Yesterday a few hours before the end of Expocomer 2010, business statistics patterned on this activity and the amounts of transactions completed during the event surpassed expectations. This year contracts worth more than $124 million dollars were signed, surpassing the $98.8 million signed during Expocomer 2009. Inocencio Galindo, the President of Expocomer 2010, who announced the figures yesterday, said more than 11,000 contracts were signed this year, compared to 6,545 last year. Galindo attributed this success to the preparation and supported the Chamber of Commerce, Industry, and Agriculture provided to the event this year, facing the challenge that Expocomer 2010 was preceded by the international financial crisis. "The situation warranted specific strategies be employed during Expocomer 2010 to ensure a remarkable financial performance," said Galindo. In preparing for Expocomer 2010 organizers decided to double the team specifically dedicated to coordinate the operations of business contacts - there were 8 people in 2009 and this year they hired 16 - and in addition to this, they established the goal of ensuring massive attendance of buyers at the fair. In this regard, Galindo explained that "fairs are not successful if exhibitors can not find buyers, it doesn't make any sense to have an exhibition if nobody comes to sign contracts." This is why the planning team contacted other organized groups of business people from all over the world. Thus, before the start of the event, there were already 1.233 buyers registered to participate in Expocomer 2010, increasing the number of contracts signed by 90% and the overall dollar value of contracts signed by 20%. (Source - Panama America)
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$124 Million - Contracts Signed During Expocomer 2010Yesterday a few hours before the end of Expocomer 2010, business statistics patterned on this activity and the amounts of transactions completed during the event surpassed expectations. This year contracts worth more than $124 million dollars were signed, surpassing the $98.8 million signed during Expocomer 2009. Inocencio Galindo, the President of Expocomer 2010, who announced the figures yesterday, said more than 11,000 contracts were signed this year, compared to 6,545 last year. Galindo attributed this success to the preparation and supported the Chamber of Commerce, Industry, and Agriculture provided to the event this year, facing the challenge that Expocomer 2010 was preceded by the international financial crisis. "The situation warranted specific strategies be employed during Expocomer 2010 to ensure a remarkable financial performance," said Galindo. In preparing for Expocomer 2010 organizers decided to double the team specifically dedicated to coordinate the operations of business contacts - there were 8 people in 2009 and this year they hired 16 - and in addition to this, they established the goal of ensuring massive attendance of buyers at the fair. In this regard, Galindo explained that "fairs are not successful if exhibitors can not find buyers, it doesn't make any sense to have an exhibition if nobody comes to sign contracts." This is why the planning team contacted other organized groups of business people from all over the world. Thus, before the start of the event, there were already 1.233 buyers registered to participate in Expocomer 2010, increasing the number of contracts signed by 90% and the overall dollar value of contracts signed by 20%. (Source - Panama America)
Panama economy grew 2.4 percent in 2009PANAMA CITY, March 2 (Reuters) - Panama's economy grew 2.4 percent in 2009 after expanding 3.5 percent in annual terms during the fourth quarter, the government said on Tuesday. Panama's economy weathered the global economic crisis better than most other Latin American countries because of its relatively strong financial sector and increased construction activity. "Panama had one of (Latin America's) most stable banking sectors, which was relatively isolated from the crisis," said independent Panamanian economist Horacio Estribi. Increased activity in telecommunications and the ongoing $5.25-billion expansion of the Panama Canal also propped up growth, the government said. However, traffic through the Panama Canal -- a major economic driver -- fell in 2009, and overall economic expansion was down sharply from 2008's 10.7 percent growth rate. But at the same time, higher toll fees led the canal to generate more revenue last year, which helped government coffers and aided public spending. The government expects growth this year of 5 percent.
Editor's Comment: For 2009 Panama's GDP per capita (PPP) is about $11,900 (2009 est.) Consider the two graphics below. The first compares GDP (PPP) per capita for the United States, Canada, and the three strongest economies in Latin America - Chile, Argentina, and Mexico. The second chart shows growth in GDP (PPP) for Panama since 1980. If you look hard at that chart you will see sluggish growth for more than 20 years. Then after the US pulled out of Panama, there was a recession that lasted until about 2004. Once that was over, Panama saw explosive growth which lasted until last year when the global economic crisis hit. Panama is now within spitting range of the traditional economic powerhouses of Latin America - thanks to the country finally getting control over the Panama Canal. The long term strategic economic outlook for Panama is excellent - with none better in Latin America. In our lifetimes we will see Panama (and Panamanians) emerge as the richest citizens of Latin America. It will happen, and it's only a matter of when.
