Panama's new President Ricardo Martinelli (L) takes the oath during his inauguration at the Convention Center of Atlapa in Panama City July 1, 2009, becoming the fifth elected president of the country since Panama's military government fell in 1989. (Xinhua/Edward de Icaza) Photo Gallery>>>

    PANAMA CITY, July 1 (Xinhua) -- Panamanian businessman Ricardo Martinelli was sworn in as president of Panama on Wednesday, pledging to make his country the best place in Latin America to do business, create jobs and better lives for all.

    Martinelli, 57, received the presidential sash from Jose Luis Varela, president of Panama's legislature, the National Assembly, in a ceremony at the Atlapa Convention Center's Anayansi auditorium.

    Martinelli, who won 60 percent of the vote in the elections in May, is the fifth elected president of the country since Panama's military government fell in 1989. His term will run from 2009 to 2014.

    At the ceremony, Martinelli emphasized that his government would be characterized by a new style of administration, combining administrative experience from both the private sector and the public sector.

    "We are going to take our private sector experience and put the government to work as you have never seen before," Martinelli said at the ceremony. He said he would modernize public administration by reducing state bureaucracy

    "In the business world, I walked the corridors, asked questions, opened drawers. I learned to face up to problems," he said. "The time of fat government and skinny people has come to an end with my coming to power," he said.

    "In my government you can put your foot in it, but you can't put your hands in the till," he said, saying that his government would put the interests of the people first and be more agile, transparent and efficient.

    He also promised to motivate the police and improve security, and raise police salaries by 100 U.S. dollars a month.

    He said Panama would also be an active partner of Mexico and Colombia in fighting drug trafficking.

    He said he would build a new metro transportation system in Panama City to boost employment and offer a social welfare payment of 100 dollars per month for citizens over 70.

    The ceremony was attended by leaders of 25 countries including the presidents of Mexico, Colombia, Guatemala, the Dominican Republic, El Salvador and Spain's Prince Felipe, as well as ousted Honduran President Manuel Zelaya.

    Martinelli is the owner of the Super 99 supermarket chain, which is the largest in the country.

    He graduated in business administration from the University of Arkansas, United

    States, and also holds a master's degree in business administration at the INCAE business school, Costa Rica.

    He served as director of the Chamber of Commerce of Panama from 1985 to 1987, and director of Social Security from 1994 to 1996.

    From 1999 to 2003, he worked as chairman of the board of directors of the Panama Canal Authority and minister of canal affairs.

    Martinelli finished last out of four candidates in the 2004 presidential election.

    He is married to Marta Linares, who is an insurance agent, and has three children.