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Panama

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

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  1. Panama Presented By: Kadell James Carl Krimminger Monica Washington

  2. Panama Panamanian Flag Coat of Arms

  3. Panama is often called the Funnel of World Commerce connecting North & South America It’s where cultures come together & the America’s meet

  4. 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

  5. Ethnic Groups • 58.1% Mestizo14% Black and Mulatto6.7% Amerindian8.6% White5.5% Asian7.1% other (2000) • Religions: • Roman Catholic 85% • Protestant 15%

  6. 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.

  7. Occupations Panama Firemen marching in a parade Shop owner – most were Hindu descent Tugboat being repaired in dry dock

  8. 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

  9. How PDI effects business… Source: http://www.mindtools.com/pages/article/newLDR_66.htm

  10. Individualism vs. Collectivism • Panama: Collective • Strong group relationship • Loyalty very important • U.S: Individualistic • Individuals and their immediate family

  11. How individualism/collectivism effects business….. Source: http://www.mindtools.com/pages/article/newLDR_66.htm

  12. Masculinity vs. Femininity • Panama: Masculine/Feminine • Mixture of aggressiveness and sensitivity • U.S: Masculine • Aggressiveness and assertiveness

  13. How Masculinity/Femininity effects business… (Panama) Source: http://www.mindtools.com/pages/article/newLDR_66.htm

  14. 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

  15. How Uncertainty Avoidance effects business… Source: http://www.mindtools.com/pages/article/newLDR_66.htm

  16. 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

  17. Why Bring your money to Panama?

  18. Why come Panama? • Open door policy on foreign investment • Economy based in U.S. dollar • Low inflation rate • No foreign exchange risk

  19. Factors that Attract Business • Government policies and ideas • Colon Free Zone • Panama Canal • Tax Incentives and Labor Cost

  20. Government • Democratically operated • Lends itself to capitalism • President Torroijos • Plans to expand Panama Canal and increase economic development • Trade Liberization Program • Decreased tariff ceiling

  21. 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

  22. 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

  23. Panama Canal

  24. 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

  25. Panama City

  26. Panama City

  27. New construction in Panama City

  28. Muchas Gracias, Alguna Pregunta?

  29. 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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