Introduction

Panama’s tourism sector is gaining global attention as a prime destination for investment and sustainable development. The Tourism Doing Business – Investing in Panama guide, launched during FITUR—the leading tourism fair for the Ibero-American world—provides a comprehensive analysis of the country’s tourism potential. The guide, prepared by CAF—Development Bank of Latin America and the Caribbean—and UN Tourism, highlights Panama as a strategic location for local investments and a gateway for regional expansion.

Panama’s Strategic Advantage in Tourism

Panama’s unique geographical position, political stability, and continuous economic growth make it an attractive destination for tourism-related businesses. The Tourism Doing Business – Investing in Panama guide positions the country as a global leader in connectivity and logistics. With a world-class logistics platform, Panama serves as a maritime and air transport hub, facilitating the movement of goods and travelers across the globe. The expansion of Tocumen International Airport, known as the “Hub of the Americas,” further strengthens Panama’s role as a key transit point, enhancing tourism opportunities in Panama.

Sustainable Tourism Growth and Investment Potential

Investments in infrastructure and economic sectors related to tourism have the potential to benefit the entire Panamanian population. CAF and UN Tourism promote green, inclusive, and sustainable tourism growth. As such, the guide underscores the need for investment in projects that align with environmental sustainability, cultural preservation, and digital transformation.

Sergio Díaz-Granados, Executive President of CAF, highlighted that the tourism sector plays a crucial role in the triple transition—green, digital, and energy—with a strong focus on human development. He stressed that climate change adaptation initiatives and biodiversity conservation efforts complement tourism growth, ensuring long-term sustainability.

Panama’s Commitment to Green, Blue, and Cultural Heritage Tourism

According to Gloria de León Zubieta, Minister of the Panama Tourism Authority, the country offers sustained opportunities in three key tourism areas:

• Green Tourism: Panama has significantly expanded its protected areas from 33% to 54%, demonstrating a strong commitment to conservation. As one of the few nations with negative carbon emissions, Panama provides an ideal environment for ecotourism and nature-based travel experiences.
• Blue Tourism: With its extensive coastlines along the Pacific Ocean and the Caribbean Sea, Panama is an emerging destination for marine tourism, including scuba diving, sustainable fishing, and adventure sports.
• Cultural Heritage Tourism: Rich in history and traditions, Panama boasts UNESCO World Heritage sites, indigenous communities, and historic landmarks such as Casco Viejo and the Panama Canal. Expanding heritage tourism routes further enhances tourism opportunities in Panama.

Zurab Pololikashvili, Secretary-General of UN Tourism, praised Panama’s leadership in environmental preservation and highlighted the nation’s ability to attract investment through sustainable tourism initiatives. With an ambitious infrastructure agenda, Panama is well-positioned to foster tourism growth while maintaining its ecological and cultural heritage.

Infrastructure Developments and Modernization

Panama’s government and private sector continue to invest in infrastructure that supports the tourism industry. Major projects include:

• Expansion and modernization of airports, roads, and tourism facilities.
• Developing sustainable hotels and resorts in key destinations such as Bocas del Toro, Boquete, and the Pearl Islands.
• Digital transformation initiatives to enhance visitor experiences through innovative tourism solutions and digital payments.
• Improvements in public transportation, including metro and bus systems, to facilitate tourist mobility.

These efforts create a fertile ground for tourism investments aligned with principles of innovation, accessibility, and sustainability.

Economic Stability and Investment Security

Panama’s economic strength adds another layer of appeal for investors in the tourism sector. The Tourism Doing Business—Investing in Panama guide presents the country as a safe and stable destination for tourism investments. With a GDP growth of 10.8% in 2022 and 7.3% in 2023, Panama ranked as the second-fastest-growing economy in the region. While growth is expected to moderate to 2.5% in 2024, the country remains an attractive investor hub.

Panama has been a CAF member since 1997, benefiting from financial and technical support across key sectors. CAF has approved 105 credit operations exceeding $7 billion to enhance the country’s infrastructure, education, water supply, telecommunications, and social development. These investments directly contribute to improving the tourism sector, reinforcing tourism opportunities in Panama for both local and foreign investors.

