Panama City
Panama
GDN DESTINATION REPORT
Overview: Panama City, the capital of Panama, is a major destination for governmental and institutional events in Central America and globally. As a strategic hub for international trade and finance, Panama City plays a crucial role in global economic development, diplomacy, and regional cooperation, particularly within the Central American Integration System (SICA) and the United Nations. Panama City's world-class infrastructure, global connectivity, and leadership in regional governance make it an attractive venue for international summits and high-level governmental meetings. Identification as a Key Destination: The Governmental Destination Network (GDN) has identified Panama City as a key destination for hosting governmental events due to its strategic importance in trade, economic influence, and leadership in global governance.
Infrastructure and services
Recent Updates: Panama City has seen significant infrastructure improvements, including expansions at Tocumen International Airport, known as the "Hub of the Americas," and the development of world-class conference venues such as the Atlapa Convention Center and the Panama Convention Center. The city's hospitality sector is highly developed, with luxury hotels like the Waldorf Astoria Panama and the JW Marriott Panama offering premier accommodations for international delegations. Service Ecosystem: Panama City provides secure transportation, top-tier event management services, and quality hospitality, making it well-suited for hosting high-profile governmental and institutional meetings.
Benchmarking destinations
Comparison with Other Key Destinations: In Central America, Panama City competes with cities like Mexico City and San Jose for hosting governmental events. While Mexico City is known for its diplomatic influence and San Jose for its leadership in environmental governance, Panama City stands out for its strategic role in international trade and finance, as well as its central location in the Americas. Real Comparative Figures: According to the Panama Tourism Authority, Panama City's institutional travel sector generated approximately $2 billion in 2022, highlighting its importance as a global hub for diplomacy and international cooperation.
Growth projections
Growth Projections: Based on data from the World Bank and the International Monetary Fund (IMF), Panama City's governmental and institutional travel sector is expected to grow between 4% and 6% annually over the next five years. This growth is driven by the city's increasing role in global trade, regional diplomacy, and economic development initiatives. By 2028, Panama City's institutional travel sector could generate over $2.5 billion annually, solidifying its position as a hub for international summits and governmental meetings.
Successful experiences
A significant event hosted in Panama City was the 2022 Summit of the Americas, which brought together leaders from across the Western Hemisphere to discuss trade, sustainability, and regional cooperation. The event attracted over 5,000 delegates and generated an estimated $200 million in economic impact, according to the Panama Tourism Authority.
Testimonials
Laurentino Cortizo, President of Panama: "Panama City is becoming a key center for global trade and diplomacy, providing a platform for high-level discussions on the future of the Americas." Luis Almagro, Secretary General of the OAS: "Panama City's leadership in regional governance and economic cooperation makes it an ideal location for discussions on international trade and development."
Sustainability and Social Responsibility
Green Initiatives: Panama City has implemented sustainable practices in event management, focusing on renewable energy, waste reduction, and eco-friendly practices at key venues. These initiatives are supported by partnerships with international organizations such as the United Nations Environment Programme (UNEP). Circular Economy: The city prioritizes local procurement and the use of sustainable materials for event management, contributing to Panama's efforts to build a circular economy.
Social impact
Local Development: Governmental events in Panama City have created job opportunities in sectors such as hospitality, logistics, and security, benefiting the local economy. Concrete Actions: Panama City has partnered with international organizations to offer training programs that enhance the skills of local workers in event management, creating pathways to employment and supporting the city's growing events sector.
Conclusion
Key Points Summary: Panama City is solidifying its position as a key destination for governmental and institutional travel in Central America and globally. With its world-class infrastructure, leadership in global governance, and strategic importance in international trade, Panama City is well-positioned to continue its growth as a hub for international cooperation and high-level discussions in the coming years.
The information presented in this GDN REPORT on government destinations has been prepared to offer a comprehensive overview of the most strategic destinations globally. In this research process, a wide range of sources and studies carried out by prestigious international consulting, tourism and travel firms, as well as by international organizations such as the WTTC and UN Tourism, have been used. In addition, local, national and international reports have been incorporated, ensuring a comprehensive and global perspective. To ensure accuracy and scientific rigor, data mining techniques, algorithms and artificial intelligence have been applied in the collection and analysis of the information. The result has been synthesized and condensed to offer clear, concise and truthful data, designed to provide decision-makers with the necessary tools to understand and make the most of the potential of these destinations. Our goal is to support the planning and organization of high-level events with accurate and relevant information, thus strengthening the role of each destination in diplomacy and international cooperation.