Art to Tackle Panama's Cultural Economic Void

Panamá is in the need of new ideas, since the Canal`s future as a national financial source of income is highly uncertain due to a growing number of global transportation alternatives, especially in the Arctic oceans, that will reduce future good transits through the Canal considerably. By igniting the mind, the arts can spark a new way of thinking, communicating and doing business.

As Panama's demand for new sustainable sources of revenue will grow, national companies, particularly the CDP as the one with the most social responsibility, will be forced to maintain a strong interest in the evolution of Panama's economic creativity.

Art is an industry that attracts investments and creates tax revenues and turnovers through services, trades, material demands and employment salaries.

E.g. the US gain close to 30 billion Dollars of tax revenues from over 166 billion Dollars of annual economic activities that are created directly by the art industry. Almost 6 million full time employments are supported by this.

On a Panama scale (about 3 million Panameños compared to nearly 300 million US citizens) the figures would declare almost 60 thousand fulltime jobs, and over 300 million Dollars in governmental revenue from taxes. That's close to 10% of the revenue derived from today's transit fees and even 6 times more jobs compared to the 10 thousand Canal employees. Potential financial reward rates of about 7:1 make it a perfect choice for any private and governmental investment.

Public art also attracts visitors, improves life quality and thereby propels the spiritual and economic creativity.
Artistic processes are a catalyst for entrepreneurial invention.

Artistic education and training allows the full development of our spiritual, creative potential, particularly of our children.

Artistic knowledge is able to revive public spaces with unique ideas. These so-open spaces in turn promote the cultural development - not only in the business climate, but also in the private area and the social sphere of their surroundings.

Public art attracts further investors and next-generation professionals by enhancing the quality of life and making the city appear in the public media.

The economic creativity relies on arts as a cultural evolutionary catalyst which has direct and indirect positive effects on all parts of the economy. In other words: artistic processes bring economic creativity and thereby monetary income.


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