Emblematic Tourism Projects and Future Outlook

Several flagship tourism projects further showcase Panama’s potential:

• Heritage Route Expansion: Strengthening historical and cultural tourism by restoring colonial sites and indigenous heritage trails.
• Ecotourism Development: Enhancing national parks and protected areas for sustainable tourism, including wildlife observation and adventure tourism.
• Luxury and Wellness Tourism: Encouraging investments in high-end resorts and wellness retreats catering to international travelers.
• Cruise and Marina Expansions: Increasing Panama’s presence in the cruise tourism industry with modernized ports and facilities.

The future of Panama’s tourism sector looks promising, with continued support from international organizations like UN Tourism and CAF. As the country advances in green, digital, and economic transitions, tourism opportunities in Panama will continue to expand, solidifying its position as a premier destination for investment and sustainable tourism growth.

Conclusion

Panama’s strategic location, environmental commitment, and substantial economic performance make it a prime location for tourism investments. The Tourism Doing Business – Investing in Panama guide highlights key opportunities for businesses and investors, emphasizing sustainability and innovation. With a focus on green, blue, and cultural heritage tourism, Panama offers a diverse and dynamic environment for growth in the sector. As infrastructure projects continue and new tourism initiatives emerge, the country remains a top destination for those seeking to capitalize on tourism opportunities in Panama.

The Best Alternatives, the Most Valued Areas, and the Right Time to Invest

Investors worldwide are increasingly paying attention to Uruguay’s thriving real estate market. Known for its political stability, robust economic framework, and high quality of life, the country has become a beacon for individuals and companies seeking lucrative real estate ventures. Experts recommend focusing on key areas like Punta del Este, Montevideo, and Maldonado. Additionally, innovative investment options are lowering entry barriers, making investing in real estate in Uruguay easier than ever.

A Highly Profitable Alternative

A Statista report (2025) states that Uruguay’s real estate market outlook is highly optimistic. Projections indicate it will surpass $260 billion by 2025, with consistent growth expected in the following years. This upward trajectory is driven by several key factors, including:

• Sociopolitical stability: Uruguay has long been regarded as one of Latin America’s most politically stable countries.
• A strong macroeconomic environment: Sustained GDP growth and low inflation rates provide a favorable setting for investment.
• Low country risk: Uruguay boasts the lowest country risk index in the region, enhancing investor confidence.
• Pro-investment regulatory frameworks: Laws and incentives facilitate diverse real estate projects, from urban housing to large-scale tourism developments.
• Growing tourism and infrastructure investment: Uruguay’s efforts to enhance its tourism appeal have further stimulated the real estate market.

These factors collectively make it an ideal time to invest in real estate in Uruguay, especially for those seeking long-term returns and security.

Real Estate Development in Uruguay

At the Forbes Real Estate Summit 2025, experts discussed the latest trends and opportunities in Uruguay’s real estate sector. Francesca Magno, a partner at Andersen Uruguay, highlighted a growing trend: “International clients looking for a place to live and invest are often surprised by Uruguay’s high and globally competitive returns on real estate development.”

Property Transactions and Investment Opportunities

Specialists at Berserkers Finance have noted that Uruguay’s real estate sector offers diverse opportunities, including:

• Residential properties: These cater to families and professionals moving to Uruguay.
• Commercial properties: Ideal for businesses seeking expansion in a stable market.
• Rental and tourism properties: Uruguay’s booming tourism sector makes rental properties near the coast particularly attractive.

The most dynamic cities for these investments include:

Punta del Este

Known as the “Monaco of South America,” Punta del Este boasts pristine beaches, luxury resorts, and a vibrant real estate market. Projects like Torres Cardinal, Manglar, and Walmer Lagoon have elevated the city’s appeal. Whether targeting high-end vacation rentals or permanent residences, investors can expect strong demand and excellent returns.

Montevideo

Uruguay’s capital is a hub of economic activity and cultural vibrancy. The city’s growing population and expanding infrastructure have driven demand for residential and commercial properties. Landmark developments such as Cala del Yacht, BeOne, and Newland cater to various investor profiles. For those looking to invest in real estate in Uruguay, Montevideo offers unmatched diversity and potential.

Maldonado

Located near Punta del Este, Maldonado combines tranquility with accessibility. Its lower entry costs and proximity to major attractions make it an excellent choice for budget-conscious investors. Projects like Laguna de los Cisnes, Newland, and Torres Cardinal provide comfort and potential appreciation.

