Job Opportunities in Panama

Job Opportunities in Panama 

Panama’s economy has one major asset: The Panama Canal. The 77-km long canal connecting the Pacific and the Atlantic Ocean provides numerous employment opportunities for people in Panama. InterNations has compiled some useful information for expats interested in working in Panama.

Finding a Job in Panama

The key thing to remember is that you’re much more likely to find a job with an international company located in one of the special economic or free zones than with a domestic one. This is because multinational corporations are not bound by the 10% rate when it comes to hiring foreign staff at management or executive level. Some global corporations with regional headquarters in Panama are, among others, Adidas, AES, Caterpillar, Hyundai, Maersk, Mars, Nestlé, SABMiller, and Western Union.

Summary 

The Republic of Panama, situated on the Isthmus of Panama

ECONOMY

Panama depends largely on its privileged geographical position: the economy is based on a well-developed services sector, including the Panama Canal, banking, insurance, government, the transPanamanian oil pipeline, and the Colón Free Zone. The Panama Canal and the monetary regime anchored in the use of the US dollar as legal tender spurred the rapid development of the service economy which offset markedly unfavorable terms of trade. The unique monetary system played a significant role in the creation of an International Banking Center and the Colón Free Zone.

Whereas many countries were characterized by a growing protectionism in the late 1940s, Panama launched the Colón Free Zone (the world's largest free zone, with Hong Kong as the largest free port). Panama also earned substantial rents through the construction of the trans-Panamanian oil pipeline and by the licensing of the Panamanian flag to merchant ships from around the world.

TOURISM

Travel facilities within Panama are good; Panama City and Colón are only one hour apart by road or rail. In addition to the Panama Canal itself, tourist attractions include Panama City, beach resorts in the Pearls Archipelago and San Blas Islands, the ruins of Portobelo, and the resort of El Valle in the mountains. Water sports, tennis, golf, and horse racing are popular. Nature treks and historic tours also attract visitors to Panama. Citizens of the United States and Canada need only a valid passport and tourist card to enter Panama. Other foreign nationals are required to have a valid passport, and either a visa or tourist card; both card and visa are valid for up to 90 days.

Job Opportunities 

In 2005 , Panama 's workforce was Estimated at 1.39 million. As of 2003 , the services sector, Accounted for 65.2 % of the work force , With 17.51 ​​% in agriculture , 17.2 % in industry , and 0.1 % in undefined occupations . Panama 's workforce is marked by an abundance of unskilled laborers , but a shortage of skilled workers . The unemployment rate rose from 11.8 % in 1985 to 17 % in 1990 , and then a Declined to 13 % by 2000. In 2005 , the unemployment rate was at 8.7 % Estimated .

In 1999 , Panama HAD unions With over 250 private industry About 80,000 members , organized into 48 Federations and seven confederations . The Province of Panama is Where more than two- Thirds of the total number of unions are found . About 10% of the workforce was unionized as of 2001. The Confederation of Workers of the Republic of Panama , Formed in 1963 , is an affiliate of the ICFTU , and the National Center of Panamerican Workers is Affiliated With The WFTU . Strikes are permitted , and collective bargaining is Widely practiced