Claro Panama, a unit of Mexico's America Móvil, said it planned to invest $150 million between 2013 and 2014 to expand its telecommunications network in the Central American country.
Claro is the No. 3 wireless provider in Panama and has invested $600 million to create its network since 2008.
The company has a "long-term commitment" to Panama, where it has a 12 percent market share and ranks third out of four wireless operators, Claro Panama marketing chief Antonio Garcia said.
Claro Panama "has not really made money yet," but it expects to earn profits "in 10 or 15 years," Garcia said.
Claro sees the growth in the business coming from data services and introduced 4G technology two years ago, Garcia said.
"We are awaiting the release of the LTE licenses," the executive said, referring to Long Term Evolution, a high-speed data transmission standard that is superior to 4G and has already been rolled out in Brazil, the United States and other countries. EFE