{"id":31728,"date":"2021-07-26T11:17:00","date_gmt":"2021-07-26T16:17:00","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=31728"},"modified":"2021-07-26T11:17:00","modified_gmt":"2021-07-26T16:17:00","slug":"millicom-pledges-250m-long-term-investment-panama","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/millicom-pledges-250m-long-term-investment-panama\/","title":{"rendered":"Millicom pledges $250m long-term investment in Panama"},"content":{"rendered":"<p><a href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2021\/07\/millicom.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-31729\" src=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2021\/07\/millicom.jpg\" alt=\"\" width=\"410\" height=\"416\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2021\/07\/millicom.jpg 410w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2021\/07\/millicom-296x300.jpg 296w\" sizes=\"auto, (max-width: 410px) 100vw, 410px\" \/><\/a><\/p>\n<p>In a meeting between Millicom CEO Mauricio Ramos and Panamanian President Laurentino Cortizo Cohen, Ramos announced major investment plans, as well as the creation of a Fintech Hub<\/p>\n<div class=\"Article_Body\">\n<p>Millicom is keen to demonstrate its commitment to advancing the digitalisation of Panama, announcing a plan to invest $250 million into their local business over the 2021\u20132022 period.<\/p>\n<p>The funds will be used to expand Millicom\u2019s fixed and mobile networks, including to underserved areas such as Bocas del Toro, Dari\u00e9n, Cocl\u00e9 and Indigenous Comarcas, thus contributing to the government\u2019s strategy of closing the digital divide.<\/p>\n<p>The news comes following a meeting between Millicom CEO Mauricio Ramos and Panamanian President Laurentino Cortizo Cohen yesterday, in which Ramos outlined his plans for continued investment in Panama and the wider Central American region.<\/p>\n<p>\u201cBy working together with the government, we are enabling expanded and improved access to telecommunications, adding to the country&#8217;s competitiveness, and creating a better, increasingly digital future for all the communities we proudly serve,\u201d said Ramos. \u201cWe share the same ambition: to bring progress to all corners of the country and promote the sustainable digitalization of Panama.\u201d<\/p>\n<p>As is becoming an increasingly common phrase throughout the telecoms industry, President Cortizo said that Millicom must be a \u2018facilitator\u2019 for digitalisation, just as it was the government\u2019s responsibility to be a facilitator for investment.<\/p>\n<p>\u201cAs we sit here today, the decision has been made to modernize the network, impacting 800,000 Panamanians, of which 200,000 had no coverage. Millicom\u2019s investment of $250 million will have great social and economic impacts and will provide coverage to locations that are difficult to access, which is part of the Colmena Plan,\u201d noted the President.<\/p>\n<p>Ramos said that the company is already working hard to rapidly improve coverage and bring connectivity to those currently cut off from engaging in the digital world. Since the start of May this year, 78 new mobile sites have been deployed throughout the company, expanding Millicom\u2019s coverage to over 450,000 people. By the end of the year, 143 new sites will be added around Panama.<\/p>\n<p>Beyond improving coverage, Millicom has also announced that it has selected Panama as their Financial Hub in the region, from which the company will expand their mobile financial services throughout the region. Millicom\u2019s mobile banking platform, operating as Tigo Money in Latin America, reportedly doubled its digital transactions on the platform in the last year.<\/p>\n<p>Panama is not the only LatAm market where Millicom is increasing its investment. The company is reportedly investing $135 million to upgrade its 4G networks in Bolivia, Honduras and Paraguay, tapping Ericsson for 5G-ready equipment. As a result, Ericsson will become Millicom\u2019s sole network equipment vendor in these three markets.<\/p>\n<p>\u201cIt makes things easier at a market level, at a country level, that seems to be the recipe for us,\u201d Millicom CTIO Xavier Rocoplan told\u00a0<em><a href=\"https:\/\/www.fiercewireless.com\/operators\/millicom-embarks-latin-america-network-upgrade-ericsson-targets-4g-adoption\">Fierce Wireless<\/a><\/em>. \u201cThat way you have scale by market directly. So these markets are going 100% to Ericsson now.\u201d<\/p>\n<p>According to Rocoplan, expanding 4G services throughout the region is a priority, but one that may not rest entirely on terrestrial infrastructure. Noting the difficult geography inherent to some of these markets, Rocoplan said that\u00a0<a href=\"https:\/\/www.fiercewireless.com\/tech\/millicom-keeping-eye-leo-satellite-tech-to-extend-mobile-coverage-ctio-says\">satellite connectivity<\/a>\u00a0could be an efficient way of delivering connectivity to hard-to-reach areas.<br \/>\nGet Vaccinated and stay safe!!<\/p>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f16536-o1\" lang=\"\" dir=\"ltr\" data-wpcf7-id=\"16536\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/31728#wpcf7-f16536-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"16536\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.6\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" 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investment<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[242,12,241,39,248,34,33,62,42,219,11,249,243,7,246,244,262,281],"class_list":["post-31728","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-boca-chica-real-estate","tag-boquete","tag-boquete-real-estate","tag-buenaventura","tag-casco","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-papers","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-safety-in-panama-panama-real-estate-bocas-del-toro","tag-travel-to-panama-rent-in-boquete-expat-tourism"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - 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