New Ways to Invest

Uruguay’s real estate market is evolving, offering innovative ways to participate:

• Pre-construction purchases or trust funds: This system enables buyers to acquire property during construction by making regular contributions. For example, Pilay square meters allow incremental investment, making it ideal for those with limited initial capital.
• Crowdfunding: Platforms like Bricksave allow multiple investors to pool resources to purchase shares in a property, offering fixed returns without the need for significant upfront investment.
• Tokenized property shares: Blockchain technology has introduced an exciting new option for real estate investment. Platforms like Reental and Kodo Assets offer tokenized property shares, enabling investors to enter the market with minimal capital while benefiting from monthly returns.

These approaches have revolutionized how people invest in Uruguay’s real estate, making the market more accessible to a broader audience.

Why Now is the Right Time

Uruguay’s real estate market has entered a phase of unprecedented opportunity. Economic stability, growing tourism, and an influx of international residents have created a perfect storm for investment. The country’s favorable regulations and low barriers to entry further enhance its appeal.

Moreover, Uruguay’s focus on sustainability and green building practices aligns with global trends. For instance, energy-efficient developments and eco-friendly construction methods are becoming standard in cities like Montevideo and Punta del Este. These features attract environmentally conscious buyers and increase property values over time.

Conclusion

Uruguay is one of Latin America’s most secure and profitable real estate markets. Opportunities abound whether investing in luxury properties in Punta del Este, family homes in Montevideo, or budget-friendly options in Maldonado. Innovative platforms and investment methods, such as crowdfunding and tokenized shares, have further democratized access to this lucrative market.

The time is for those looking to invest in real estate in Uruguay. With its stability, profitability, and growth potential, Uruguay offers a safe and rewarding environment for investors seeking to diversify their portfolios. Coastal destinations, residential neighborhoods, and cutting-edge developments ensure something for every budget and preference. By capitalizing on these opportunities today, investors can secure substantial returns in the future.

According to the preliminary report by the Central Bank of the Dominican Republic (BCRD), the Dominican economy experienced a solid expansion of 5.0% in 2024, reaffirming its position as one of the most dynamic in Latin America. This growth aligns with official projections and highlights the strength of the country’s macroeconomic fundamentals despite ongoing global challenges.

Outstanding Economic Performance

The Dominican Republic’s real Gross Domestic Product (GDP) grew by 5.0% compared to 2023, exceeding national and international expectations. This growth underscores the Dominican economy’s resilience and positions it as a leader in the region, standing out among the 17 largest economies in Latin America. This achievement is particularly significant given the global economic uncertainty caused by fluctuating commodity prices, geopolitical tensions, and shifts in international trade dynamics.

Controlled inflation further bolstered the macroeconomic outlook, which closed 2024 at a remarkably low 3.35%, the lowest in six years. This figure fell comfortably within the Central Bank’s target range of 4.0% ± 1.0%, demonstrating a stable price environment. The controlled inflation provided much-needed relief to households and businesses, enhancing purchasing power and fostering economic confidence.

Tourism and Remittances Drive Growth

A key driver of this robust growth was the remarkable performance of the tourism sector, a cornerstone of the Dominican economy. In 2024, the country welcomed a record-breaking 11.2 million tourists, including 8.5 million who arrived by air and 2.6 million via cruise ships. This surge in tourism significantly boosted the hospitality industry, with the hotels, bars, and restaurants sector achieving an impressive growth rate of 9.6%. The record visitor numbers were attributed to strategic marketing campaigns, expanded airline connectivity, and a focus on diversifying tourist offerings to appeal to a broader demographic.

In addition to tourism, remittances played a crucial role in sustaining the Dominican economy. The country received a historic US$10.76 billion in remittances, reflecting a 5.9% increase compared to the previous year. These funds, sent predominantly by the Dominican diaspora in the United States, Europe, and other parts of the world, were instrumental in supporting household consumption, funding education, and driving investments in small businesses. The consistent rise in remittances underlines the strength of the country’s ties to its diaspora and its continued commitment to the nation’s economic well-being.

