A Panamanian delegation today held a meeting with Spanish companies at CEOE, to report on the economic situation and present business opportunities in investment in the Central American country. The permanent secretary of the Council of Ibero-American Businessmen (CEIB) and director of CEOE International, Narciso Casado, participated in the conference; the assistant deputy director of the General Secretariat of Latin America and North America of the General Directorate of Commerce and Investments of the Secretary of State for Commerce, Begoña Montoro; the Economic and Commercial Minister of the Embassy of Panama, Christine Brostella; the ambassador and director of the Pro Panama Agency, Carmen Gisela Vergara; the president of the Association of Exporters of the country (APEX), Rosmer Jurado, and the representative of LAFISE GROUP for Europe, Elizabeth Saavedra.
The permanent secretary of CEIB and director of CEOE International, Narciso Casado, highlighted in his speech the presence of 122 Spanish companies established in Panama, not only to invest, but to stay. These investments make the country the first destination of Spanish investments in Central America, representing more than 5% of the total foreign direct investment stock that the country receives, positioning Spain as the fifth investment country.
Casado highlighted that Panama is much more than a channel, "it is the most dynamic Latin American economy and has experienced intense growth in the last decade, with an average rate of 7%, the highest in all of Latin America." All this, he said, accompanied by an excellent geographical position, which places it as the commercial and logistics hub par excellence in Latin America and as one of the most open and dynamic countries in the region, especially in relation to climate and climate. Ease of doing business. In this regard, he explained that Panama has taken advantage of its privileged position by connecting the world at sea, airport and digital level with the laying of seven fiber optic cables in which Spanish companies have invested, which demonstrates the level of confidence and of commitment of both countries.
Finally, Casado emphasized the work carried out by CEOE and from CEIB to strengthen dialogue in the region, through collaboration with the Ibero-American General Secretariat (SEGIB) and with the Ibero-American Federation of Young Entrepreneurs (FIJE), as well as with institutions of worldwide scope such as the OIE and also with the OIJ (International Youth Organization), among others; establishing itself as the best regional platform to value the competitiveness factors common to Latin American entrepreneurs. He also took the opportunity to announce that this week begins the road to the XXVII Ibero-American Summit of Heads of State of Andorra 2020, whose motto will be “Innovation for Sustainable Development, Objective 2030” and, therefore, invited participants to the I Ibero-American Forum of Open Innovation, which will be held the next 27 and 28 days in CEOE.
Business opportunities
The ambassador and director of the ProPanama Agency, Carmen Gisela Vergara, stressed that Panama is a world-class logistics platform, has the most important ports in the region; It is an air hub of great relevance, with 86 destinations in America, 38 in Europe, 415 daily operations and 12,000 passengers per year; as well as an international banking and financial center, with a total asset of 121,484 million dollars in 2019, 2.7% more than in 2018. In this regard, he stressed that the Central American country is one of the most connected in the world, has 100% regional internet traffic, 97% international voice traffic 90% data transmission.
Vergara also informed that there are 54 laws or regimes that offer incentives for investment in the country, such as Panama SEM, City of Knowledge, Colon Free Zone, Panama Free Zones or Dicine, among others. In addition, the Government recently approved the Public-Private Partnership Law that includes social and economic investment projects in the sectors of roads, energy, telecommunications, schools, public buildings or water treatment. The director of the Pro-Panama Agency encouraged Spanish entrepreneurs to invest in agriculture (blockchain for traceability or agricultural intelligence), pharmaceutical sector, disruptive technologies, creative industries, renewable energy, environment or tourism.
Collaboration Agreement CEOE-Pro Panama
To end her intervention, the director of the ProPanamá Agency presented exclusively the new tools with which her agency intends to continue promoting the attraction of investments and promotion of exports of Panamanian products, consisting of the possibility of holding virtual business conferences, as well as virtual international trade fairs, facilitating contact between companies and with it, trade between both countries. The CEOE members will be able to enjoy this tool thanks to the collaboration agreement signed between the employer's association and ProPanama, to intensify and promote bilateral relations, as well as to promote technological and industrial cooperation.
In turn, the president of the Association of Exporters of Panama (APEX), Rosmer Jurado, spoke of the opportunities for commercial exchange with the Central American country; and Elizabeth Saavedra, representative of LAFISE GROUP for Europe, focused on exposing the incentives and aid existing in the field of banking and commercial financing in Panama.
The assistant deputy director of the General Secretariat of Latin America and North America of the General Directorate of Commerce and Investments of the Secretary of State for Commerce, Begoña Montoro, concluded by highlighting the work that her office performs in promoting investment and internationalization of the Spanish companies, both through the services provided by the network of Spanish Economic and Commercial Offices abroad, and through the Fund for the Internationalization of the Company (FIEM).
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