First Global ManagementInteroffice Memorandum

To: Samantha Baker

From: Kenneth Oms

Date: 4/17/23

Subject: Results of South & Central American Locations

I have completed the search for a location best suited for our companies’ need in Mexico, South, and Central America – deciding that Panama City is the best location.

Why Panama City

From the scenic beach to the high-rise apartment and skyscrapers, Panama City is evolving into a hybrid of New York and Miami. Both are locations that our clients are familiar with – due to our businesses ventures in both. As Tim Neville, journalist of The New York Times, states in his article about the city, “You hear German, Portuguese and English on the streets” (Neville). This proves that there is a strong mixture of cultural identities throughout the city. Something that our employees are sure to welcome, and would make them feel at home, yet proves that communication should not be a problem.

The Concern of a Comfortable Life.

Mark Holston, a regular journalist for Americas, speaks of a couple who has moved to Panama City and why in his article: Panama City On the Rise. “Like some 20,000 other North Americans have done in recent years, the Seattle, Washington couple moved to Panama to take advantage of affordable health care and a lower cost of living,” (Holston). Holston speaks of many similar first-hand accounts of why North Americans, and people of other nationalities, are staying in Panama City. With affordable health care, lower cost of living, our employees will live comfortable lives that are very reminiscent to the ones they are living now - near our North America branch offices.

Transportation

Panama City is also constantly improving their transportation methods for ease of

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April 17, 2023access to all residents. In an article conducted by Business Wire they write that The Multilateral Investment Guarantee Agency (MIGA for short) announced that it was supporting the government of Panama’s efforts to construct a modern and integrated mass-transit system. They go on to state that “Given the current state of transportation and mobility in Panama City’s urban center, the metro project will have a positive effect on the livelihoods of the city’s residents and commuters. It will reduce travel times, vehicle operating costs, and greenhouse gas emissions, while helping people living in suburban regions access jobs and educational services in the city,” (Bizzwire). This goes to show that Panama City is currently a hot spot for improvement, and that outside firms are seeing enough potential to step in and help the government improve its capital. Not only does it show that Panama City is constantly evolving, but the article also shows us that our employees’ will have environment friendly transportation, and also health friendly transportation. They will have ease of access without being in jeopardy.

Safety

Returning to one of my main sources, Tim Neville of The New York Times, he speaks about his encounter with police officers in Panama City explaining that they are well equipped for any situation. “An elite division of stern-looking police officers patrol the area with motorcycles,” (Neville). While this may sound a little intimidating, he goes on to interview a business owner from New Jersey who says “I was definitely nervous about coming here at first, I can’t begin to tell you how much it has all changed,” (Neville). The police officers, although stern-looking, enforce the law very well for crime rates have dropped significantly, and high-end businesses men have helped in this endeavor. “Hardin, the developer, has been one of the major players behind that change. His firm buys property in Casco Viejo, renovates it and sells it for about $2,500 per square meter on average. Along the way, he builds affordable housing and works to get kids off the streets by offering jobs that ultimately improve the neighborhood” (Neville).

Hoping that my sources have provided enough first-hand accounts to assuade any fears and concerns, I can offer more information on prices, hotels, and local businesses if interested.

Word Count: 640

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April 17, 2023References

Multilateral Investment Guarantee Agency, (MIGA). "MIGA Guarantee Backs Panama City

Metro Line." Business Wire (English) 7:Regional Business News. Web. 4 Apr. 2014.

Neville, Tim. "Panama City Rising." The New York Times - Breaking News, World News &

Multimedia. New York Times, 3 May 2013. Web. 4 Apr. 2014.

"Panama City on the Rise: Located on the Pacific Ocean Entrance to the Panama Canal, This

Capital City Is Undergoing a Massive Transformation Involving Critical Historic

Restoration and Essential New Development." Americas (English Edition) 2010: 12.

Academic OneFile. Web. 4 Apr. 2014.

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