Below are some of the major projects that will continue to boost Panama's economy over the next  several years:

•  The $5.2 billion Panama Canal expansion project is recognized as the region's largest and most ambitious. It’s also the biggest project in Panama's history since the original Canal was built. Work is currently underway and will be completed by 2014. Until then, the project is creating jobs and attracting foreign investment to Panama.

•  Panama's major port operators are investing over $300 million to improve port infrastructure here. These include Panama Ports Company, which is expanding the Port of Balboa on Panama's Pacific coast, and Manzanillo International Terminal, which is investing in dock expansion on the Atlantic coast.

• Major refinery projects have also been proposed by Occidental Petroleum and Plan Puebla-Panama. If approved these projects would total over $10 billion in investment. Details of the Occidental petroleum refinery, which would be built on the coast of Chiriqui, haven't been confirmed, but studies are underway and local sources say the refinery should begin operations in early 2012.

• Panama's cellular service was monopolized by two companies—Movistar and Cable & Wireless—until December of this year. Last May the government granted 20-year concessions to Digicel, a company with branches in El Salvador, Honduras and other countries, and Mexican provider America Movil/Claro Panama. Now the companies are battling to set up new towers and offices around the country.

•  Panama's call center industry is going strong. The country offers attractive incentives for companies wishing to establish call centers here. Dell Computers was one of the first major companies to take advantage of the incentives, establishing a large operation in Panama a few years ago. National Asset Recovery Services (NARS), Language Line, and Sitel followed. Next in line is Hewlett-Packard—it plans to open a center employing some 1000 people in Panama in 2009.

•  Panama chose the UK’s London & Regional to head one of the biggest development deals in the world: the Area Economica Especial Panama-Pacifico (Panama-Pacific Special Economic Area, or AEEPP). The company is the master developer for the area, located in Howard, formerly a U.S. air force base. Just weeks ago London & Regional broke ground on phase one of the project that will transform this area into a residential and business district the size of London.

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