Panama is set to unleash over US$20 billion in new investments within the next year, largely focused on the Panama Canal, alongside several other major development initiatives. The country’s Minister of Foreign Affairs, Javier Martínez-Acha Vásquez, has extended an invitation to Barbados to engage in this upcoming phase of growth.
During a recent visit to Barbados, Martínez-Acha Vásquez was the keynote speaker at the August Luncheon of BIBA, the Association for Global Business, held at the Hilton Barbados Resort. Speaking on the theme Panama, Global Business Hub and Gateway to Latin America for the Caribbean, he underscored the long-standing economic and social ties between Panama and Barbados, which he sees as a strong foundation for expanded cooperation.
He pointed to Panama’s consistent economic growth, averaging around eight per cent since taking control of the canal from the United States in 1999. Now, under President José Raúl Mulino, Panama is preparing for what the Minister called a “positive economic shock” as the country enters a new era of development.
Martínez-Acha Vásquez expressed Panama’s interest in working with Barbados in sectors where the island has proven expertise, such as tourism, international business services, and renewable energy.
Looking ahead, he said Panama is open to investment in areas like digital banking for underserved regions and is planning significant expansions in mining, agriculture, tourism, shipping, and healthcare—sectors he believes are ripe with opportunities for Barbadian businesses and entrepreneurs.
“I encourage Barbadians not only to visit Panama for shopping or tourism but to be ready for what could be the most important economic development in our region,” he told a diverse audience of professionals from legal, business, government, and regulatory sectors.
“You are very close to Panama. You are very close to Africa. Together, we can build a corridor for many things—commerce, culture, security, education, and most importantly, friendship. Panama has a business environment very similar to Barbados.”
The minister also emphasised Panama’s strategic location and logistics advantages, noting that it hosts five of the top ports in the Americas around the canal zone. While many Barbadians know Panama as a shopping destination, he stressed its role as a vital trade hub for Central and South America.
At the event sponsored by Active Re, a Panama-based reinsurance company domiciled in Barbados, Martínez-Acha Vásquez also honoured the more than 20 000 Barbadians who migrated to Panama to help build the canal, acknowledging their significant contribution.
He concluded by highlighting plans to build two new ports, with construction expected to begin as early as next year. Panama is also served by several direct weekly flights and functions as a major air transit hub to Central and South America. (IMC)
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