21/09/2026
Zagova Report
The following is a translated report from a meeting between President Mulino of Panama and Citi Group CEO Jane Fraser in New York.
Here is the translation of the text into English:
Panama's growth and solid logistics platform highlighted during President Mulino's meeting with Citi Group CEO
“We are here to support Panama,” said Citi CEO Jane Fraser, who also described the performance of the Panamanian economy as phenomenal.
Panama's economic recovery, the consolidation of its logistics platform, the Canal's investment plan, the opening up to advanced technologies, and the growth of tourism were the key points highlighted by the President of the Republic, José Raúl Mulino, during a meeting held today in New York with the Chief Executive Officer (CEO) of Citi Group (Citibank), Jane Fraser. During the meeting, the executive expressed interest in strengthening support for Panama through a closer relationship, making available global financing capabilities, access to international markets, and connections with institutional investors.
Mulino and Fraser discussed major works driven by the government, such as the new Petroterminal de Panamá project, the electrical interconnection with Colombia and Ecuador, the Puerto Armuelles multipurpose dock, the Panama-David train, the third Metro line, the expansion of highways with ENA, as well as various initiatives in health, education, and the agricultural sector.
They also covered projected investments for the Panama Canal. In this regard, Ilya Espino de Marotta, administrator of the Panama Canal Authority (ACP), presented a brief presentation on ongoing projects, which include two new ports, a gas pipeline, a logistics corridor, and the Río Indio reservoir.
For her part, Fraser showed great interest in supporting projects developed by the Government and the ACP, and recommended that Panama maintain its investment grade, warning that global financing programs “will become increasingly selective.”
During the meeting, which included a discussion with a group of 26 highly relevant investors and Citi's leadership team, the president reported that Panama recorded robust growth of 5.5% in the first half of the year. “We are moving at a very good pace and expect to exceed the IMF's growth projections for this year of 3.8%. The most valuable aspect of this news is that it is sustained and diversified growth. We have achieved this through fiscal discipline, stability, and, more than just a good government plan, a government that listens to you, the investors, and the private sector,” Mulino explained.
The president indicated that the Canal remains the backbone of the logistics sector, backed by an $8.5 billion investment plan for the coming years that includes the Río Indio reservoir, new port terminals, and an intermodal logistics corridor.
He stated that this strategic leap will allow the country to consolidate itself as the port that provides access to the entire world, facilitating manufacturing, added value, and the redistribution of goods. As part of these priorities, Mulino highlighted the implementation of a Port Community System to interconnect in real time with all actors in the supply chain and streamline the flow of cargo.
In the field of technology and innovation, Mulino highlighted Panama's incorporation into Pax Silica, the alliance led by the United States along with more than thirty countries, to secure semiconductor and artificial intelligence supply chains. Panama has enormous potential in these areas, and we are prepared for these investments, he assured. He also indicated that the government of Panama launched the National Strategy for Advanced Technologies: Semiconductors, Microelectronics, and Artificial Intelligence.
Another pillar addressed was the government's effort to rescue the country's international prestige: “Last year we left the European Union's list of high-risk jurisdictions thanks to an unprecedented diplomatic, technical, and legal effort. We maintain our institutional strategy to exit the list of non-cooperative jurisdictions in tax matters, and we are confident that this progress will be formally recognized in the coming months.”
Another strength of the Panamanian economy is tourism, Mulino told investors and Citi's senior management. He highlighted that, as of July this year 2026, a 19.3% growth in visitors has been recorded, figures complemented by the launch of the new country brand: “Panama, Host to the World.” It is not a new slogan, “it is the most honest way we found to describe what we were already doing: receiving with generosity and boosting prosperity,” Mulino stressed.
President Mulino's presentation was praised by the investors gathered by Citi. This working session helped strengthen strategic ties between the Government of Panama and Citigroup, as agreed by the US bank's CEO, her management team, and the CEO for Panama, Malcolm Muñoz.
President Mulino was accompanied by the Minister of Economy and Finance, Felipe Chapman; the Secretary of Goals and Minister of the Canal, José Ramón Icaza; the Director of the Civil Aviation Authority, Rafael Bárcenas; the Administrator of the Panama Canal, Ilya Espino de Marotta; and Kristelle Getzler, Director of the Economic Secretariat of the Presidency of the Republic.
