Welcome to the Panama Weekly News Roundup. This week in Panama the canal reaches a major milestone, new and cheaper flights are introduced between Colombia and Panama, and foreign direct investment booms. Here’s the latest:
Panama Recorded a 61% Increase in Foreign Direct Investment
Foreign Direct Investment, or FDI, reached a record high for Panama in 2013, and all signs point to similar numbers this year. Last year Panama’s FDI was $4.65 billion, which accounted for a 61% increase from the previous year. Most of this money came from the US, and Western European countries, who have been investing heavily in recent years.
According to Miguel Perez, one of the principal authors of the report, Panama has very high FDI inflows in historical terms about what had been normal. The U.S. $4,651 million recorded in 2013 are almost double what it received three or four years ago and three times what he saw six or seven years ago. In Latin America, in relation to the size of its economy, Panama is the country that receives more foreign investment.
Panama has seen an upward trend in recent years, and it remains very investment friendly especially in the service sector. There is a good activity in the service sector, both to serve the local market and to export it. There is very good activity in transnational companies opening offices and sub-regional headquarters for the region, so that can centralize certain services in Panama.
Source: GoGetIt Panama
Second Shipment of Locks Gates Arrives in Panama
The new extension of the Panama Canal took another big step this week, as new lock gates arrived in country. The gates, which will help control the water level in the canal, are a big step ahead in a project mired with delays and worker strikes.
“This is an important milestone because [we now have a] full half of the 16 gates that will be used in the new locks,” said Panama Canal Authority Administrator, Jorge Luis Quijano. Unlike the first four gates that arrived last August and had similar sizes, this second group has two different dimensions, depending on the niche where they will be installed within the lock chambers.
The two highest, or “C” were made for the niche 3 in the middle chamber of the Pacific locks, and measured 57.6m long, 10m deep and 31.9m high; with an approximate weight of 3,900 tonnes, including all internal gear as ladders and hatches. The two lowest, or type “A”, will be located in the niche 1 in the upper chamber in the Atlantic locks, on the side of the lake, measuring 57.6m long, 8m deep and 22.3m high, with a weight of nearly 2,300 tonnes.
Source: Seatrade Global
VivaColombia and Air Panama to Enter Panama-Colombia Market
With new international flights seemingly introduced weekly, it should come as no surprise that the Colombian market is about to open up. With many direct flights to Panama already in place, the strategy here is to offer budget airfare from secondary airports. Specifically, Bogota and Medellin to Panama City. According to VivaColombia’s website, flights will start as low as $130 each way, which is a major reduction off of other local carriers.
VivaColombia (5Z, Medellín José Maria Córdova) will begin international services on August 1 with its maiden regional destination set to be Balboa near Panama City. The Colombian LCC says flights to the Panamanian capital will operate on a daily basis from Bogotá while Medellín José Maria Córdova will be a 4x weekly basis using its fleet of A320-200s. VivaColombia will be the first scheduled carrier serving the former Howard air force base.
Source: Ch-Aviation
Guide to Moving to Panama with Kids
Moving with kids can be a challenge. Moving to a new country with kids can be an even bigger challenge. But, if you plan right, it doesn’t have to be. Find out how to make the adjustment to life in Panama easier, and get tips on how to find the best school, in our latest blog post.
Panama is full of kid-friendly activities. Whether you’re in the city, suburbs, or out at the beach, there are plenty of things for children to do to stay active and entertained. In Panama City, there are plenty of parks, outdoor playgrounds, bike paths, and swimming pools. There are also a number of indoor activities around, as the weather in Panama tends to be hot, and it rains a lot during the winter months. There are 3 major movie theaters right in the city, as well two bowling alleys, indoor kids playgrounds, and day care centers, all easily reachable from downtown.
Outside the city there are also plenty of indoor, and outdoor activities, although due to population, may be less prevalent, and more spread out. We recommend finding a local athletic club to join, as they tend to have great activity options for parents with children.
Read more about moving to Panama with kids
