Insurance sales up 11 percent

Although there is a global recession, Panama is continuing to do well and a demonstration of that can be seen in the insurance sector, said Quijano.

Talking about the mining sector in Panama, he said that currently there are hundreds of requests from different companies which want concessions to exploit minerals in the country.

These are currently being evaluated to decide if they will be granted.

One of the concessions which is progressing well is Minera Panama, the Canadian company that is planning to exploit copper in Coclesito, Colon, said Quijano

The company's environmental impact studies were recently approved by the National Environment Authority (ANAM) and it will invest around $1.5 billion in the project.

Meanwhile the Foreign Commerce deputy minister, Jose Domingo Arias, said that the planned new cinema law will promote the film industry which could potentially generate millions of dollar for the country.

Arias said that the plan is to make Panama into a hub for film studios that coming to the isthmus looking for locations and employing Panamanian technicians to work on those productions.

The deputy minister also announced that there are plans to revive Law 41 that was derogated by the Martin Torrijos Administration to encourage more multinationals to come to Panama.

Law 41 gave a series of tax incentives to foreign companies that open operations in Panama and its main goal was to generate employment and develop the industrial sector.

Arias said that although the economic situation is bad around the world Panama is continuing to attract investors due to the megaprojects that are taking place in the isthmus.