Malcolm Stevenson (Forbes) ensures that Panama is becoming the financial center of Latin America, with dozens of global financial institutions that have a strong presence there.
Panama could become the Singapore of America if it strengthens its weak areas, according to highlights made by American columnist Steve Forbes, in a document entitled: "Panama Papers? Here is the true story of Panama".
The misnamed "Panama Papers" has taken the renowned columnist to write about what really is Panama, by highlighting the benefits and the topics to which greater attention should be paid.
According to Forbes, for the country to enhance its advantages, it first needs reforms, improve the school system and train more people for future jobs to be offered.
This is precisely what Singapore did, since its success has been linked to the economic development with innovation and education.
Contrary to what is said in the global headlines, Malcolm Stevenson (Forbes) ensures that Panama is becoming the financial center of Latin America, with dozens of global financial institutions that have a strong presence there.
In terms of investors, he says that the prospects are bright, since the Government floated recently in a bond issue for $1.2 billion and that the public debt-to-GDP is only 40%, while in the U.S. it is over 100%.
The writing also noted that the history of Panama is one that talks about great economic success because it enjoys an average rate of annual growth, which is one of the best in the world in the 21st century.
Other benefits are added such as the US dollar the Canal which was built over a century ago and that this is a country open to newcomers who are willing to work, among other positive factors.
However, Forbes is emphatic in pointing out that even more can be done to promote the country as a tourist destination.
"Panama has to do a better job, to spread the word about its extraordinary success in a world that has seen very little of that, in recent times," he said.
The President of the National Council of Private Enterprise (Conep), Julio De La Lastra, coincides with this opinion and said that Forbes has been right in highlighting the good things about Panama, but also advised the country on aspects that need to be improved.
For De la Lastra, the weaknesses are in the capacity of administration of Justice and on the issue of education, in which much more should be invested.
"The lack of education is a threat that impacts our society and the good education is the recipe for success as a country and a society standing on the edge of social problems and crime," he said.
"Many have attacked us and have come to wrongfully insinuate that Panama is a country of drug traffickers and tax evaders, but that is wrong," said the businessman.
He considers, in addition, that the fact that there might be one or two rotten apples in the national territory does not mean that everyone is the same, the crisis provides us opportunities to reinvent ourselves.
Meanwhile, economist Juan Jované says that the economy works with expectations, and scandals have created a bad image of the country internationally.
The image that is sweeping the world is that in Panama there are very serious problems of corruption and money laundering, reason that the economist perceived that by now Panama isn't close to becoming the Singapore of America.
"These investigations at the international level generate uncertainty and fear among investors," he said.
Jované also appealed to the President of the Republic, Juan Carlos Varela, to "stop beholding the blue sky and focus more on the problems that have aggravated du to his slowness".
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