New Panamian President-Elect to Affect Local Real Estate

Those living and investing in Panama are learning more about the new president-elect, Ricardo Martinelli.

The 57-year old, self-made mulimillionaire is one of Panama’s richest men. The son of Italian immigrants and educated in the U.S., Martinelli owns Panamana’s largest supermarket chain, Super 99 and also has interests in Panamanian banking, real estate, sugar, and hydroelectric energy.

Martinelli formerly served as the former government minister of Panama Canal affairs. He also ran in 2004, capturing only 5.3% of the vote – a far cry from the sweep of this year’s self-financed campaign against Balbina Herrera.

Martinelli’s campaign platform was based on points including:

- foreign investors for tourism projects including cruise ports and airports
- more government spending on public infrastructure
- maintaining a close relationship with the U.S.
- fiscal discipline and anti-corruption

Yesterday, Martinelli announced 14 cabinet ministers. He will take office on July 1st.

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