Chinga'o - Unexpected Audit Results for Northern and Southern CorridorsBy DON WINNER for Panama-Guide.com - That's funny. Today the following political cartoon appeared in La Estrella. A few months ago president Ricardo Martinelli erected big signs on the Northern and Southern Corridors, saying "Ahora Le Toca Al Pueblo" (Now It's The People's Turn). Yesterday Alberto Vallarino, the Minister of Economy and Finances, presented the audits ordered by the government of both projects. According to those reports, the Northern Corridor has supposedly lost money, and at the rate it's going they will literally never recoup their investment. The situation is similar for the Southern Corridor. Everyone basically expected the audit to reveal that the companies running both highways are raking in millions of dollars and screwing over the Panamanian people and government. In this political cartoon today, two Mexicans, wearing hats marked Pycsa and ICA, the two companies involved, are saying in Spanish but with Mexican accents - "Hey Man, according to your friggin' audit this is what you get..." - bones. And there's Martinelli, looking frustrated. (Source - La Estrella)
Tax Reform Bill Passes to National Assembly TodayThe package of tax reforms which includes an increase in the ITBMS tax from 5% to 7% is necessary to pay the existing debt and is absolutely necessary, said the Minister of Economy and Finances Alberto Vallarino yesterday. Vallarino said on the RPC program Open Debate on Channel 4 that the Cabinet Council approved the package of fiscal reforms on 25 February "because they consider it necessary to develop infrastructure plans in the country." Vallarino said in recent years more money has been spent than has been taken into the government coffers, which has caused a long-standing social debt that must be addressed. The Minister said the way to "hold the debt" is to balance public finances, without neglecting economic growth. Vallarino said the "universal scholarship" that is part of the tax reform package was established because there are parents who make an extra effort to send their children to private schools, and that this initiative would help a little with their expenses. Vallarino said he had considered putting a monthly cap on the schools; that is to say, that the scholarships can be used to enroll students in schools with up to a certain monthly payment, but that element has not yet been defined. Today the tax reform bill will be presented to the National Assembly, and it is expected the lawmakers will quickly pass the bill after the first debate. The bill will first be presented to the National Assembly and then passed to the Finance Committee, which will give the public an opportunity to participate in the discussion. Vallarino said he hopes the bill will be passed quickly so that it can become a new law to benefit the people. (Source: El Siglo)
Venezuela Brokerage Rush to Panama Fuels Applications ‘Backlog’(Bloomberg) -- Panama has a “backlog” of brokerage license applications from Venezuelan firms seeking to serve clients moving money into the Central American country, a regulator said. Eight of the 12 applications Panama is reviewing are from Venezuelan brokerages, said Alejandro Abood, a regulator at the country’s National Securities Commission. Last year, Venezuelan firms took out five of the seven new licenses the country awarded, he said. “We have a tough backlog,” Abood said in an interview in Panama City. There’s been a “surge in Venezuelan licenses,” he said. The brokerages are seeking to capture business in Panama as Venezuelans move money offshore after President Hugo Chavez stepped up nationalizations and restrictions on financial markets, Abood said. More than $93 billion of capital has left Venezuela, South America’s biggest oil producer, since 2005, according to the central bank.
