Panama: $2.9 Billion in Tourism Investment over Five Years

As of last year there were 19,688 vacation rooms in Panama, 1,713 more than in 2009 and it is estimated that the number will continue to rise. The increase in tourism infrastructure has been matched by increasing numbers of travelers. It is anticipated that this will put further pressure on the employment market in coming years with 12,000 new positions to be filled.

The Achilles' heal of the Panamanian tourism sector continues to be the lack of skilled labor for looking after visitors. The shortage is present at all levels: managers, chefs, waiters, maintenance staff and cleaners, and is believed to be the reason for the number of experienced staff being headhunted by hotels.

At the same time, while the number of visitors is increasing, Panama is still without a brand that distinguishes from other countries.

Source: Prensa.com

More on this topic

Panama: Investments and FTA needs qualified labor

December 2008

Panama may lose a lot of foreign investments due to the lack of qualified personnel for specialized jobs, even though it has the infrastructure and an excellent location for doing business.

"It must be noted that there are many things working in Panama's favor with the FTA's and these represent an increase in exports, and the country has manage to attract a lot of foreign investments," indicated Alejandro Ferrer, ex minister of Trade and Industry.

How Much Tourism Generates for in Central America

October 2011

During 2010, tourism revenues were $7,341 million, of which $2552 were generated in Panama, $1961in Costa Rica, $1378 in Guatemala, $650 in Honduras , $518 in El Salvador, and $281 in Nicaragua, .

According to a preliminary report by the Central American Tourism Integration Secretariat (SITC in Spanish), tourism revenues in the region grew by 0.9% compared to 2009 and the number of visitors increased by 3.8%.

Growing Investment in Panamanian Beach Tourism

May 2012

In 2011 $405 million was invested in projects in the tourism sector, and 2012’s investment is estimated at $842 million.

From a press release from the Tourism Authority of Panama (ATP):

There is no doubt that tourism in Panama is taking giant leaps when beach projects are attracting thousands of visitors from around the world who choose to come to the isthmus to have their best vacation ever.

Panama Must Import Labor

November 2010

There isn´t adequate availability of skilled labor to build, manage and administrate the ambitious projects of the state's infrastructure plan.

The construction of the first Metro line involves 3,000 jobs, the redevelopment of the Canal another 6,000 and other infrastructure projects raise the total to 34,000 direct jobs which will be created by 2011.