FOREWORD
The President’s palace
Increasing foreign investment
uring the first two years of my administration, we have achieved some milestones that I am honoured to share with the maritime community and the readers of the Panama Maritime Review. Thanks to forceful economic and fiscal policies, the country received our first investment grade ratings from the three major rating institutions leading us to attract $2.36bn in foreign direct investment in 2010 – above the average $2bn per year since 2006. These figures not only show foreign
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investors’ confidence in our economic performance but they represent the equivalent of 8.8% of Panama’s $26.8bn economy and, if not full employment, the creation of numerous new jobs for our young population. Panama is expected to remain one of the fastest-growing countries of the Americas this year and the next, as the economy expanded by 7% in 2010 and will continue to grow rapidly and even surpass this figure in 2011. Also, tourism has seen a dramatic
increase, with two million foreign visitors expected to visit our country in 2011, which has generated revenues to pay for improvements and the expansion of Panama City’s Tocumen international airport. As we promised the Panamanian people, we have begun to improve the infrastructure by upgrading and expanding roads and highways and started the construction of a $1.4bn
PANAMA MARITIME REVIEW 2011/12
metro that has helped in reducing unemployment to 4.7%.
The expansion of the waterway
which represents 8% of our GDP – as you will see through the pages of this publication – is on time and on budget. The project is 25% complete, with its major component, the design and construction of the third set of locks which is 12% complete. Such endeavour has drawn a number
of foreign companies which are investing in logistics, bunkering operations and ports to support the flourishing maritime activity, making of Panama the indisputable transhipment hub of the Americas. Our ports moved 5.6m teu in 2010, rank as the leaders of Latin America and reflect growing value to shipping trade links.
It is with pride that I invite you to
discover, through the pages of the Panama Maritime Review, published by Seatrade, the multiple sectors and companies that have contributed to establish our position as a maritime country; the numerous opportunities represented by the Panama Canal; the improvements to the Panama Maritime Authority as well as to our Ship Registry which maintains its leadership as the world’s largest open registry. I can assure you that we will continue
to strengthen the maritime sector in the years to come.
Ricardo Martinelli President of Panama
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Panama is expected to remain one of the fastest-growing countries of the Americas this year and the next.
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