Panama already seeing Bond boost in national economy

15-Jul-2008 • Bond News

Panama's tourism, shipping and energy industries helped the nation's economy grow 11.2 percent last year, reports the Houston Chronicle.

Now, the Central American nation is looking at ways to encourage the development of the movie-making business.

"It's one industry that creates jobs very fast," said Carmen Gisela Vergara, Panama's minister of commerce and industry who spoke at a Greater Houston Partnership event Monday.

The latest James Bond flick, Quantum of Solace, was filmed in Panama, said Vergara, who visited Houston to inaugurate the southwest chapter of the U.S.-Panama Business Council here.

"They injected a huge amount of money into Panama," Vergara said.

The government is encouraging construction of a film studio in Panama and allowing companies to apply for filming permits online.

Part of the nation's growth strategy also includes inking a free trade agreement with the U.S., which has stalled in the U.S. Congress.

Vergara said Panama is also negotiating agreements with Canada, the European Union and a pact of Caribbean nations. Free trade agreements with Colombia and South Korea have stalled, and the Bush administration continues to lobby for the pacts, saying that they make U.S. goods more competitive.

"You're starting to see countries move forward on free trade agreements with other countries that are not the U.S.," said Israel Hernandez, U.S. Department of Commerce Assistant Secretary for Trade Promotion and Director General of the U.S. and Foreign Commercial Service. "We should not retreat."