Panama OKs New Budget for Tourism Promotion

In an effort to show off all attractions that Panama has to offer as a travel destination, authorities in that Central American nation have earmarked $19 million to be exclusively spent on the promotion of its own tourist sector.

The National Economic Council recently passed the initiative of launching out a promotional and marketing campaign overseas, the country’s Ministry of Finance and Economy informed this week.

Back in 2002, Panama forked over $10 million to advertise its travel destinations around the world, zeroing in on the U.S. market under a slogan that read “Panama: The Route to Discover.”

Sources told Caribbean News Digital that Panamanian Tourism Minister, Ruben Blades, is making up a list of the country’s major travel destinations and attractions with a view to sketch out a new development strategy for coming years.

Tourism is one of Panama’s top income sources, second only to profits raked in by the Canal that tallied up over $1 billion during the 2003-2004 fiscal year.

The local leisure industry churned out $805 million worth of revenues last year, with an inflow of roughly 900,000 foreign tourists.

This time around, tourism officials are expecting to capture more than a million visitors by the end of the year.