Panamanian President Ricardo Martinelli Tuesday ruled out the possibility of seeking re-election, saying it is good for his country's budding democracy to grow mature.

During an interview with local TV channel Telemetro, Martinelli said he was not interested in running for another term when his tenure ends in July 2014.

"Panama is not ready for that yet. Democracy in Panama has to mature, because here there is a lot of mistrust and a lot of people are restless, and the system is not made for one party to stay (in power) again," he said.

Martinelli came to power in 2009 after his Democratic Change Party beat traditional Panamanist Party and Democratic Revolutionary Party. Since then, "there is a totally different situation," the president said.

Martinelli, the supermarket tycoon, said he has much to do when his term ends, both in business and politics.

"I will continue to be involved in politics, obviously, and as the president of the Democratic Change Party, which is going to be a predominant force. I will still have much to contribute," he said.