Panama also exports petroleum refined from imported crude oil. The economy has recovered from the problems caused by the political upheavals of the late 1980s. A major reform programme undertaken during the 1990s saw the privatisation of many state enterprises, reform of the tax and social security systems, and the removal of price controls and import tariffs. Panama is a member of the Inter-American Development Bank. Panama is also attracting growing interest from Hong Kong-based commercial concerns.
Punctuality is appreciated and the exchange of business cards is normal.
Suits are necessary for business meetings.