Panama is located on the Isthmus of Panama, a narrow stretch of terrain between the Caribbean Sea and the Pacific Ocean. Between 1538 and 1821, Panama was part of the Spanish Empire until the Latin American wars of independence.
Search our Course Catalogue for all Panama Courses
Popular courses for Panama
Panama Today
Panama is perhaps best known for the Panama Canal, an achievement of mankind which linked the West to the East and took months off travelling time from Europe to Asia. With American funding, the canal opened in 1914 and is currently being expanded. This project could double the Canal’s capacity and is expected to be completed by 2015. Thanks to its strategic importance and booming industries, Panama is an attractive place to do business. It is essential to understand Panamanian culture and society prior to doing business there.
Panamanian Culture – Key Concepts and Values
Religion –85% of the population is Roman Catholic and there is a strong adherence to religion. This also includes folk beliefs which are mixed with Catholic dogma to form a unique take on western religion.
Family – Family ties and relationships are very important in Panama. Panamanian families are often very large and close and relatives live nearby. Family commitments will often overtake those of the individual and might also have an influence on business.
Intercontinental Mix – Due to Panama’s geographic location between North America and Latin America and its history of American interventions, Panamanians tend to be influenced by a mix of both cultures. This creates a complex societal mix which must be considered before doing business in Panama.
Doing Business in Panama
Panama has a diversified economy mainly based on its services sector including banking, commerce, tourism and trading. The Panama Canal plays a major role in the trade and global influx in and out of the country. Panama is heavily investing in infrastructure which has led to high economic growth in the last years. Due to the expansion of the Canal, the economy is expected to experience even more growth in the coming years. Doing business successfully with counterparts in Panama requires a comprehensive understanding of Panama’s social and business culture.
Panama Business Part 1 – Working in Panama: Working practices in Panama
Structure and hierarchy in Panamanian companies
Working relationships in Panama
Panama Business Part 2 – Doing Business in Panama: Business practices in Panama
Panamanian business etiquette (Do’s and Don’ts)
DO begin conversations with small talk. Talk about sports, hobbies etc.
DO make eye contact in conversation. It shows interest in the subject and creates an atmosphere of trust.
DO remember to use titles when talking to your Panamanian colleagues.
DON’T give gifts when entertaining work colleagues and counterparts.
DON’T point your index finger as this is considered rude and vulgar. Use your full hand to indicate.
DON’T be too loud or wild when conversing with Panamanians. Allow them to take the lead.
Panama Culture Quiz – True or False
1. Panamanian culture and society has been partly affected by the Americans.
2. You should always bring gifts on business meetings and events.
3. Many Panamanians speak English.
4. Titles are unimportant in Panamanian society so using first names is more prominent.
5. You should mention political events to show you are up-to-date with local events.
Panama Culture Quiz – Answers
1. True. The US has had a big influence on Panamanian culture.
2. False. Panamanian business people appreciate a follow-up thank-you note but gift-giving is uncommon.
3. True. English language ability is high in Panama with many Panamanians speaking English as well as Spanish.
4. False. Titles should always be used. Only use first names once a strong and lasting relationship has been forged.
5. False. Avoid conversation taboos such as politics. Small talk should be based around hobbies, baseball and soccer etc.
Panama Today
Panama is perhaps best known for the Panama Canal, an achievement of mankind which linked the West to the East and took months off travelling time from Europe to Asia. With American funding, the canal opened in 1914 and is currently being expanded. This project could double the Canal’s capacity and is expected to be completed by 2015. Thanks to its strategic importance and booming industries, Panama is an attractive place to do business. It is essential to understand Panamanian culture and society prior to doing business there.
Panamanian Culture – Key Concepts and Values
Religion –85% of the population is Roman Catholic and there is a strong adherence to religion. This also includes folk beliefs which are mixed with Catholic dogma to form a unique take on western religion.
Family – Family ties and relationships are very important in Panama. Panamanian families are often very large and close and relatives live nearby. Family commitments will often overtake those of the individual and might also have an influence on business.
Intercontinental Mix – Due to Panama’s geographic location between North America and Latin America and its history of American interventions, Panamanians tend to be influenced by a mix of both cultures. This creates a complex societal mix which must be considered before doing business in Panama.
Doing Business in Panama
Panama has a diversified economy mainly based on its services sector including banking, commerce, tourism and trading. The Panama Canal plays a major role in the trade and global influx in and out of the country. Panama is heavily investing in infrastructure which has led to high economic growth in the last years. Due to the expansion of the Canal, the economy is expected to experience even more growth in the coming years. Doing business successfully with counterparts in Panama requires a comprehensive understanding of Panama’s social and business culture.
Panama Business Part 1 – Working in Panama: Working practices in Panama
Structure and hierarchy in Panamanian companies
Working relationships in Panama
Panama Business Part 2 – Doing Business in Panama: Business practices in Panama
Panamanian business etiquette (Do’s and Don’ts)
DO begin conversations with small talk. Talk about sports, hobbies etc.
DO make eye contact in conversation. It shows interest in the subject and creates an atmosphere of trust.
DO remember to use titles when talking to your Panamanian colleagues.
DON’T give gifts when entertaining work colleagues and counterparts.
DON’T point your index finger as this is considered rude and vulgar. Use your full hand to indicate.
DON’T be too loud or wild when conversing with Panamanians. Allow them to take the lead.
Panama Culture Quiz – True or False
1. Panamanian culture and society has been partly affected by the Americans.
2. You should always bring gifts on business meetings and events.
3. Many Panamanians speak English.
4. Titles are unimportant in Panamanian society so using first names is more prominent.
5. You should mention political events to show you are up-to-date with local events.
Panama Culture Quiz – Answers
1. True. The US has had a big influence on Panamanian culture.
2. False. Panamanian business people appreciate a follow-up thank-you note but gift-giving is uncommon.
3. True. English language ability is high in Panama with many Panamanians speaking English as well as Spanish.
4. False. Titles should always be used. Only use first names once a strong and lasting relationship has been forged.
5. False. Avoid conversation taboos such as politics. Small talk should be based around hobbies, baseball and soccer etc.