Panama’s government on Monday signed a deal with social media giant Facebook to let it operate its own ad platform for the first time.
Key points: Facebook will set up a new advertising platform for Panama’s internet, digital and mobile businessesA deal between Facebook and the country’s internet service provider (ISP) is set to be signed by the end of the yearFacebook’s Facebook News Feed will be able to serve ads in English and Spanish, while the new ad platform will serve in Chinese and other languagesA new social media platform for advertisers, a government spokesman said, is set for launch in Panama by the middle of next year.
“We are thrilled to announce the establishment of a new social network for the people of Panama.
This platform will provide advertisers with a new platform for their digital and online businesses,” said the government spokesman, Fernando Lopez.
Facebook is one of the biggest online advertisers in the world with over 200 million users.
Panama is the third largest market for its advertising platform in Latin America after the US and Colombia.
The deal with Facebook was announced at a ceremony in Panama City’s main plaza.
It follows the announcement last year of the creation of a similar platform by Facebook in the country.
According to Facebook, it will provide access to Facebook’s ad platform in the form of a free app and will use the platform to help advertisers target ads and display their content in the social network’s News Feed, a platform that has become the go-to platform for many people’s digital activity.
Facebook’s agreement with Panama will help to establish the social media infrastructure of the country, the company said in a statement.
“As a member of the United Nations, Panama has a special place in the global digital space,” Facebook said.
“By working with the government, we hope to provide the best platform for local advertisers to reach their customers, including young people, across the country.”
“We look forward to working with Panama to further develop their digital market, and are excited to be working with them to establish this new platform,” it added.
The announcement of a partnership with Facebook came two months after the government announced it was buying a controlling stake in the company.
It said the sale would give the government the power to make key decisions about its future growth and its access to information, including foreign investment and its relationship with internet companies.
The government has sought to diversify its economy away from the petroleum sector, which has been dominated by the oil-rich Caribbean nation of Barbados.
The deal with the Facebook platform is expected to increase access to foreign capital, expand digital content for the masses and help it to become a more efficient and innovative market for the internet, a key sector for Panama.