Cattleman Laurentino Cortizo sworn in as Panama's president

PANAMA CITY (AP) — Cattleman Laurentino Cortizo was sworn in as Panama's new president Monday, saying he will work during his five-year term to boost the economy and bring transparency in contracting for public works projects.

The 66-year-old won an election two weeks ago that was the tightest in Panama's recent history, triumphing with only 31 percent of the vote as the candidate of the Democratic Revolutionary Party.

Cortizo, who succeeds Juan Carlos Varela, said he would stoke the economy by pushing for public-private partnerships for infrastructure projects and also address corruption in government contracting.

"We have monumental challenges," Cortizo said. "We're coming off a decade lost to corruption. There's no place for indifference in the country."

Noting that some 700,000 of Panama's 4 million citizens live in poverty, Cortizo said, "What a tremendous responsibility we have to those who have been left behind."

Cortizo inherits a slowing economy and growing frustration among Panamanians about official corruption. The economy grew 3.7% last year and unemployment reached 6%.

The new president said he would create next week a Unit for the Competitiveness of International Services to make sure Panama is the top business services and logistics center in Latin America.

U.S. Commerce Secretary Wilbur Ross and the presidents of Colombia, Peru, Bolivia and the Dominican Republic were among those at the ceremony. Ross said he had met with Cortizo on Sunday and discussed a desire to grow their economies together.