Between real estate and business investments in the last ten years, Venezuelans have invested more than US$1.8 billion in Panama, and more than half of them, or 65%, have tertiary or higher degrees, which makes them a very productive and skilled population to enter the labor market effectively.
This is just a sample of the contribution of Venezuelan migration to the Canal country, according to the study on the actual and potential economic impact of the Venezuelan population in Panama.
This study was carried out by the Office of the Special Envoy for the Regional Response to the Situation in Venezuela of the IOM and the Swedish International Development and Cooperation Agency, in conjunction with the Panamanian-Venezuelan Chamber of Businessmen (CEPAVEN), and the Chambers of Venezuelan Businessmen, Executives and Entrepreneurs Abroad (CAVEX), through Equilibrium Social Development Consulting.
The economist and director of Equilibrium SDC, David Licheri, indicated that 67% of Venezuelans are working, producing a tax collection of US$ 203.2 million by 2022.
If the regularization of this community is achieved, the amount will increase to US$283.2 million, which is among the most relevant points of the research.
Regarding employment generation, the research estimates that there are more than 5,000 Venezuelan employers, 94% of which are formalized and contribute to more than 39,000 jobs, representing 2% of the economically active population (EAP) employed in Panama.
“Migrations are an engine of development; they contribute to the productive, social and cultural engine of the country that receives them,” said Julio Croci, IOM Intergovernmental Processes Coordinator.
The labor insertion of migrants, apart from boosting the economy, has contributed to the cultural and knowledge exchange in the organizations, details the report.
It concluded that it would be better used and more formal employment would be generated if there were no limitations for legal hiring with protected career laws that prevent migrants from exercising their profession.
The document suggests relief measures to homologate professional titles, which, it is affirmed, would significantly contribute to the development of human capital in Panama.
In the Central American nation of 4 million inhabitants, the Venezuelan population represents 3.3%, and its annual consumption amounts to 3.89% of the national consumption in 2021.
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