Republic Of Panama

Republic of Panama

Capital: Panama City Population: 3,292,693 as of July 2008* Official Language: Spanish Currency: Balboa (B/.) (U.S. Dollar in use as Legal Tender since 1904) Gov. Type: Constitutional Democracy

Panama City

PERSONAL INTRODUCTIONS

Situated along the Pacific Coast, Panama City is modern and resembles Miami in many ways.

Business Attire

Conservative Style

Casual Style

Panama’s Holidays 1 Jan New Year's Day 9 Jan* National Martyrs' Day February: “Carnivals” ( 5 days in February scheduled 1 year prior). 21 Mar Good Friday 1 May Labor Day 15 Aug Old Panama City Day ( Observed in Panama City only) 2 Nov Difuntos Day 3 Nov Independence Day from Colombia 4 Nov Flag Day 5 Nov Independence Day ( Observed in Colón City only) 10 Nov First Call for Independence from Spain in Los Santos Province 28 Nov* Independence Day from Spain 8 Dec Mothers' Day 25 Dec Christmas Day    

Greetings and Business Cards Exchange  -Handshakes both Men and Women. -Business cards in Spanish or English - Exchange cards when introduced. -When seating, stand up when introduced  to someone. -Senior officials and the elderly are given  preferential treatment. -Address by Title and last name. (e.g.  Licenciado Perez, Señora Garcia)

Business Card Example

Business Meeting Seating Counter Party

Other Party

Communication Style -Conversations begin with small talks. -Avoid embarrassment, don’t disagree or criticize in public. -Personal relationships are everything. -Group oriented society. -American gestures and insults widely understood. -Nicknames are commonly used

Business Negotiation 

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Meeting usually at Offices or at Lunch in Restaurants. Contract negotiations proceed slow. Business conducted among friends. Develop higher trust. Emphasize on the personal compatibility of the two companies. Status conscious, should bring high level management on team. Women should remark they are part of a business team.

Punctuality & Hours - Punctuality not often practiced by Panamanians. - Visitors are expected to be on time for meetings. Business hours Monday thru Friday From 8:00 am to 6:00 pm Retail shops from 9:00 am to 7:00 pm and on Saturdays until  8:00 pm Most business are closed Sundays Banking hours Monday thru Friday except Holidays from 8:00 am to  3:00 pm Government hours Monday thru Friday except Holidays from  8:00 am to Noon and 12:30pm to 4:30 pm Lunch times Usually range between 11:30 am to 1:30pm

Dining -Usually at the best Restaurants or Hotels. -Invite your spouse. -Good conversation topics: Sports, family,  cultural local events. -Avoid talking about the Panama Canal  Zone occupation by The United States.

Entertainment - Drinking in social setting is OK. -Smoking prohibited in government buildings  and all public establishments. - Dress should be casual, avoid heavy jewelry. -Be ready to accept invitations to local venues.  Panamanians like to Party!

Food and Drinks

Typical Panamanian Food

International Food

Useful Information CLIMATE Tropical climate. Humidity is very high. Rains a lot so, Don’t forget your umbrella! COMMUNICATIONS Telecommunications are first-class and direct-dial service to anywhere in the world is available. \ENTRYREQUIREMENTS A valid passport is needed to enter. DEPARTURE TAX A US$20 departure tax is charged TIMEZONE Panama is in the Eastern time zone. Does not observe daylight savings time. TIPPING A tip of 10 to 15% is common in Panama. Some restaurants include the tip in the bill so check with management before tipping. 

Gatun Locks, Colon, Panam

Mira Flores Locks,  Panama City

Presented by: Maria E. Lugo De Frias

Panama City