Foreign Investment and a Robust External Sector

The Dominican Republic also demonstrated its ability to attract foreign investment, a key component of its economic strategy. In 2024, foreign direct Investment (FDI) reached an impressive US$4.51 billion, surpassing the US$4 billion mark for the third consecutive year. This level of investment underscores the confidence of international investors in the Dominican economy, given its stability, economic potential, and business-friendly environment. FDI inflows were primarily directed toward key sectors such as tourism infrastructure, real estate, renewable energy, and manufacturing, further diversifying the economic base.

The export sector also posted strong results, with total exports rising by 7.0% year-on-year. National exports, particularly gold and cacao, contributed significantly to this growth. The expansion of free trade zones played a pivotal role in this success, enabling Dominican manufacturers to access global markets with competitive products. Additionally, initiatives to improve port infrastructure and streamline customs processes have made the country more attractive to exporters and trading partners.

Monetary Policy and Financial Stability

The Central Bank of the Dominican Republic maintained an active approach to monetary policy throughout 2024, effectively managing liquidity in the financial system to support economic growth. During the year, the Central Bank reduced its policy interest rate by 275 basis points, which helped lower borrowing costs, encourage investment, and sustain economic dynamism. This monetary easing also contributed to exchange rate stability, providing a stable environment for trade and investment.

The Dominican financial system remains a pillar of economic stability, characterized by high levels of solvency and profitability. As of the end of 2024, the banking system’s return on equity (ROE) stood at an impressive 22.8%, while the non-performing loan ratio was a low 1.4%, reflecting prudent risk management practices. These metrics highlight the robustness of the financial sector, which continues to play a crucial role in funding economic activities and supporting businesses of all sizes.

Outlook for 2025

Looking ahead to 2025, the Dominican Republic is well-positioned to sustain its strong economic performance. The Central Bank has adopted forward-looking monetary policies to foster continued economic dynamism while maintaining inflation and exchange rate stability. Combined with government initiatives to enhance infrastructure, promote innovation, and attract foreign investment, these measures are expected to reinforce the country’s growth trajectory.

Key sectors like tourism, remittances, and exports will likely remain vital drivers of the Dominican economy. The ongoing development of eco-tourism projects, luxury resorts, and cultural heritage initiatives will ensure the tourism sector thrives. Meanwhile, the steady growth of remittances will provide a reliable source of income for households and stimulate domestic consumption.

The government’s commitment to expanding trade agreements and integrating into global supply chains will further strengthen the Dominican economy’s external sector. Efforts to diversify exports and explore emerging markets will enhance resilience against global economic shocks, ensuring long-term sustainability.

In conclusion, the Dominican Republic’s impressive economic growth in 2024 reflects its strong fundamentals, strategic policymaking, and the resilience of its key sectors. With a favorable outlook for 2025, the country is poised to continue its trajectory as a regional leader in economic performance and stability.

Investment in the state exceeds $8.9 billion, according to Claudia Cristina Villaseñor Aguilar, Secretary of Economy. Japanese companies in Guanajuato have invested more than $8.9 billion in various projects, generating 48,140 new direct jobs, stated Claudia Cristina Villaseñor Aguilar, Secretary of Economy. This achievement has positioned the state as the leader in foreign investment.

Japan as Guanajuato’s Key Economic and Cultural Partner

State authorities recognized this during the New Year celebrations in Japan, highlighting that Japan is not only Guanajuato’s leading economic partner but also a key cultural and social ally in the region. Japanese investment in Guanajuato has been pivotal in transforming the state into a hub for innovation and industrial growth.

Automotive Industry Drives Economic Expansion

Japanese companies’ investments have materialized in 145 projects. These include automakers such as Toyota, Mazda, and Honda, as well as many companies involved in the auto parts, components, and services supply chain. Toyota, for example, has established a significant manufacturing plant in Apaseo el Grande, where it produces the Tacoma pickup truck for domestic and export markets. Mazda operates a major facility in Salamanca, producing vehicles like the Mazda3 and Mazda2 models. Honda’s presence in Celaya focuses on producing compact cars and motorcycles, further reinforcing the state’s reputation as a leading automotive manufacturing center.

Broader Impact of Automotive Supply Chain Companies

In addition to automakers, numerous Japanese companies specializing in auto parts and components have invested heavily in Guanajuato. These include Sumitomo Electric, which produces wiring harnesses, and Aisin Seiki, a key supplier of automotive transmissions and other components. Other prominent firms like Denso specialize in advanced automotive systems like air conditioning and engine cooling modules. The presence of these companies has bolstered Guanajuato’s competitiveness on a global scale, with products manufactured locally being exported to various countries.

