose Survey (March 2012) that emits twice a year the Comptroller General of the Republic.

The indicators presented by Getzler clearly reveal that the Panamanian economy shows no unplanned outages, and that economic activity in 2012 is on track to achieve the goals of growth of about 10% projected by the Ministry of Economy and Finance in early.

In this regard the Ministry of Economic Affairs and Competitiveness of the Presidency stressed that domestic consumption levels remain strong, especially for durable goods such as cars and homes, whose consumption has increased between 7% and 37% respectively between the months of January and May. In that same period, he added Getzler-was an increase of 9% in real consumption power (kw / hr), a rate well above the 2% increase for the same period of 2011, and it was particularly driven consumption by the commercial sector.

As a second part of the agenda breakfast, attended by Minister of Trade and Industry (MITI), Ricardo Quijano, who presented a report of accountability, leaving clearly defined the importance of the projects and programs for ICIM improve the competitiveness of trade and industry in Panama, and how they are generating increased commercial and industrial activity, and attracting more foreign direct investment.

Among the programs that facilitate business, Quijano said the project "Paperless Panama" and the single window for export and investment, negotiation and implementation of international trade agreements and taxation and incentives scheme Multinational Corporations -that have attracted, under this administration, to 76 multinational Panamanian soil.

The minister also informed that in order to promote competitiveness and exports of our private sector, Panama has signed bilateral investment treaties and has implemented nine FTAs, and added that in negotiations, have made significant progress in negotiations with the European Free Trade Association (EFTA acronym) and recalled that three NAFTA implementation process, including the Trade Promotion Agreement with the United States. Quijano said that it expected to close the Colombia FTA this year.

In another economic issue, the holder of Commerce announced that the new Film Act, which provides a number of incentives, production will attract national and foreign films of the highest level and place Panama as a center locations.

In that regard, he mentioned that the production on the biography of Roberto "Mano de Piedra" Duran, produced by Robert De Niro, will shoot on location in Panama, thanks to the efforts of the National Government. The premiere of this film is expected to be present at the next International Film Festival to be held in Panama in 2013.

Another important project ICIM, Quijano said the Program Safeguard and Protection of Cultural Heritage Traditional Knowledge of Panama. Its purpose is to preserve the cultural identity of indigenous peoples and local communities and to exercise the rights and authority over their cultural and economic benefit to their communities.

About the Economic Breakfasts

The Economic Breakfasts are interactive meetings between senior public sector officials and journalists specializing in economic matters, where we detail and discuss current issues. They are held monthly and are organized by the Ministry of the Presidency, through the Ministry of Communication and State Secretariat for Economic Affairs and Competitiveness.


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