Panamainfo’s Blog

20 Billion Dollars in Investment in Panama to Start in the Next 3 Years /Even a Diamond Bourse!

According to an article in La Prensa based on the study of local consulting firm, in the next 3 years projects worth 20 billion dollars will be started in Panama. These include 8 billion for a refinery in Puerto Armuelles by Occidental Petroleum and Qutar, 3.5 billion on the Petaquilla gold mine, 3 billion on the Canal expansion, 3 billion by Panama’s government in infrastructure projects, 600 million for Farfan Port, 100 million for Rodman Port, 100 million for the Puerto Armuelles pipeline and 60 million for MIT Port.

I am asking around if these projects really will happen and most people say “yes” to most of them and “probable” but not sure to others.

If even half take place, this is huge for a tiny country like Panama with just 3.3 million people. In 3 years, less than 4% unemployment is predicted as well as the relaxation of immigration laws so that these projects can bring the professionals not available in the Panamanian market.

I see Panama becoming the Hong Kong of the Americas in the next 10 years. It is the geographical and historical destiny of Panama which has always been a business crossroads between East and West, North and South.

In business circles, everyone is talking about the BRIC countries (Brazil, Russia, India and China) and how they will be the motor of the economy now, as the US economy slows down. Latin America as a whole is growing as never before and it needs a business capital- voila Panama. ( Long ago, Latin America liberator Simon Bolivar, said that Panama should be the capital of Latin America. )

Do you agree Panama will be the Hong Kong of the Americas?

Other important smaller investments are being made- like a 50 story building being built now as a diamond bourse with 350 offices related to everything that has to do with the diamond trade. An Israeli businessman saw that Latin America is growing and will increasing want diamonds and decided it needed a diamond headquarters- and found Panama City to be ideal.

Other smaller investments are being made.

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