The Government of Panama reenforced that Panama remains open for business despite misinformation spread on social media this past weekend alleging the closure of the Panama Canal. The Ministry called on its network of ambassadors around the world to assist in setting the record straight.
Minister of Foreign Affairs Janaina Tewaney has engaged Panamanian consulates and embassies to reiterate the Canal’s operability and correct false information in their respective regions, highlighting its importance to international trade and its critical role in making Panama a leading economy in the region. To ensure the Canal remains open to the world of commerce, the Panama Canal Authority has implemented strategic measures over the past several months such as reducing the number of ships that pass through the Canal from 40 to 32 daily to mitigate the impacts from climate change and a subsequent dry season.
“The Panama Canal serves as a commercial lifeline to the world, with forty percent of global cargo traffic moving through it annually”, said Minister Tewaney. “Because of the Canal, our country boasts a track record second to none in the region in building critical business sectors. With the highest GDP per capita and lowest inflation rate in Latin America, Panama is one of the world’s most desired destinations for business and investment”, Tewaney continued.
An estimated 5% of the world’s entire trade passes through the Panama Canal, making it imperative for the country to correct any misinformation that impacts the country’s ability to do business with its key partners around the world.
Beyond maritime and logistics, Panama also plays a critical role in serving as a technology hub for the region. The country hosts seven major sub-oceanic fiber optics cables, all of which convene in Panama to create the backbone for all telecommunications throughout the region.
In addition, the U.S. Government most recently announced the country will partner with Panama on exploring opportunities to grow and diversify the global semiconductor ecosystem since Panama plays a key role in ensuring the semiconductor supply chain is diverse and resilient. This collaboration will attract industry investments and expand the technical workforce in both countries.
Source: Government of Panama
