Foreign Investment in Panama Increases Temporary Housing Business for Senior Executives

    PANAMA CITY, Jan. 14 /CNW/ -- Representatives of Panama and Canada
recently initiated in the Panamanian capital the second round of negotiations
for the signing of a Free Trade Agreement (FTA).  Among the topics covered in
this round were rules of origin, customs procedures, trade in services and
market access.
    Data from the Republic of Panama Controller's Office show Canada ranking
30th among Panama's trade partners, with US$53.3 million in total trade in
2007. Canada's Gross Domestic Product (GDP) is 67 times that of Panama, which
shows the great potential for growing small and medium-sized businesses.
    Panama Corporate Living (PCL), a pioneer company offering temporary
housing for executives and businessmen, has leveraged this relationship and
with an investment upwards of one million dollars has managed to capture a
large number of investors. PCL has more than 100 apartments in Panama City, 96
percent occupied, in such exclusive districts as Punta Paitilla, San
Francisco, Costa del Este, El Cangrejo, El Dorado and Obarrio.
    PLC president David Lorber views the future of the business with
optimism, stressing the many benefits that Panama has to offer. "Our temporary
corporate housing service has established itself as an alternative for
long-term stays with a high level of quality," he said.
    Lorber points to the fact that apartments are completely furnished, with
bedding, fully equipped kitchens, high-speed Internet service, cable TV,
phone, electricity, and washer-dryer, among other things.
    One of the advantages of using temporary corporate housing is that no
lease or security deposit is required and the cost is set per apartment and
not on a per-person basis.
    Economists are predicting Panama could surpass Costa Rica in the near
term as the largest recipient of foreign investment in Central America. The
global crisis affecting the world's leading economies could benefit Panama, a
country positioned as a development pole with great opportunities, thanks to
its extraordinary economic growth.

    Carla Baule
    VOX Comunicaciones
    (507) 6612-6122


For further information:

For further information: Carla Baule, VOX Comunicaciones, 507-6612-6122,

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