Geographic Reach of Japanese Investments

These companies have a presence in various municipalities, including Acámbaro, Abasolo, Apaseo el Alto, Apaseo el Grande, Manuel Doblado, Celaya, Comonfort, Coroneo, Cortazar, Cuerámaro, Doctor Mora, Dolores Hidalgo, Guanajuato, Huanímaro, Irapuato, Jerécuaro, Juventino Rosas, León, Ocampo, Pénjamo, Purísima del Rincón, Pueblo Nuevo, Romita, Salamanca, Salvatierra, San Diego de la Unión, San Felipe, San Francisco del Rincón, San José Iturbide, San Luis de la Paz, San Miguel de Allende, Silao, Uriangato, Valle de Santiago, Victoria, and Villagrán. The widespread geographical distribution of these companies ensures that the benefits of Japanese investment in Guanajuato are felt across the entire state.

Advancing Local Economies Through Technology and Supply Chains

Claudia Cristina Villaseñor Aguilar stated that this type of investment brings diversification and a promising outlook for the future of Guanajuato’s residents, as it contributes to improving the work culture and transferring technology. Adopting Japanese methodologies, such as Kaizen and Just-In-Time production systems, has enhanced local manufacturing facilities’ operational efficiency and quality standards.

Opportunities for Local MSMEs in Guanajuato

She also emphasized that the opportunities extend beyond those directly offered by these companies. The investment creates a virtuous cycle that fosters the development of value chains, opening opportunities for micro, small, and medium-sized enterprises (MSMEs) in each locality. Local businesses have been able to integrate into supply chains, providing goods and services ranging from raw materials to specialized logistics solutions. This integration has not only strengthened the local economy but also increased the resilience of the state’s industrial ecosystem.

Expanding Into New Industries

In addition to the automotive sector, Japanese investment in Guanajuato has expanded into other industries, such as electronics, machinery, and renewable energy. Companies like Panasonic and Mitsubishi have created operations to produce advanced technologies, including energy-efficient appliances and industrial equipment. Mitsubishi’s focus on renewable energy projects, such as solar panel production, aligns with Guanajuato’s broader sustainability goals and efforts to transition toward greener energy solutions.

Cultural Exchange Deepens Ties Between Japan and Guanajuato

The cultural impact of Japanese investment in Guanajuato cannot be overlooked. Many Japanese companies have supported initiatives to foster cultural exchange, including Japanese language and cultural programs in local schools. This has enriched the educational landscape and strengthened ties between the Japanese and local communities, creating an environment of mutual respect and collaboration.

Conclusion

Japanese investment in Guanajuato is a cornerstone of the state’s remarkable economic and cultural transformation. With over $8.9 billion in investments and more than 48,000 direct jobs created, the partnership between Guanajuato and Japanese companies has solidified the state’s position as a leader in foreign investment. Japanese enterprises continue to drive industrial growth and innovation across the region, from the booming automotive industry to emerging sectors like renewable energy and electronics. Beyond economic benefits, this collaboration has fostered cultural exchange, technology transfer, and supply chain development, empowering local businesses and communities. Guanajuato embraces Japanese methodologies and strengthens its value chains, building a resilient, competitive, and sustainable industrial ecosystem. Looking ahead, the enduring partnership with Japan promises to unlock new opportunities, further positioning Guanajuato as a global benchmark for economic and cultural collaboration.

The growth of the middle class in Latin America represents a profound economic and social transformation within the region, signifying significant progress in poverty reduction and social mobility. According to data from the World Bank, 41% of Latin America’s population is now part of the middle class. This phenomenon reflects a significant shift in the region’s socioeconomic structure, driven by sustained economic growth and development policies that have improved living standards for millions.

The middle class in Latin America reflects rising incomes and indicates shifting aspirations and expectations among its citizens. This demographic is characterized by better access to education, healthcare, and essential services. Their growing purchasing power and demand for quality goods and services fuel economic development, creating a positive feedback loop for growth in various industries.

Leaders of the Middle Class in Latin America

Chile, Uruguay, and Argentina are among the countries leading this socioeconomic shift. These nations stand out for their high proportion of middle-class citizens, which is attributed to effective policies that have fostered economic growth and reduced inequality. Their success stories provide valuable insights into how targeted government actions can elevate large population segments.

