Panama seeks to become the regional hub for congresses and conventions

The meetings industry generates productive linkages in sectors such as hospitality, transportation, gastronomy, technology, logistics, and professional services, noted the National Planning Director General of the Ministry of Economy and Finance, Rodolfo Sabonge. (MEF) Panama is betting on becoming the regional center for congresses and conventions in the Americas through state economic planning. This was stated by the National Planning Director General of the Ministry of Economy and Finance (MEF), Rodolfo Sabonge, during his participation in the 65th World Congress of the International Congress and Convention Association (ICCA). The event is being held at the Panama Convention Center in Amador and brings together representatives of the international meetings industry. Sabonge spoke on the panel "Infrastructure, financing, and incentives to create receptive ecosystems for investment events in Latin America," alongside the Executive Director of UN Tourism, Natalia Bayona. The forum addressed the financial instruments and structural conditions necessary to attract capital to competitive destinations in the region. Panama highlights its geographic position, international connectivity, dollarized economy, and specialized infrastructure. EFE/ Luis Torres According to Sabonge, Panama has specific strategic advantages to compete for a greater share of the global events market through its geographic position, international connectivity, dollarized economy, and specialized infrastructure. The official stated that these conditions also allow the country to attract investments directly linked to the meetings industry. That same argument was echoed hours earlier by President José Raúl Mulino, who during the congress's opening ceremony stated that turning Panama into the center for congresses and conventions in the Americas constitutes a strategic State decision. He based that definition on the country's connectivity, dollarized economy, and institutional conditions, under the brand positioning "Panama, host of the world." The Ministry of Economy and Finance maintains that the meetings industry generates productive linkages in hospitality, transportation, gastronomy, technology, logistics, and professional services, and that this activity can become a platform for diversifying the economy and strengthening the national competitiveness of the Central American country. Favorable conditions also allow the country to attract investments directly linked to the meetings industry. Sabonge highlighted the role of public-private partnerships and cooperation with multilateral organizations to structure sustainable infrastructure projects. Among those organizations, he mentioned the Development Bank of Latin America and the Caribbean (CAF) and the Inter-American Development Bank (IDB). The official explained that these cooperation mechanisms are supported by feasibility studies and demand analyses. This structure makes it possible to mobilize capital, distribute risks among the actors involved, and improve the efficiency of both public and private investment. From the perspective of national planning, Sabonge raised the need to link the meetings industry with the sectors that offer the greatest opportunities for growth and economic diversification. He specifically mentioned maritime, port, and logistics activities, financial services, agribusiness, technology, innovation, and the sciences. The MEF's National Planning Director argued that these sectors have the capacity to attract business, generate added value, and strengthen Panama's insertion into international markets. To that list he added opportunities for collaboration with sustainable tourism, education, scientific research, energy, infrastructure, aviation, commerce, and specialized services. For Sabonge, this integration would allow for expanding the offering of international congresses and promoting the transfer of knowledge and technology to the country. It would also strengthen national supplier chains and generate new opportunities for Panamanian small and medium-sized enterprises. The need was raised to link the meetings industry with the sectors that offer the greatest opportunities for growth and economic diversification. The MEF official also noted that linking these sectors with the different regions of the country would help drive territorial development. That strategy would seek to diversify economic activity and distribute the benefits of investment beyond the Panamanian capital. Along those lines, Sabonge emphasized that international congresses constitute an opportunity to capture specialized knowledge and facilitate technology transfer to different areas of the country. He stated that this type of event also makes it possible to establish business alliances and connect investment with the productive capacities of the different Panamanian regions.