Tech Market Study: Panama offers opportunities for Dutch companies in Digital Technology
According to the recent study "Digital Tech Sector in Panama, Business Opportunities for Dutch Companies", conducted by Holland House Panama, Dutch companies in digital technologies have good chances to conquer the Panamanian market in sectors such as Logistics, Health, Fintech and Government.
This is because the Digital Tech industry in Panama is still in its infancy and the great need for technological solutions in which Dutch Digital Tech companies excel.
Panama is a Regional Trade, Logistics and Financial Hub with the highest purchasing power and economic growth in Latin America. As an extension of this, the country also wants to develop as a Digital Hub. With an excellent climate for the establishment of tech companies (beautiful tech parks with many incentives), the 2nd highest fixed internet speed on the continent, the convergence of 8 fiber optic cables under the Canal and a high penetration of mobile subscriptions, it has some nice trump cards for this. The IT market in Panama reached an estimated 1.42 billion in contribution to GDP in 2020.
The Netherlands is one of the largest investors worldwide in Panama. ICT is the second-largest investment sector for Dutch companies and is growing. Dutch & Dutch Caribbean tech companies such as Dutch VR, Elsevier Health, Ibis Management and W.E.M. are already doing business in Panama.
The study mentions a number of promising Panamanian sectors with a need for technological solutions, in which Dutch IT companies excel:
Due to the increase in cyber-attacks and the large number of critical infrastructures in Panama (canal, ports, financial system), Cybersecurity is a cross-cutting theme that comes back as a high priority in all the above areas.
The study also provides concrete information and tips for seizing business opportunities and entering the market.
Source: Holland House Panama