In 2011 Panama climbed 57 positions to reach number 55 in the global ranking of countries that held the most international events. In accordance with the parameters of the International Congress and Convention Association (ICCA), last year the country hosted 32 large-scale events, though in total there were more than 60 congresses. Some 90 international events have been scheduled for this year.
This new market is generating large amounts of foreign exchange for the country. The goal is for $2.5 million in tourist spending in 2013 of which 20% would come from congresses, conventions and incentive tourism. Upon its arrival in the country, this new money is quadrupled. This industry has been on the rise in recent years, mainly due to the phrase on the lips of most hoteliers: Panama is the place to be. The country's air connectivity, ease of entry, and attractions are other factors taken into consideration by the companies that select the isthmus as their destination. The last two years of aggressive growth in hotels have been decisive in consolidating it the country as a perfect site for international events.