• Chile: Chile has emerged as a leader in expanding its middle class. According to World Bank data, the percentage of Chileans in this socioeconomic group rose from 20% to 53% between the early 1990s and 2009—an impressive 33-percentage-point increase. This growth can be attributed to sound economic policies, an open trade environment, and robust education and social welfare program investments. By creating pathways for upward mobility, Chile has set a benchmark for other nations in the region.
• Uruguay: Uruguay’s middle class grew significantly, from 50% of the population to 74% over the same period, marking a 24-percentage-point rise. Uruguay’s success stems from its commitment to universal healthcare, quality education, and progressive labor laws. These factors have created a stable environment for economic growth and allowed its citizens to enjoy a higher quality of life. Uruguay’s economic and social policies have ensured that the benefits of growth are widely shared.
• Argentina: Argentina also made significant strides in expanding its middle class, which grew from 44% to 57% of the population between the early 1990s and 2009, an increase of 13 percentage points. However, recent challenges, including economic instability and the impact of the COVID-19 pandemic, have caused setbacks. By 2021, the middle class in Latin America had contracted to 36%, but signs of recovery have emerged as the region adapts to post-pandemic realities.

Implications of Middle-Class Growth

Expanding the middle class in Latin America has far-reaching implications for the region’s economic and social landscape. On the positive side, this growth has increased consumption and stimulated local economies. A more affluent population invests in education, healthcare, housing, and other areas, contributing to human capital development. These investments create a ripple effect, driving demand in the construction, retail, and technology industries.

Furthermore, a robust middle class in Latin America contributes to political stability and social cohesion. With improved access to resources and opportunities, citizens are more likely to support democratic institutions and participate in civic activities. The middle class often stabilizes, advocating for policies that promote sustainable development and equitable growth.

However, the growth of the middle class is not without challenges. Rising income levels can exacerbate inequality if wealth is not distributed equitably. Economic vulnerabilities such as inflation, high unemployment rates, and fluctuating commodity prices pose significant risks. Many middle-class households remain precariously close to slipping back into poverty, particularly during economic downturns or crises.

Challenges Facing the Middle Class

Several structural and external factors threaten the sustainability of middle-class growth in Latin America. Inflation, a persistent issue in many countries, erodes purchasing power and disproportionately impacts those on the lower end of the income spectrum. Political instability and corruption also undermine economic progress, deterring investment and slowing growth.

Moreover, the COVID-19 pandemic revealed the fragility of the middle class in Latin America. Many families experienced job losses and income reductions, pushing them back into poverty. This setback highlights the need for resilient social safety nets and robust economic policies to protect vulnerable populations during crises.

Another challenge is the inequality in access to quality services such as education and healthcare. While the middle class has better access than lower-income groups, disparities persist, particularly in rural and underserved areas. Addressing these inequalities is crucial for ensuring that middle-class growth is inclusive and sustainable.

Key Drivers of Middle Class Growth

To sustain and further expand the middle class in Latin America, governments must prioritize policies that promote inclusive economic growth. Key drivers include:

• Education and Skills Development: Investing in education systems to improve access, quality, and relevance can equip citizens with the skills needed for a competitive job market.
• Social Safety Nets: Strengthening social programs such as unemployment benefits, pensions, and healthcare protects families against economic shocks.
• Job Creation: Promoting industries with high employment potential, such as technology, renewable energy, and manufacturing, can provide stable income opportunities.
• Financial Inclusion: Expanding access to banking and credit services enables middle class households to invest in businesses, property, and education.
• Tax and Labor Policies: Implementing progressive tax systems and fair labor laws can reduce inequality and ensure economic growth benefits all segments of society.

Reflection on the Middle Class in Latin America

The growth of the middle class in Latin America is a testament to the region’s progress and resilience. While challenges remain, the upward mobility of millions of citizens underscores the potential for continued development. To secure these gains, governments must adopt forward-looking policies that address structural inequalities, promote economic diversification, and strengthen democratic institutions.

As the middle class in Latin America continues to expand, it serves as a driving force for economic stability, innovation, and social cohesion. Ensuring this growth is inclusive and sustainable, the region can pave the way for a more prosperous and equitable future for all its citizens.