Welcome to the Panama Weekly News Roundup. Here’s the latest:
Acquisition of Panamanian Companies by Foreign Investors
As you may already know, Panama has a lot of foreign investment. But what you may not know is how much. Over the past 10 years, Panamanian businesses have been selling to foreign investment groups at an accelerated rate, totaling just under $2.5 billion in total value. Previously, many of these businesses were family run, and had a long-standing local tradition. However, with the amount of capital interest in the country from foreign groups, many have opted to sell off at a profit.
At least 16 Panamanian families’ businesses have been acquired by foreign investors groups in the last decade. These businesses ranging from banks to breweries, yogurt and biscuits, with transactions in some cases their amounts are not known for being private capital. Of these, 41.2% were monopolized by Colombian capital and 17.6% Mexican capital. Both groups acquired mostly in the grocery industry, banking and cement products; the rest is shared by capital of South Africa, Spain, Holland, El Salvador, Costa Rica, Venezuela and Ecuador in different areas.
Source: GoGetIt Panama
Panama, Venezuela to Restore Consular Ties After Spat
Just a few months after a diplomatic row with Panama over opposition protests in Venezuela, both countries are ready to talk again. The issue initially stemmed over Panama’s calls to send in 3rd party investigators from the OAS to observe clashes between the Venezuelan government, and protesters. Venezuela immediately rebuffed this, expelling Panama’s diplomats in country, and making threats of retaliation, should any OAS observers enter their nation.
Panama and Venezuela “have proceeded to the exchange of (diplomatic) notes” to restore consular relations, suspended since March 5 together with diplomatic and trade ties in the wake of a political dispute, the Panamanian Foreign Ministry said Monday.
The ministry expressed its gratitude to Costa Rica for “having taken on the role of custodian of assets and consular functions while serving Panamanian citizens in Venezuela.” The reopening of consular facilities in both countries “will take place in the next few days.” No further details were given.
Source: Fox News Latino
New Convention Center an Architectural Wonder
As Panama keeps building and expanding, so do its venues. One of which is a new national convention center, slated to replace ATLAPA as the country’s (and region’s) premier large-scale event facility. The new convention center, tentatively named The Panama Convention Center, will be built alongside the new Frank Gerhy-designed Biodiversity museum on the Amador Causway. The project will cover 53,000 square meters, and have a capacity of 10,000 people for events. It is slated for completion by 2015.
The Panama Convention Center’s design resembles a harpy eagle (the national bird) with expanded wings. HPC-Contrata-P&V, is in charge of constructing the $193 million project. The facility is designed as a series of customizable modules to offer the highest degree of flexibility. It has executive offices, support and registration areas, 1100 parking spaces, a pressroom, a VIP room, a business center, and offices for congress organizers.
The Central Plaza, with its 1600-person capacity amphitheater, symbolizes the doors of the Panama Canal, which connects the Pacific and Atlantic Oceans. The auditorium/theater has 1947 seats. The Banquet Hall and meeting space is 7765 m², and the Exhibit Hall is 19,224 m².
Source: The Visitor
Getting Around Panama City: An urban transportation guide
Getting around Panama can be intimidating for many newcomers. But when you know how to get around, you realize it’s not as bad as it seems. Whether you want to walk, use public transportation, drive, or take private rides, there’s something for everyone. Here’s a quick guide on how to get around, from our latest blog post.
Taxis are another very popular way to get around Panama City, and compared to the US and Canada, are very cheap. Yellow-painted cabs are the norm here, and they roam the streets at nearly all hours of the day and night looking for fares. Cabs are typically shared, which accounts for the low price; so don’t be surprised if your cabbie will stop to pick up other passengers on the way to your destination. There are also no meters, which can make negotiating a fare a bit of a challenge.
Your best bet is to ask a local what the standard fare is from point A to point B, but as a general rule, they don’t surpass much more than $5 each way in the city. Recently, other taxi-like services have popped up in Panama, including Uber, which bases its fare on time and distance, and is charged directly to your credit card once you set up an account.
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