Direct investment in Panama continuing upwards
Panama leads Latin America with the fastest growing rate of foreign investment says a government spokesperson, but the logistics sector, including the canal is still the biggest gross domestic product (GDP) contributor.
Direct investment hit $746 million during the first quarter of 2011, bunch of multinational companies have settled in Panama during the first quarter of 2011. They includedWrigley and Fastenal (United States), ATLAS Copco (Sweden), Unilever (Netherlands), Merck and Bauer (Germany) and International Meal (Brazil).
Kristelle Getzler, of the State Secretary of the Economy, said several more are expected to settle.She said foreign investment translates into 9 percent of the GDP, in contrast with Chile, which ranks second with 8 percent.
Getzler said foreign investment in the first three months of 2011 represent a growth of 21 percent in comparison with the same period of 2010.
She said the country’s growth is also governed by the logistics sector (24 percent,) which includes Panama Canal tolls, the shipment of cargo and the operation of ports.
But it is the impact of the construction sector impact (7 percent) through its engineering and roads projects, and the expansion of the Canal, which generates the biggest amount of wage earning labor.
