Panama is characterized as a service-oriented country. Panama’s banking sector comprises over 75 national and international banks, with over 40 billion active dollars. The Panama Canal has been experiencing an annual increase in international commerce, especially between Asia and the United States, which has had a positive impact on the demand for jobs in the service sector. Furthermore, due to the transit of extremely large ships, the referendum was passed to expand this aquatic route, which amounts to an investment of 5.2 billion dollars.
This will positively impact the country for the next 12 years, the amount of time estimated for expansion. The Free Zone is Colon is the second most widely recognized in the world, after Hong Kong, and possesses around 1,500 offices that specialize in import/export of merchandise. The Free Zone receives around 250,000 visits a year and generates approximately 11 billion dollars each year.
Additionally, Panama City is recognized as a safe country and possesses first-rate hospitals that are associated with important medical centers in the United States. In terms of education, in addition to a variety of internationally accredited bilingual schools, there are also excellent universities, national and international, with campuses in Panama. Also, there are commercial centers housing an array of stores from the latest fashions to ones that offer indigenous handicrafts, among those the famous “molas” made by the Kuna.