Panama is a small country, with a population of about three million people. Many people only associate Panama with the Panama Canal, but recently an increasing number of individuals have learned more about Panama through the world wide media coverage, as a result of hosting the Miss Universe Pageant in 2003, and in 2003 and 2004, the showing of Panama’s Pearl Islands in the show “Survivor”. Although such publicity is of limited economic importance itself, it has benefited the country by showcasing Panama as an attractive vacation destination, and as a result, helping the tourism sector. Besides tourism, Panama offers opportunities for developing profitable business in the telecommunication, technology, airline, and oil sectors. After the telecommunications market was privatized, Panama’s infrastructure is relatively well developed. Panama's telecom infrastructure is modern and reliable, and is serviced by five global submarine fiber optic cables that cross from ocean to ocean through the Panama Canal, creating new opportunities for telecom, Internet and e-commerce ventures. After the Sept. 11 attacks, Panama eliminated a $1-per-call surcharge on international phone connections. That has brought nearly 5,000 call-center jobs here since 2002, led by such U.S. employers as Dell Inc., Spherion Corp. and Sitel Corp. "The reason we're in Panama is the great availability of bilingual workers," says Dell spokeswoman Cathy Hargett. "That, and the time zone: Same as Miami." In the same way, complaints about stepped-up U.S. border scrutiny since the Sept. 11, 2001, terrorist attacks are prompting many Latin American travelers to use places like Panama City's Tocumen International Airport as a regional hub instead of Miami, which once was the preferred way station for Latin fliers making connections to Europe or North America or even destinations within the region. It is just one way in which Panama is taking advantage of the post-Sept. 11 environment to help itself. Panama, normally off the radar of international travelers and investors, also is luring banks that want to protect back-office operations from terrorist attack and is pitching itself as a safe but friendly port-of-call for businesses as diverse as cruise ships and call centers. Panama's historical ties to the U.S. and its relatively large number of English speakers -- 14% of the population -- also make it an attractive alternative to Miami. Panama hasn’t been known as a place for the oil industry, but recently Circle Oil has been awarded a prospecting license for blocks A, offshore Panama. The block is off the northern coast of Panama in the southwestern Caribbean. This award now makes Circle Oil one of the largest offshore acreage holders in the region. Circle Chief Executive David Hough was quoted as saying, “the Caribbean is attracting increasing industry attention and several of the major oil producers have already acquire substantial holdings in the area.” This Caribbean development adds to Circle’s growing global portfolio of major assets and strengthens the company’s position in exploring in areas with the potential of large discoveries. In summary, Panama facilitates the easy and fast development of worldwide network businesses such as OilPro Network. Plus, the opening of the new oil market turns OilPro in a pioneer in the recruitment area in Panama for this industry giving it an edge over competitors. SOURCES Wall Street Journal. Article Panama Seeks Miami’s Heat by Joel William and Evan Perez. March 14, 2005 Information Technology Landscape in Nations Around the World – Information Technology in Panama by Cecilia Stoute http://www.american.edu/initeb/cs6223a/panama.htm PennWell. Oil and Gas Journal. Panama Block Awarded. September 25, 2005. http://ogj.pennnet.com/articles/article_display.cfm?Section=ONART&C=TOPST&ARTICLE_ID=237603&p=9
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