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Panama. Presented By: Kadell James Carl Krimminger Monica Washington. Panama. Panamanian Flag. Coat of Arms. Panama is often called the Funnel of World Commerce connecting North & South America. It’s where cultures come together & the America’s meet. Demographics.

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Panama

Panama

Presented By:

Kadell James

Carl Krimminger

Monica Washington


Panama

Panama

Panamanian Flag

Coat of Arms


Panama

Panama is often called the Funnel of World Commerce connecting North & South America

It’s where cultures come together & the America’s meet


Demographics

Demographics

  • Capital: Panama City

  • Official Language: Spanish

  • Government: Constitutional Democracy

  • In 2008, population est. @ 3,309,679.

  • Capital: Panama City Pop. 451,000

  • Area: 29,157 sq mi

  • Water about 2.9% of the total area

  • GDP in 2008 $42.446 billion

  • Currency: Balboa and US dollars


Ethnic groups

Ethnic Groups

  • 58.1% Mestizo14% Black and Mulatto6.7% Amerindian8.6% White5.5% Asian7.1% other (2000)

  • Religions:

    • Roman Catholic 85%

    • Protestant 15%


Panama

About 38% of the land is part of the Rain Forest. The Panama Canal is 50 miles long, dividing the country into eastern & western regions. And the once American territory was 5 miles on each side of the canal.

The whole country is a little smaller than South Carolina surface wise.


Panama

Occupations

Panama Firemen marching in a parade

Shop owner – most were Hindu descent

Tugboat being repaired in dry dock


Power distance index

Power Distance Index

  • Panama: High PDI

    • inequalities of power and wealth have been allowed to grow within the society

  • U.S: Low PDI

    • society de-emphasizes the differences between citizen's power and wealth

  • Highest PDI of all Latin American countries


How pdi effects business

How PDI effects business…

Source: http://www.mindtools.com/pages/article/newLDR_66.htm


Individualism vs collectivism

Individualism vs. Collectivism

  • Panama: Collective

    • Strong group relationship

    • Loyalty very important

  • U.S: Individualistic

    • Individuals and their immediate family


How individualism collectivism effects business

How individualism/collectivism effects business…..

Source: http://www.mindtools.com/pages/article/newLDR_66.htm


Masculinity vs femininity

Masculinity vs. Femininity

  • Panama: Masculine/Feminine

    • Mixture of aggressiveness and sensitivity

  • U.S: Masculine

    • Aggressiveness and assertiveness


How masculinity femininity effects business

How Masculinity/Femininity effects business…

(Panama)

Source: http://www.mindtools.com/pages/article/newLDR_66.htm


Uncertainty avoidance

Uncertainty Avoidance

  • Panama: High UAI

    • Low tolerance for uncertainty and ambiguity

  • Reasons

    • 94% Roman Catholic

    • Attitude: “There can only be one Truth and we have it”

  • U.S: Average UAI

    • More accepting of change & opinions


How uncertainty avoidance effects business

How Uncertainty Avoidance effects business…

Source: http://www.mindtools.com/pages/article/newLDR_66.htm


Final business tips

Final Business Tips….

  • Men’s Dress: conservative suits

  • Women’s Dress: non-revealing dress or shirt and

    blouse

  • Business cards: Spanish & English

  • Dining: host at one end, guest of honor at other end

  • Begin conversations with “small talk”

  • Good conversation topics: family, sports, hobbies

  • Bad conversation topics: race problems, Canal Zone,

    politics


Why bring your money to panama

Why Bring your money to Panama?


Why come panama

Why come Panama?

  • Open door policy on foreign investment

  • Economy based in U.S. dollar

  • Low inflation rate

  • No foreign exchange risk


Factors that attract business

Factors that Attract Business

  • Government policies and ideas

  • Colon Free Zone

  • Panama Canal

  • Tax Incentives and Labor Cost


Government

Government

  • Democratically operated

    • Lends itself to capitalism

  • President Torroijos

    • Plans to expand Panama Canal and increase economic development

  • Trade Liberization Program

    • Decreased tariff ceiling


Colon free trade zone

Colon Free Trade Zone

  • Re-Exports a wide variety of merchandise across Latin America and various areas

  • No tariffs and quotas in “free zone”

    • no sales tax

    • no production tax

    • exemption on income derived from abroad

    • no tax duty on imports to re-exports from the free zone to foreign countries


Panama canal

Panama Canal

  • Currently undergoing improvements to area that are estimated at about $1 billion

  • Opportunity for hotels and tourism

  • Business possibilities from canal expansion

    • Transportation systems

    • Ship owners, repairs, etc.

    • New residential construction


Panama canal1

Panama Canal


Tax incentives and labor

Tax Incentives and Labor

  • Minimum Wage $1.22

    • $350 average monthly salary

  • Labor force of 961,403

  • Investment Stability Law

  • Special Tax Incentives for Tourism

    • 100% tax exemption on income and property for 15 years


Panama city

Panama City


Panama city1

Panama City


New construction in panama city

New construction in Panama City


Muchas gracias alguna pregunta

Muchas Gracias, Alguna Pregunta?


References

References

Hofstede, Geert (2005). Cultures and Organizations: Software of the Mind. 2nd ed.

Mitchell, Charles (2002). A Short Course in International Business Culture. 3rd ed.

http://www.businesspanama.com

http://www.cyborlink.com/besite/panama.htm

http://www.geert-hofstede.com/hofstede_panama.shtml

http://www.geert-hofstede.com/hofstede_united_states.shtml

http://www.mindtools.com/pages/article/newLDR_66.htm


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