Panama is preparing to roll out more than US$20 billion in new investments over the next year, with projects centered on the Panama Canal and other major development initiatives — and Barbados is being encouraged to get on board.
During a recent visit to Barbados, Panama’s Minister of Foreign Affairs, Javier Martínez-Acha Vásquez, delivered the keynote address at the Barbados International Business Association (BIBA) August Luncheon at the Hilton Barbados Resort. Speaking under the theme Panama, Global Business Hub and Gateway to Latin America for the Caribbean, he highlighted the deep historical and economic ties between the two nations and invited Barbados to be part of Panama’s next chapter of growth.
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Martínez-Acha Vásquez noted Panama’s consistent economic expansion since gaining control of the canal in 1999, averaging around eight percent annually. Now, under President José Raúl Mulino, Panama is set for what he called a “positive economic shock,” ushering in a new wave of development.
He identified several sectors where Barbados could play a meaningful role, particularly in tourism, renewable energy, and international business services — areas where the island has strong expertise. Panama is also targeting growth in mining, agriculture, shipping, healthcare, and digital banking for underserved regions, creating potential opportunities for Barbadian entrepreneurs and investors.
“I encourage Barbadians not only to visit Panama for shopping or tourism but to be ready for what could be the most important economic development in our region,” he said. “Together, we can build a corridor for commerce, culture, security, education, and friendship.”
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Panama’s advantages, he explained, go beyond the canal: the country is home to five of the top ports in the Americas and serves as a major air hub with direct flights connecting to Central and South America. For many Barbadians who know Panama primarily as a shopping destination, Martínez-Acha Vásquez emphasized its role as a critical trade and logistics center.
He also paid tribute to the more than 20,000 Barbadians who migrated to Panama in the early 20th century to help build the canal, acknowledging their lasting contribution.
Looking ahead, Panama is set to begin construction on two new ports as early as next year, further expanding its global reach.
For Barbados, the message was clear: Panama’s $20 billion growth plan represents not just an opportunity, but an invitation — to deepen ties, leverage expertise, and position itself as a partner in one of the region’s most ambitious development drives.
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