Panama and Singapore: Investment with Sea Flavor
written by one who's been there
I landed at Tocumen International Airport with the sun hitting the back of my neck. I was coming from covering a trip through the Darién, my clothes still smelling of humidity and mud. But this time the mission was different: Panama promotes investment opportunities to Singaporean businessmen. And I, like a good eagle that flies over the country, wanted to see up close what's behind the headlines. So I went into the room where they met. There was no boat or hammock, but the heat was the same. And the smell of coffee, too.
The event: ties, air conditioning, and desire to close deals
The meeting was in a hotel in the capital, one of those with thick carpet and windows that reflect the skyline. I arrived early, around 8:30, and there were already people with briefcases and business cards. The Singaporean businessmen —about twenty, I estimate— listened attentively. On the Panamanian side, officials from the Ministry of Commerce and Industry, representatives from the Colon Free Zone, the Canal, and some local investors. The promotion of investments was the main course. They talked about logistics, ports, energy, tourism. I took notes in my field notebook, the one I always carry with dog-eared corners.
What caught my attention most was the emphasis on the geographic position. Panama as a hub of the Americas. Singapore as a hub of Asia. The connection is obvious. But not everything is rosy. A Singaporean businessman, with a British accent and an impeccable shirt, asked about bureaucracy. The answer was diplomatic: "we are working on that." I thought about the times I've had to stand in line at windows for a fishing permit. I hope so.
Investment opportunities seen from above
I have flown over Panama many times. From the air, the country looks like a puzzle: the Canal, the ports of Balboa and Cristóbal, the Colon Free Zone, industrial parks, farms. Investment opportunities are scattered all over the map. But you have to go down and walk to understand them.
For example, logistics. Panama has the Canal, yes, but it also has the railroad, highways, and a position that allows you to reach markets in Latin America in days. Singaporeans know about that. They run one of the most efficient ports in the world. Here they could contribute technology and know-how. A Panamanian engineer who worked in Singapore told me that over there port processes are almost automatic. "Here we still use paper," he said, half-joking. But not really.
Another area is tourism. Not sun and beach, but nature. I have walked the Camino de Cruces, climbed Volcán Barú, sailed the Gulf of Chiriquí. There is potential for investments in eco-lodges, birdwatching tours, infrastructure for small cruise ships. But there is a lack of investment in roads, signage, training. A Singaporean businessman asked me about safety in rural areas. I told him the truth: it depends. There are quiet areas and areas that are not. As in everything.
What they don't tell you in meetings with ties
After the event, I went for a walk in the Casco Antiguo. I needed to come down from so much PowerPoint. I sat in a fonda to eat a sancocho de gallina. The lady serving, Doña Marta, asked me where I was from. I told her about an investment event with Singaporeans. She laughed. "And those people are going to invest here?" she said. "I hope so, because what's needed here is work."
That's the other side. Foreign investment doesn't always reach the people. Large projects generate employment, yes, but sometimes they are temporary or specialized jobs. People in communities need more direct opportunities. That's why, when I hear Panama being promoted as an investment destination, I think of Doña Marta and her fonda. Will any of that reach her neighborhood?
Not everything is pessimism. There are examples of investments that have left a mark. Community tourism in Guna Yala, for example. Or coffee cooperatives in Boquete. But they are smaller initiatives. Big capital goes to safe bets: ports, energy, real estate. Not bad, but there is a need to diversify.
If you come to invest, step in the mud first
The Singaporean businessmen who came to this event should do more than visit offices. I would recommend they get in a 4x4 and go see the interior. Sleep in a hammock, eat patacones at a roadside stand, talk to people. That's how you truly understand the country.
I have learned that Panama is not just the Canal. It's the lady selling fruit in the David market, the fisherman who goes out at 4 a.m. in Pedasí, the guide who takes you along trails that aren't on Maps. If they want to invest in tourism, for example, they need to know what travelers are looking for. It's not just beach. It's authenticity, nature, culture. And that can't be bought with a contract, it's built with respect.
Investment with social impact is possible. But it requires patience and local knowledge. It's not about arriving with a check and expecting results in a year. You have to plant, like coffee. And that takes time.
The numbers of investment: between optimism and the fine print
At the event, figures were mentioned. I didn't write them all down, but I remember some. Panama received around $1.5 billion in foreign direct investment in 2023, according to official data. Not bad, but it's below other countries in the region. Singapore, on the other hand, invests a lot abroad. They have funds, they have companies with global experience. The opportunity is there.
But there are also obstacles. Corruption, bureaucracy, legal insecurity. A Panamanian lawyer who was at the event told me that contracts are sometimes not respected. "It depends on the government in turn," he confessed. That scares any investor. Singaporeans are known for their efficiency and transparency. If they come here, they will want clear rules.
The Panamanian government promises improvements. They talked about a one-stop shop, digitalization, tax incentives. I hope so. Because if not, capital will go to other countries. And Panama will keep waiting.
What I would do differently the second time
If I cover an event like this again, I would bring a recorder. I lost several phrases from writing by hand. I would also stay until the end of the cocktail, because that's where deals really get closed. And I would bring business cards, even though I'm not an investor. You never know.
But above all, I would like to see more women and more young people at those meetings. Most were men in suits. Panama is diverse, and investment should reflect that. There are women entrepreneurs, there are innovators, there are people with ideas. They just need an opportunity.
The future cooks over low heat
As I left the hotel, the sun was already setting. The city looked golden, with buildings shining. I thought of Singapore, 19 hours away by flight. So far and so close in interests. Panama wants to attract its investment. Singapore seeks to expand. The marriage makes sense. But like any marriage, it requires work, communication, and trust.
I, as an eagle, will keep flying. And telling what I see. If I learned anything from this event, it's that Panama has a lot to offer, but also a lot to fix. The promotion is fine. Now the opportunities need to reach everyone. Even Doña Marta, who keeps frying patacones in her fonda in the Casco. If you come to invest, stop by there. I assure you that you'll learn more than in any conference room.
