Panamanian businessmen are covering every corner of the world to promote the country and bring more foreign direct investment. With Dubai just a short distance away I wonder how much success they will have.
By By our correspondent
7/25/2008 KARACHI: Rafael Sabonge, Advisor of Real Estate Promotion in the Government of Panama said that the Panamanian government is offering 20 years property tax exemption on new constructions and visa facilitations to foreigners investing in the real estate sector of the country.
During a presentation on Panama and its economy in a local hotel on Wednesday, he said that the Latin American country is the highest growing economy of the continent making it an ideal country to invest in.
Sabonge and Advisor of Government Affairs in Panama, Alejandro Moreno are a two- member delegation from Panama who have come to Karachi to invite Pakistani businessmen to invest in their country
In the presentation, Sabonge explained the various methods and levels of investments that can be done in the real estate sector and informed how potential businessmen can conduct their businesses in the country.
He also informed that though Panama was a small city, there was an urgent need of residential and commercial apartments and hotels especially in the cities of El Carmen and Belle Vista.
Alejandro Moreno, in his part of the presentation explained the economic side of Panama. He mentioned that there were over ten free zone ports that were currently under construction, negotiation or further expansions which had created hundreds of investment opportunities.
He added that the Panama Canal is one of their most important sources of income with access routes to 144 maritime routes in 80 countries and contributing almost 30 percent towards Panama’s GDP directly or indirectly. Moreno further stated that the canal’s expansion project is worth $5,250 million. The two foreign delegates also informed that over $2 billion had been invested into the country in 2007 with about 15 percent hike in tourism every year. They said that Panama’s GDP in 2007 had been 11.5 percent whereas the GDP/capita was $5,410.