News Summary
ProPanama is working to enhance Panama’s image and promote its investment prospects during an event in Atlanta. The outreach, led by Chief Administrator Gerardo G. Pelaez, highlights Panama’s strategic importance and its potential as a logistics hub. With historical significance in trade and modernized facilities, Panama offers attractive conditions for foreign investments. The efforts aim to deepen cooperation between Panama and Georgia, exemplified by an upcoming trade mission organized by the Georgia Hispanic Chamber of Commerce.
Atlanta, Georgia – ProPanama is working to elevate Panama’s image and promote its business prospects as a prime location for investments during an event in Atlanta, Georgia. The strategic importance of Panama, known historically for its political figures and athletic talent rather than its economic potential, was highlighted by ProPanama’s Chief Administrator Gerardo G. Pelaez during his visit to the city. This outreach comes in anticipation of a trade mission organized by the Georgia Hispanic Chamber of Commerce set to take place later this year.
With only a four-hour flight separating Atlanta and Panama, the Central American nation serves as a vital logistics hub, functioning as a gateway for trade routes tied to Georgia. Logistics alone accounts for approximately 25% of Panama’s economic output, and the Panama Canal, completed by the U.S. in 1914, plays a significant role in this aspect, facilitating about 6% of global trade. Notably, around 40% of the goods passing through the canal are headed for East Coast ports in the U.S., such as Savannah, Georgia.
Historically, Panama’s significance in trade dates back to the early 16th century when the Spanish established a trading outpost called Nombre de Dios, now present-day Colon. The California gold rush in the 1850s led to the construction of a railway across the land bridge, subsequently paving the way for the development of the canal itself. In 1999, control of the canal transitioned from the United States to Panama, following an agreement made by President Jimmy Carter in the late 1970s. Since regaining control, Panama has modernized the canal, including the addition of new locks in 2014, which allow larger cargo vessels access.
In addition to its logistical advantages, Panama has taken significant steps to attract foreign investment. The country maintains free trade agreements with 23 nations and provides favorable conditions for businesses, such as imposing no taxes on sales made outside its borders. Furthermore, companies operating in specialized zones like the City of Knowledge can employ an unrestricted number of foreign workers, compared to the typical limit of 15%. For foreigners seeking residency, investment options include real estate purchases of $300,000, stock equity investments of $500,000, or bank deposits of $750,000, which can be secured without requiring their physical presence for a hearing.
Panama has been perceived as a stable investment destination, particularly given its assurance to freeze tax rates for enterprises investing $2 million or more for 10 years. The nation has experienced a migration influx, with many residents from politically unstable Latin American countries opting to make Panama their new home. This trend has been fueled by the country’s thriving economy and favorable investment environment.
ProPanama’s engagement in Atlanta signifies a focused effort to encourage deeper cooperation and investment opportunities in Panama. The Georgia Hispanic Chamber of Commerce has played a pivotal role in securing the upcoming U.S. Hispanic Chamber of Commerce’s annual convention in Atlanta, set for September 21-23, which may attract more attention to Panama’s business landscape. As Panama seeks to redefine its identity on international platforms, the outreach efforts continue to showcase its potential as a valuable economic partner for businesses in Georgia and beyond.
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