Tuesday, October 18, 2011

More US investment is expected with the TPA between the U.S. and Panama, summary by Juliette Passer, Esq.

The Panamanian industry sector and government expressed hope that the ratification of the Trade Promotion Agreement (TPA) with the United States will attract new investment to Panama, but others expressed concerns that it poses a challenge for the agricultural sector of Panama.

The Agreement comes at a time when Panama is experiencing a boom with an average economic growth of 8.5% over the past five years and prospects for growth of over 9% for 2011.

"We will facilitate what we have to do to help our producers and farmers so they can compete with quality products with good prices," said Ricardo Quijano, Minister of Commerce and Industry of Panama. "We will give the necessary support ... so that agricultural producers can have access to new technologies, new products and thus be competitive."

Maritime sector and services, including areas such as finance and logistics are the most excited about the TPA, because the Agreement improves the conditions for the investment of American capital, which would hopefully bring new businesses and create more local jobs.

Minister Quijano considered Panama's geographic position and the growth of logistics operations for transportation of goods by sea, land and air as favorable combination of factors coupled with the U.S. trade pact with Panama for consolidating its platform for export.

October 15th, 2011, Telemetro (Channel 13), summary by Juliette Passer

No comments:

Post a Comment