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Panama Open To Area, Ambassador Says

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By DAVE SIMANOFF, The Tampa Tribune

Published: January 24, 2008

TAMPA - Federico Humbert Arias, Panama's ambassador to the United States, wants you to know that there's much more to his country than a canal.

Humbert, in Tampa this week to participate in a conference for seaport officials, said Panama boasts a thriving service-based economy, a booming tourism industry and attracts a growing number of budget-minded retirees from the United States.

Humbert, who was a businessman and newspaper editor before becoming ambassador in 2004, said Panama sits in the unique position - geographically and strategically - to become an even more vibrant commercial hub for the Western Hemisphere.

Florida imported and exported $1.1 billion worth of goods to Panama in 2006, a 15 percent increase from the previous year, according to the state's economic development arm, Enterprise Florida.
Humbert sat down Wednesday afternoon to talk to the Tribune about Panama's economic growth, its expansion into arenas typically associated with Florida, and how he thinks Wall Street's queasiness will play out in his country.

The Tampa Bay area has very close ties to Panama: Tampa Mayor Pam Iorio has led a trade mission there, Panama has a consulate here and now you're visiting. Why do you think the relationship between this area and your country has grown so strong?

The saltwater that covers your city is the same water that covers our country. I'm very proud of the job your mayor has done regarding Panama.

What role does Florida play in Panama's growth, and what opportunities do you see for Florida businesses once the canal expansion is complete?

The proximity between Florida and Panama is very important. Our backbone is our geographic position. In 1996, our ports moved less than 200,000 containers. Last year, we moved 3.2 million containers.

If Hong Kong, instead of being 11,000 miles away, were 1,100 miles away, what would your strategy be toward that? I think that's the point that we want to make up here - Panama's friendship and maritime hub makes it the Hong Kong of the Americas, and it's very close to your ports.

Panama seems to be attracting a lot of retirees from the United States these days. Are you trying to take business away from Florida?

This cake is big enough so everybody can have a little piece of it.

The reason why everybody is moving to Panama is we speak your language, and we carry your currency. It's a safe country, it's nearby, there are 16 nonstop flights daily from the United States to Panama. So there are many things we offer - and it's cheap; it's affordable.

The lucrative high-end retiree market most likely will remain in Florida.

Tourism is a growing industry for Panama these days. Once again, is your country trying to step on Florida's turf?

No, we're competing more with our Central American neighbors, especially Costa Rica.

How do the recent turmoil on Wall Street and the specter of a recession in the United States affect Panama's economy?

Everybody says that when the United States economy sneezes, all of Latin America gets a cold. That hasn't been the case, luckily. Our structures are standing on their own feet. We're finding out now that Panama has been undervalued in its real estate markets and other areas.

So you think there will be economic stability in Panama even if the United States has a recession?

We certainly hope that we will not be affected. So far, so good.

As you travel throughout the United States, what's the biggest misconception you hear about Panama?

I don't think there's a misconception about what Panama is, but I think more and more people now are discovering the potentials that are in Panama. We have a vibrant economy, an incredible democratic system, a stable country.

It used to be only a canal. Now you go to Panama and you will find top-notch ecotourism, top-notch resources, top-notch restaurants, top-notch nightlife, an infrastructure that's really the envy of the region, an economy growing at the rate of 10 percent a year.

I would say that the best way for people to understand what Panama is all about is by traveling there. Take a quick trip.

If someone's considering doing business in Panama, how do they get started?

The biggest mistake that any company can do when trying to move their corporations abroad, or get into foreign markets, is not using the embassy resources. No company is too small for us if they're planning on doing on doing something in Panama. Call the embassy. Ask for support.

Reporter Dave Simanoff can be reached at (813) 259-7762 or dsimanoff@tampatrib.com.

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