There is no doubt that Panama’s strategic location, at the narrowest point of the isthmus between two oceans and the junction between two continents, has provided the ideal crossroads of trade for the Americas for almost a century.

“Panama has transcended beyond being only a maritime shipping and land connection by rail and road, and has become an air transport hub, an international trading center, where value added is increasingly becoming a trend, an international financial services center, and a maritime logistics services center,” said Domingo Latorraca, the President of the Chamber of Commerce, Industry, and Agriculture of Panama.

Domingo Latorraca, the President of the Chamber of Commerce, Industry, and Agriculture of Panama Photo by Seeta T. Shaw Roath

Gilberto Ferrari, Administrator for the Panama-Pacifico Special Economic Area Agency Photo by Seeta T. Shaw Roath

David Hunt, Executive Director of the American Chamber of Commerce and Industry of Panama Photo by Seeta T. Shaw Roath

Trade liberalization and privatization in recent years, together with the movement for Free Trade Agreements, will increase Panama’s positioning as a global, regional, and sub-regional leader. Gilberto Ferrari, Administrator for the Panama-Pacifico Special Economic Area Agency, said that Panama is looking beyond short-term development into long-term development programs. He said that the country is looking to compete, not only within the region, but more importantly with world economies.

Ferrari indicated that continuity and sustainability – together with the long-term openness of the economy, continued economic growth, and creation of the right atmosphere for foreign and local investment – are the main focus of collaboration and partnerships between the government and the private sector. He pointed out that the efforts and results will transcend different political administrations, as it is a long and dedicated task. “It is all about a team of people having ownership of the same idea, working together to achieve the same goal.”

Ferrari pointed out that there are three main requirements for success: “The massive developer being able to deliver what he said he would, we as a country developing a knowledge- based human resource pool to meet market requirements, and we as a government developing a one-stop shop according to the law and being able to compete with global economies.”

With the dollar as legal tender, a low inflation rate, and zero foreign exchange risk, together with an investor-friendly legal and regulatory regime and attractive incentives, it is relatively easy to do business in Panama. In addition, the government is stable and democratic.

David Hunt, Executive Director of the American Chamber of Commerce and Industry of Panama, reiterated that opportunities for trade and investments currently exist in telecommunications services and equipment, construction services and equipment and supplies, tourism products and services including the hotel industry, material handling equipment, environmental equipment and services, medical equipment and supplies, electric power systems, equipment and supplies for the hotel and restaurant industries, security and safety equipment, and cosmetics and toiletries.

International manufacturers, distributors, and service providers will have the opportunity to showcase their products in Panama in March 2008 at the largest exposition in the region, EXPOCOMAR. This exposition is sponsored by the Chamber of Commerce, Industry, and Agriculture of Panama.

It is usual for U.S. products and services to be featured in one of the largest pavilions at the exposition. Interested persons may contact David Hunt, Executive Director of the American Chamber of Commerce and Industry of Panama, who will manage the U.S. Pavilion.

Hunt can be contacted at tel. (507) 301-3881, fax (507) 301-3882.

In addition, Madelene Lopez, the Executive Director of EXPOCOMAR can be contacted at Tel. (507) 207-3433, Fax (507) 227-0115