THE ACTIVITY IN BRIEF
On September 5, a delegation from the Panamanian government will be in town to showcase business opportunities in key sectors in Panama. You will have the opportunity to meet Panama's Minister of Canal Affairs, as well as the Deputy Minister of Foreign Trade. This luncheon in the Panama Invest 2013 Executive Luncheons series is being organized by Proinvex, an investment attraction and export promotion agency operating under the Ministry of Commerce and Industries of Panama. The aim of this series of seminars is to promote investment opportunities in the country.
This event is intended for companies wishing to explore business and investment opportunities in Panama.
An overview of the preliminary program is available here.
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PRICE
COMPLET
Participation by invitation only
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LOCATION
Hôtel Westin
Room St-Antoine
270 Saint-Antoine Ouest
Montréal
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For registration
Emanuel Couture-Armand
Head, International Market Development
514 871-4002, ext. 6212
ecarmand@ccmm.qc.ca
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Get directions > |
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A UNIQUE OPPORTUNITY TO…
- Find out about investment opportunities and promising sectors in Panama
- Meet a delegation of high-level representatives of the Panamanian government
- Network with entrepreneurs seeking to develop their business in the country
WHY PANAMA?
Panama, an emerging economy of 3.5 million inhabitants, enjoys a strategic geographic location that has allowed it to become one of the most important logistic centres of the Western Hemisphere for the storing and distribution of cargo.
With its dollarized economy and its economic specialization in such strategic sectors as banking and maritime transportation, Panama is a country favourable to foreign direct investment.
The free trade agreement between Canada and Panama, in effect since last April 1st, eliminates customs duties on over 99% of Canadian exports, increases the protection of investments in the country, and allows Canadian businesses to bid on Panamanian government procurements.
Several multinationals, such as Samsung Electronics, DHL, DELL, Hutchison Port Holding Group, HSBC, BICSA, and Scotia Bank, have established their main offices of regional activity in Panama.
Facts and figures:
- GDP growth of 10.6% in 2012, and the highest per capita revenue in Central America, according to the IMF
- Panama’s GDP is ranked 4th in South America
- The 2nd largest banking system in the world, after Switzerland, with over 90 international financial institutions
- The 2nd largest free zone in the world, generating more than 11 billion dollars in imports, exports, and re-exports each year.
STRATEGIC SECTORS
| Panama Canal |
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The Panama Canal is a nerve centre for international maritime trade. Each year, over 14,000 ships use this pathway. Currently, ships going through the canal can hold 4,000 containers but once the widening of the canal is complete, ships will be able to triple their capacity to hold up to 12,000 containers. Panama is world renowned as a strategic location in the transport of containerized cargo.
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| Panama Pacifico |
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In 2004, the Government of Panama established the Panama Pacifico Special Economic Area (SEA) to drive direct foreign investment, to provide Panamanians with better-paying jobs and to attract new growth industries to the country. Inspired by special economic areas with similar characteristics around the globe, the Panama Pacifico SEA is the most comprehensive and advantageous to date in the region. More than constructing businesses, the SEA is constructing a whole new way to conduct business.
Advantages include the on-site, one-stop shop with access to 11 government branches; special labor incentives; simplified on-site immigration benefits; legal incentives; tax incentives, including exemptions for 12 specific business activities; and access to the on-site workforce training center.
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| Air Transport |
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Tocumen Airport currently serves over 5 million passengers per year, offering flights to 54 destinations on 14 different airlines. A development plan for this international airport has been implemented. The plan, which is in four phases, will be completed in 2025. Once complete, the airport will be able to serve 30 million passengers annually, and will have 20 terminals for the handling of freight.
With a $4 million investment and 3,500 m2 of infrastructure, the Gulf Coast International Cargo company plans to create a logistics management centre at Tocumen Airport.
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| Fibre Optics |
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The United Nations Conference on Trade and Development (UNCTAD) has ranked Panama as the country providing the best connectivity in Latin America. From its strategic geographic position, Panama is linked to the world with 5 undersea fibre-optic cables, as well as several maritime trade routes.
Panama is an ideal location for telecommunications companies and data centres connected to North and South America, Europe, Asia, and the Caribbean, as evidenced by the strong presence of national and international cellular telecommunications and Internet services companies.
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| Tourism |
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According to the government’s 2009-2014 strategic plan, Panama is seeking to position itself as a major destination for both leisure tourism and for international conferences and conventions. To that end, the government and the Panama Tourism Authority (PTA) have taken steps to develop and improve the industry: a migratory decree that makes it easier and faster for tourists to enter Panama, new direct routes from Panama to major destinations, and the creation of a modern data centre for tourism. Several large luxury hotel chains have also decided to establish themselves in the country
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| Financial Services |
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The Panamanian banking sector is the largest in Central America. Much like the Panama Canal, the International Banking Centre (IBC) is a pillar of the Panamanian economy’s progress. The IBC relies on, among other things, monetary stability and prospects for growth, as well as on the heavy inflow of international capital tied to Panama’s service activities.
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Register for this seminar to explore the full potential of the Panamanian market for your business!
