Panama is poised to receive more than US$20 billion in new investment over the next year, centred around the Panama Canal, with several other major development projects also on the horizon. The country’s Minister of Foreign Affairs, Javier Martínez-Acha Vásquez, has extended an invitation for Barbados to become part of this transformative growth phase.
Martínez-Acha Vásquez, who recently visited Barbados, was the featured speaker at the August Luncheon of BIBA, the Association for Global Business, held at the Hilton Barbados Resort. Addressing the theme Panama, Global Business Hub and Gateway to Latin America for the Caribbean, the Minister emphasised the historic economic and social ties between the two nations—ties he believes can serve as a foundation for deeper collaboration.
He cited Panama’s average economic growth of around eight percent since reclaiming control of the strategic waterway from the United States in 1999. Now, under the leadership of President José Raúl Mulino, the country is gearing up for what is expected to be a new era of rapid development—one that the Minister described as a “positive economic shock.”
Martínez-Acha Vásquez also made clear that Panama is keen to collaborate with Barbados, especially in areas where the island has built global credibility, such as tourism, international business services, and renewable energy.
Speaking on future opportunities, he noted that Panama would welcome investments in digital banking to serve remote areas, and is exploring major expansions in mining, agriculture, tourism, shipping, and healthcare services. These sectors, he suggested, offer fertile ground for Barbadian entrepreneurs and businesses.
“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 legal, corporate, regulatory, business, and government professionals.
“You are very close to Panama. You are very close to Africa. Together, we can build a corridor for many things [including] commerce, culture, security, education, and most important, friendship. Panama has a very similar business environment to Barbados.”
The Minister also highlighted Panama’s logistical advantages, stating, “Panama has the five best ports in the [Americas] around the canal area.” While Barbadians are familiar with Panama as a shopping destination, he said the country serves as a vital gateway to Central and South America, offering new possibilities for trade and commerce.
At the event — sponsored by Active Re, a Panama-headquartered reinsurance company domiciled in Barbados — the top Panamanian government official also paid tribute to the over 20,000 Barbadians who migrated to Panama to help construct the canal, acknowledging their profound contribution and sacrifice.
Martínez-Acha Vásquez concluded by emphasising the importance of building on the strong historical ties between the two nations. He confirmed that Panama is planning to construct two additional ports, with construction expected to begin as early as next year. There are currently several direct flight weekly to Panama which has become a hub also for airlines into several other Central and South American states.
Produced by Geralyn Edward for BIBA