How would you like it if James Bond drove past your window every day? Pyrotechnics and stuntmen flying notwithstanding, most would think that a cool thing. And it was a reality for the lucky businesses that moved into Panama’s former Howard Air Force Base — a backdrop for some scenes of the recent James Bond thriller “Quantum of Solace.” The Panamanian government has dubbed the former base the Panama Pacifico Special Economic Zone. London & Regional Panama (LRP), the Panama Pacifico master developer, in conjunction with Colombian investor Jaime Gilinski, are developing it into a commercial, retail and residential hub.
Part of Panama Pacifico is being developed as a Media Village — a huge film and production complex that is expected to occupy approximately 30 hectares of the business park. LRP and Jaime Gilinski will invest more than $26 million this year in the Media Village mega-complex, which will house film, movie, and other media productions.
The Panama Ministry of Trade says it’s trying to woo more film companies to set up shop here. Television networks such as Caracol TV and Televisa and U.S.-based production companies have already expressed interest, according to ministry officials, who added that in 2008, documentaries, films, television series, and other productions generated $19 million for the Panamanian economy. In the first three months of 2009 alone that figure was $6 million.
In addition to Quantum of Solace, seven other foreign productions were shot in Panama in recent years, including “Pobre Millonaria” (Venevision), “Survivor” (Imagina-Promo Films), “Desafio Colombia” (Caracol TV), “Latin American Idol” (Sony Television), “Nitro Circus” and “Road Rules C” (MTV), and “Perilous Journey” (National Geographic).
The $700 million Panama Pacifico project includes 2,750 acres of land, which makes it one of the largest development projects in the world. Jaime Gilinski and London & Regional Properties project a value of $10 billion upon completion. It is also expected to generate over 20,000 jobs for the region. The development will serve as beacon for companies all around the world. As Panama Pacifico grows, filmmakers will be attracted to Panama’s valuable incentives, excellent facilities, and distinctive culture.