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Panama offers visitors a culture rich in content and expression

The Panama Canal, one of the world's greatest engineering achievements, has, for more than 80 years, been a vital link in the world transport chain. PHOTO: EMBASSY OF THE REPUBLIC OF PANAMA

The Republic of Panama is located at the heart of the Americas, linking the Northern and Southern Hemispheres. Panama borders the Caribbean Sea to the north, the Pacific Ocean to the south, Colombia to the east and Costa Rica to the west.

Panama covers 75,517km2 with 1,700km of coastline on the Pacific and 1,287.7km on the Atlantic. At the crossroads of the Americas, Panama is home to an international banking center, the largest free-trade zone outside Asia and a stable dollar-based economy.

The geographical position of Panama in the middle of the main shipping routes offers international trade the opportunity to gain access to various markets in an efficient and advantageous manner.

Under the Panama Canal treaties, the US turned over to Panama on Dec 31, 1999, both the Canal and the land surrounding the international waterway.

The official currency of Panama is the balboa, but no bills are printed. Instead US dollars are used. Panama does mint its own coins, which are the same size and denominations as US coins.

Because of the free circulation and exchange of the dollar and the absence of exchange controls, Panama has become one of the largest banking centers in Latin America. (More than 115 banks of different nationalities are established in Panama.) The use of the dollar has helped Panama maintain the lowest inflation rate in Latin America.

Panama Canal

The Panama Canal, one of the world's greatest engineering achievements, is operated by a work force of 7,800 people. The Panama Canal Authority is now responsible for the administration, operation, maintenance and modernization of the canal. Investment in maintenance and modernization over the next five years will be US$1 billion. Moreover, the construction of a third set of locks is being considered.

For more than 80 years the Panama Canal has been a vital link in the world transport chain. Each year there are more than 14,000 ship transits through the canal.

This traffic represents unique opportunities in the country's maritime sector.

As an alternative route to the 8,000km trip around South America, the canal greatly reduces the cost of international trade and shipping. A great part of world trade goes through the canal.

Ships take from eight to ten hours to pass through the 50-mile canal and wait an average of 18 hours to enter the first set of locks. Tolls vary depending on the size of the ship.

TourisM

Panama has much more to offer than just the canal. It's strategic position, exuberant forest landscape and world renowned rich biodiversity are all within minutes reach of the cities of Colon and Panama, making the country the most accessible center for ecotourism in America.

The combination of ecotourism with beautiful beaches, shopping centers, historical sites, colorful folklore and a modern business center make Panama an ideal place for investing in the tourism sector.

The tourism potential of Panama is virtually unlimited with the increasing development of areas of great attraction. These areas offer unique opportunities for developing new ecotourism and tourism projects.

The springboard for tourism will be the development of ports and services on both coasts for cruise liners.

These ports present opportunities to develop services for a estimated market of 200,000 passengers and crew from the 200 cruises that pass through the canal each year.

The development of cruise-ship ports on both oceans will make Panama a new tourist destination.

Exotic beauty

Discovering Panama's natural beauty is easy. Close to Panama City visitors will find Gamboa with it's pristine tropical forests, lakes, rivers and historic sites.

These areas include some of the most accessible and diverse tropical forests in world and are ideal for the development of ecotourism activities.

Tourists can enjoy fishing and water skiing on the Gatun Lake, and golf at Summit Gamboa is the ideal site for ecotourism activities.

The indigenous inhabitants of Panama make up 10 percent of the total population -- the second highest proportion in Central America after Guatemala. The native contribution to Panamanian culture can be seen through civilization features that range -- besides the genetics -- from culinary art to the material culture and the way of living that comes from our most distant past.

Folklore

Much can been said about the identity of a people or culture: That intangible something that makes one group different from another, even though both may share the same form of government or may have identical industrial, economic or educational policies. This particular collective character thrives in our folkloric culture.

It is important to note that people express their true character when they are able to act without the encumbrance of special rules of courtesy. Thus, the best opportunity to see Panamanian culture as it really is lies in the many celebrations that we enjoy each year in this country.

On these holidays, we dress up in the traditional costumes, dance our native dances, listen to our music and sing. In all of these expressions of festivity you can enjoy yourself and jump right into all that is Panamanian: a culture rich in content and expression.

COLON FREE ZONE

Since its creation in 1948, the Colon Free Zone (CFZ), a segregated free-trade area for wholesale operations located on the Atlantic coast near the entrance to the Panama Canal, has offered the world a unique center for international commerce. It has become the leading free zone in the Western Hemisphere and the second largest in the world after Hong Kong.

Goods entering the CFZ may be imported, stored, modified, repackaged, and re-exported without being subject to import duties.

In addition, companies established within the zone are exempt from taxes on the export of capital or on the payment of dividends.

There are no consular fees, nor any other charges, levied on shipments destined for the free zone, or on shipments from this area to consignees abroad. A surveillance service fee is charged by the customs authorities for the custody of re-exported goods.
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