Although the restrictions imposed by the pandemic have been relaxed, consumers continue to show signs of mistrust in the current situation, behavior that could put pressure downward on spending on products and services considered to be discretionary.
In 2020, when the effects of the pandemic that caused the spread of covid-19 began to become evident, it was anticipated that consumer habits would change, since in a complicated economic scenario full of uncertainty, people would be more careful when spending.
From November 25 to December 4, 2020, the "China-Central America and South Pacific International Trade Digital Exhibition" will be held, a virtual event in which more than 600 Chinese companies will exhibit their products to companies in the region.
Construction materials, hardware, light industrial products, machinery, vehicles, communication equipment, electronic products, household appliances and daily consumer goods are some of the types of products that will be presented by Asian companies.
With the aim of reaching consensus with the business sector, local authorities began the process of consultations regarding the bill that seeks to eliminate the Panamanian Food Safety Authority.
The plans of the Ministry of Agricultural Development (MIDA) are to abolish the Panamanian Food Security Authority (Aupsa) and create the National Food Export and Import Procedures Service (SENTA), which will limit itself to executing the policies emanating from MIDA and MINSA.
The gradual abolition of price control, the creation of the PPP regulatory framework and greater flexibility in preferential interests in the housing market are the advances recognized by Panamanian businessmen in the first 100 days of the Cortizo era.
The National Assembly approved in first debate the bill of the Free Trade Agreement between the State of Israel and Panama, signed in May 2018.
The Foreign Affairs Committee approved in first debate the bill of the Free Trade Agreement between the State of Israel and Panama, informed the National Assembly last October 2.
The decision of the Legislative Assembly to not endorse the bill that seeks to approve the contract between the government and Minera Panamá, shows the fragility of the contracts between the Panamanian state and companies.
The obstacles to the mining project date back several years, since the legal dispute began in 2009, when the Environmental Impact Center (CIAM) filed an appeal of unconstitutionality against the contract granting a 20-year concession to exploit and commercialize the gold, copper and other mineral resources of Cerro Petaquilla.
Adverse court decisions against companies, social and political conflicts and fiscal issues are some of the factors that are impeding the development of productive projects in Central American countries.
One of the latest court decisions affecting companies with investments in the region was that of Minera Petaquilla, in Panama. The contract that this company had signed with the Panamanian State was declared unconstitutional last week.
Companies from the logistics sector will be meeting in Panama City on October 18 and 19 to exhibit their products and services and take part in business conferences.
The event is being organized by the Chamber of Commerce, Industries and Agriculture of Panama (Cciap) in conjunction with the National Secretariat of Science, Technology and Innovation (Senacyt), and will be held at the ATLAPA Convention Center.
The organizers estimate that commercial transactions made between participants will amount to around $130 million, and the economic benefit for Panama could be $45 million.
"...'We have an excellent Expo, with very good expectations. We will have to wait for the numbersat the end of the event, but we hope that the economic spillover for the country will be at least equal to last year's, that is to say, worth about $45 million.Business transactions between participants should be in the order of $130 million," Inocencio Galindo, president of the Chamber of Commerce and Industries of Panama (CCIAP), told La Estrella de Panamá."
One of the best parameters of the strength of an economy is the amount of businesses it creates. In Panama, 47% fewer companies were created in 2017 than in 2016.
Not only were fewer companies were created in 2017, but more companies were closed than in 2016.
Although growth of the economy in general still remains above 5% -still far from the vigorous 10% of a few years ago- other macro data, such as the increase in unemployment and the growth of independent or informal work, shows that, starting in 2018, Panama has entered a phase of economic slowdown.Businessmen in the commerce sector are even talking about "recession", both in retail and in wholesale sales.
Speeding up the execution of public projects and creating a public-private entity that enhances exports, are some of the proposals put forward by the business association to reactivate different economic sectors.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:
Although we expect growth of the Panamanian economy of approximately 5.4% for this year 2018, such increase continues to be supported by economic sectors linked to foreign trade, such as the Panama Canal, ports and airports.
Products, services, and medical, pharmaceutical and hospital technology equipment will be exhibited from October 19th to 20th at the Atlapa Convention Center.
The EXPO MEDICA PANAMÁ 2017 event will bring together companies from the pharmaceutical, medical, health and sports industries.
Participating companies will explore business opportunities and showcase beauty, sports, and gym products, among other things.
The Asian country believes that the improvement in the country's logistical conditions as a result of the Canal expansion, represents an opportunity to set up a distribution platform geared towards Latin America.
"... 'Panama already serves as a bridge, or as a window for the transit of Chinese goods into Latin America, and I think with the logistics development in Panama this role will increase more and will be made more use of by Chinese enterprises'" said the permanent representative at the Office of Chinese-Panamanian Business Development, Wang Weihua, according to Laestrella.com.pa.
Integration of Latin American customs offices and challenges for the port sector up to 2040 are some of the topics to be discussed at the tenth edition of the logistics event in Panama.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP):
For the tenth consecutive year, the Chamber of Commerce, Industries and Agriculture in Panama (CCIAP) in conjunction with the National Secretariat of Science, Technology and Innovation (SENACYT), will be holding EXPO LOGISTICS Panama 2016 from October 19 to 21, with one of the main objectives of the event being to strengthen the sector and provide up to date information for professionals in the logistics and multimodal transport sector.