City of Panama Panama’s economic growth prospects for this year 2022 are around 8%if the estimates of the Economic Commission for Latin America and the Caribbean (ECLAC) and the World Bank are averaged, explained the President of the Republic, Laurentino Cortizo, during the inauguration of the thirtyeighth Expocomer fair.
At the opening of the trade fair event, which will take place until March 26th with the participation of 600 companies from around 30 countriesThe President added that risk rating agencies such as Moody’s have maintained Panama’s investment grade rating and rated the country’s sovereign debt profile as favorable with a stable outlook.
He highlighted the rise in exports, which surpassed $3.5 billion in 2021 and are currently maintaining a good pace, totaling more than $200 million in the first month of the year, “of which 55 million are somewhat nonexistent Mineral exports represent more than 30% increase in exported FOB value compared to the month of January last year.
During his speech, Cortizo pointed out that the Multinational Company Headquarters (SEM) system platform, “an undoubted success”, was expanded by 14 new companies in 2021 and two new companies were registered in the first two months of 2022 , which will initially invest a total of $2.4 million in Panama.
He reported that the free zone regime completed 2021 with an initial investment of US$57.4 million.
Referring to the country’s international promotional efforts, he announced as much Next May, Panama hosts the first Bloomberg New Economy Gateway meeting, a regional event taking place outside of Asia for the first time.
“This forum on the new Bloomberg economy is a perfect opportunity to attract good investment to Panama thanks to the strategic alliance formed with this important financial organization during my trip to New York last year,” Cortizo said.
He said that good news for the Panamanian tourism sector is the return of Royal Caribbean Cruise Company, which will be building 19 annual base ports (“home ports”), “which means we will have more than 40,000 visitors annually from December 2023”.