Information about the Caribbean coast of Panama
If you haven’t noticed, we are fans of sloths. Our mascot on our logo is a sloth – his name is OSHO – and we recently had the privilege of giving the name to the first rescued sloth at Safarick’s Zoologico in Maria Chiquita, Colon, its name is Hagrid. Unlike the half-giant wizard from the famous Harry Potter series that he is named after, our Hagrid lives a much more peaceful and slow life…but there is still magic happening here.
Hagrid the Sloth at Safaricks Zoologico
The Republic of Panama is a thriving and diverse country, growing rich with trade and commerce. Thanks in part to the Panama Canal and Colon Free Trade Zone, the wealth of nations is flowing through the country and helping increase quality of life. The figures are stunning. Exports have rocketed to three times their original value, poverty has decreased by 10% of the population, and industrial growth averages 4-10% annually since 1999. The number of skyscrapers in Panama City is indicative of the 60+ multinational corporations which have chosen to make PTY their base of operations, while the on-going construction of luxurious resorts and developments has been ever present in the last decade.
While much visible wealth is situated in Panama City, it is the Atlantic Coast that really rakes in the bucks for Panama. The Colon Free Trade Zone (FTZ) is a vast network of warehouses and storage and some of the largest shipping terminals in the world including Manzanillo International Terminal, with favorable tax laws helping huge businesses move millions of tons of products and goods to international destinations at competitive rates. The Caribbean is also home to one half of the Panama Canal, with the expansion of this engineering wonder further spurring interest in the coastal region.
Even the city of Colon, a colonial-era relic in a slump quite alien to its former prosperity, is beginning to receive attention once more. A proposed project to add a beautified seafront area, perfect for shops, businesses, and people to congregate, is in the cards. Modelled on the capital’s Cinta Costera, it is hoped that it will aid regeneration of the area and tackle the existing poverty in Panama’s “second city”. The FTZ has powered Panama’s position in the world and the Panamanian government is finally recognizing its responsibility to the people of Colon.
Panama Economic Rise 1999-to-2013 / By: Panama Offshore Legal Services
The infographic shown here is by Panama Offshore Legal Services, who have compiled a number of great statistics showing why Panama has not just grown but diversified its talents – economically and socially. Capable of withstanding the financial meltdown of 2008, Panama has shown itself to be far more resilient than other Central American flash-in-the-pan-economies. Let us hope that the increasingly favorable attitude towards the Caribbean coast continues, with the region potentially poised to become Panama’s economic engine room in the near future.
Whether Panama is ranked as tied for #1 happiest place on earth along with Paragua or listed as #7 on the Happy Planet Index, it seems clear that Panama offers a uniquely positive energy to visitors and locals alike.
The Caribbean Sea is certainly a contributing factor to this global awareness of well-being. The warm and nourishing waters of the Caribbean-Atlantic have called to European travelers for many centuries and the tropical lifestyle of areas like San Blas and Bocas del Toro are sure to provide the backdrop for the dreams and fantasies of any desk-bound professional. Now, with recent development picking up momentum in the Costa Arriba area of Colon including the development of an extended highway, travelers and locals alike are able to drive just an hour or two from Panama City in order to reach exciting new attractions as well as historic treasures along the Caribbean coast of Panama!
A significant step has been taken in the development of transportation infrastructure on the Caribbean coast of Panama. The Inter-American Highway that connected Panama to the US via one continuous road of asphalt, gravel or dirt was completed in 1967 but the Panamanian segment of it runs along the Pacific coast and into the center of the isthmus as it crosses over to Costa Rica. While it was originally conceptualized to transport US military equipment to resupply the defenses that protected the Panama Canal from German naval threats, the Inter-American Highway ultimately contributed to the commercial development of Panama’s Pacific coast and many have been waiting for a similar vital artery to be constructed along the Caribbean coast.
Since the 1950’s there has been talk of paralleling the Inter-America Highway with a Caribbean coastal highway which would ultimately connect and unite the various major Caribbean regions including San Blas, Costa Arriba, Costa Abajo and Bocas del Toro. Plans were introduced and even approved but the project was never tendered. Now with the resurgence of interest in the Caribbean coast, recent efforts to improve the City of Colon and the construction of new locks at the Atlantic entrance to the Panama Canal, the Panama Caribbean Coastal Highway has crept into the realm of conversation and speculation again and now a concrete step has been taken towards that effort. A recent posting by Central American Data confirms that a coastal road has been tendered at $18 million and will stretch from the “End of the Road” in Cuango to Santa Isabel. Santa Isabel has been chosen as the site for the new $50 million Decameron resort on the Caribbean, and surveying/planning for the road and the resort have already begun.