Business Leaders Worried About Tax IncreasesPeople are reacting to the tax reforms approved yesterday by the Cabinet Council. The President of the National Council of Private Enterprise (CONEP), Gaspar Garcia de Paredes was concerned because he says the project "has some absences." Garcia de Paredes, expressed concern over how the money the government intends to collect through this new tax will be used efficiently, with the increase of the ITBMS from 5% to 7%. He said they would participate in the debate that will take place in the National Assembly where he hopes some points of the project will be clarified. Yesterday the Minister of Economy and Finance, Alberto Vallarino, explained that no tax will be charged on juices and soft drinks, but the rest will remain as presented to the Cabinet. Minister Vallarino said this tax increase is intended "to put money back into the pockets of the people and to use surplus tax revenues from companies or sectors that previously paid little to support government social welfare programs such as the "Universal Scholarship" and the "$100 for 70" program. (Source: TVN Noticias)
Editor's Comment: The tax reforms were approved yesterday by the Cabinet Council, and now they will go to the National Assembly for debate and eventual approval. The government wants to pull in more money to do more stuff. That's fine, as long as they're not stealing it.
March Retiree Checks Will Be Delayed at US EmbassyChecks for retirees and beneficiaries of the U.S. Civil Service in Panama will be delayed, according to the US Embassy in Panama. In a press release they said some inconveniences occurred in the sending of the checks for the month of March, and that they will be arriving on Monday 1 March 2010 in the offices of the Embassy for processing. The Embassy apologized for any inconveniences this may cause. (Source: Telemetro)
Panama and Mexico sign agreement to prevent tax evasionPanamanian President Ricardo Martinelli and this Mexican counterpart Felipe Calderón, were the Witnesses of Honor at the signing of an agreement to avoid double taxation and to prevent tax evasion on Income Tax, which was achieved within the framework of the Summit of Latin American and Caribbean Unity. The document which was signed by Vice President and Foreign Minister, Juan Carlos Varela and the Secretary of the Treasury and Public Credit of Mexico, Ernesto Cordero, seeks to exclude from the Panamanian platform financial services, legal, trust, trade and transport from the discriminatory list for tax reasons. During his speech President Felipe Calderón said that - with the signing of this Agreement - Mexico could promote Panama internationally as a country that meets international standards on fiscal matters. For his part, Ricardo Martinelli added that the signing of this kind of agreement forms part of the actions his government is taking to promote better transparency, competitiveness, and to strengthen existing good practices in economic activities of Panama's service sector. (Source: Panama America)
Editor's Comment: Panama's strategy to avoid being classified as a rogue nation or tax haven is to negotiate and sign bilateral information sharing agreements with like-minded nations. The United States wants to force Panama to open it's books. The US calls it "information sharing" but in practice the United States doesn't have any information Panama wants. Therefore, all of the information would be flowing one way - from Panama to the United States. There are a great many nations in the world that feel the same way as Panama - that the United States has no right to twist their arms or otherwise force them to provide information on Panamanian companies. Therefore, Panama is negotiating and signing a whole host of these bilateral agreements to avoid "double taxation" which they can then point to and proclaim that the nation is being responsible internationally speaking.
Colombia To Start Free-Trade Talks With Panama In MarchBOGOTA (Dow Jones)--Colombian and Panamanian diplomats will start next month negotiations to seal a free-trade agreement, Trade Minister Luis Guillermo Plata said Thursday in a statement. The Colombian President Alvaro Uribe recently said he wanted the government to sign free-trade agreements with different countries to offset the effects of the economic slowdown of Colombia's traditional export markets such as the U.S. and Venezuela. Additionally, Venezuela restricted imports from Colombia in late 2009. The Colombian government is negotiating a free-trade agreement with the European Union and is still waiting on the U.S. Congress to ratify an FTA reached in 2006. Colombian exports to Panama were worth $310 million in 2009, Plata said. Foreign direct investment from Panama in the first three quarters of 2009 was $256 million. The country is Colombia's sixth-largest foreign investor, while Colombia is Panama's third-largest investor.
ITBMS Tax Has Not Yet Been Raised to 7%The tax reforms in Panama have not yet been approved by the National Assembly, however there have been many complaints registered of vendors who are trying to charge the 7% ITBMS tax, or who are raising their prices and blaming the increases on the new tax. On this subject the Minister of Economy and Finance, Alberto Vallarino, explained that for these kinds of cases consumers should file their complaints with the Authority for Consumer Protection (ACODECO) because such situations cannot be tolerated. He added they are working with ACODECO and preparing a series of regulations to deal with these bad practices. The National Assembly will debate the proposed tax reforms after Carnival. (Source: Panama America)
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