BYU students have proven that the world truly is their campus through studying languages and international relations, said His Excellency Federico A. Humbert in an Ambassadorial Insights lecture Wednesday.

Humbert was appointed as the Panamanian ambassador to the United States in 2004. He has supported the Panama Canal expansion project and a free trade agreement with the United States. The ambassador also supports increased funding for healthcare and education, which will allow students to have more diverse opportunities.

Prior to his appointment as ambassador, Humbert was president of La Prensa, the newspaper with the highest circulation in Panama.

"We are one of the most stable countries in our hemisphere," Humbert said. "We have a strong commitment to democracy."

Panama's economy is strong and diversified, he said. Panama's currency is the United States dollar, which has contributed to Panama having an inflation rate of 1.5 percent, one of the lowest rates in the western hemisphere. Service sectors in Panama contribute 75 percent of the country's GDP, which sets Panama apart from many other Latin American countries where agriculture composes the majority of GDP. In 2006, there was 8.1 percent real growth in GDP.

Panama's location is the country's most prized resource, Humbert said. Panama's geography makes it an ideal location for the Panama Canal, which is another major portion of the country's economy. The United States operated the canal from 1914 through Dec. 31,1999, when control was given to Panama.

"Today the canal is being operated...more safely than ever before," the ambassador said.

In 2006, there were fewer than 10 accidents in 14,000 transits through the canal. This is especially remarkable because the largest ships have as few as six inches of clearance on either side of the ship, Humbert said.

The Panama Canal contributes $325 million a year, on average, to Panama's economy since 2000. When the United States had control over the canal, the canal contributed $21.5 million, on average, to Panama's economy.

"Five percent of world trade goes through the canal," he said, also mentioning that up to 70 percent of United States' trade passes through the canal.

There are plans to expand the canal in the near future, which will be a very ambitious project, the ambassador said. The project will cost $5.25 billion and create up to 40,000 jobs from 2007 through 2014.

"The 21st century will indeed by a defining one," Humbert said, challenging students to continue pursuing the path of excellence they are learning at BYU.



Copyright Brigham Young University 14 Mar 2007