Panama Economy and Business

• GDP: US$16.5 billion (2006) 
• Main imports: Capital goods, crude oil, food, chemicals and consumer goods.
• Main exports: Bananas, fish, prawns, petroleum products and sugar.
• Main trade partners: Bermuda, Japan, Venezuela, China and USA.

Panama has a relatively prosperous economy based on agriculture, light industry, revenues from the Panama Canal and the service sector. Over half the land area is given over to agriculture. The country has significant reserves of timber, particularly mahogany, and good fishing stocks. Further revenue is obtained from tolls levied on ships passing through the Panama Canal and a plethora of ‘offshore' companies.

Other important sources of revenue include the Colón Free Trade Zone established near the Canal, an ‘open' shipping registry and a rapidly growing tourist industry. Reforms during the 1990s saw the privatisation of many state enterprises, overhaul of tax and social security systems, and the removal of price controls and import tariffs. Annual growth in 2006 was 8.1%, while inflation was 1.1%. Unemployment was 8.8% in 2006.

Panama is a member of the Inter-American Development Bank. A free trade agreement with the USA was agreed in 2006.

Punctuality is appreciated and the exchange of business cards is normal. Suits are necessary for business meetings.

Office hours: Mon-Fri 0800-1700.

Government office hours: Mon-Fri 0730-1630.

Atlapa Convention Centre in Panama City is the largest convention facility in Central America which has a capacity of 3,000 and includes lecture rooms, a theatre/auditorium and exhibition rooms. Other centres include Figali Convention Centre and Hotel El Panama.

Cámara de Comercio Industrias y Agricultura de Panamá (Chamber of Commerce)
Tel: (507) 207 3443.
Website: www.panacamara.com

Atlapa Convention Centre
Instituto Panameño de Turimo, Via Israel, San Francisco, Panama City, Panama
Tel (507) 226 7000.
Website: www.atlapa.gob.pa

Figali Convention Centre
Calzada de Amador, Proyecto Panama Canal Village, Panama City, Panama
Tel: (507) 314 1414.
Website: www.panamacanalvillage.com

Hotel El Panama
Via Espana 111, Panama City, Panama
Tel: (507) 215 9000.
Website: www.elpanama.com