In Panama the labor law allows for only 10% of the labor force in a company to be a foreigners, a limitation which is threatening the country’s competitiveness.

In the forum ‘Growth and Risk of Panama’s Economic Future’, organized by the Chamber of Commerce and the British Embassy, the consensus was that Panama could lose its competitiveness if its human capital does not specialize to levels required by companies installed in the country.

As expressed by Ricaurte Vásquez, former Minister of Economy and Finance, “Panama has the human capital, but requires 10 to 15 years to see the results of the changes that are being made in education”, while companies require qualified staff which the country is unable to provide.

Laestrella.com.pa reports that “According to Tomás Bermudez, representative in Panama of the Inter-American Development Bank, the solution is simple: the rule that prevents more than 10% of foreign employees should be relaxed or eliminated. Kristelle Getzler, secretary of Economy and Competitiveness of the Presidency, said staff were being trained for specific jobs such as the expansion of the Panama Canal, in addition, the education system is focusing on careers that will be in great demand in the future. ”

Source: laestrella.com.pa