Panama prospects

The objective of the trade mission was to explore opportunities for increased trade and investment between TT and Panama, particularly in the areas of construction services, fire and safety protection services, manufacturing in tissue products and advertising services.

There were several reasons for selecting Panama; specifically, its strong economic position as the leading attractor of Foreign Direct Investment in Latin America and its incentives for foreign investors in a wide range of sectors.

The mission coincided with the premier Trade Fair in Panama - Expo Invest 2016 - which the delegation had an opportunity to attend, and be exposed to information about investment opportunities in Panama and the rest of the world. As head of the delegation, I also had the opportunity to deliver a presentation on investment opportunities in TT’s economy and the Chamber’s services.

Our delegates also witnessed first-hand the developments that were taking place in the epicentres of trade; the Panama Canal, the Colon Free Zone and the Panama Pacific Agency. These visits allowed participants to gain a better understanding of the factors that propelled Panama, over the past few years, to be the leading country and free zones attracting foreign direct investment in Latin America and the Caribbean.

In an effort to bridge and strengthen business relations between both countries, the TT Chamber met with the Panamanian Chamber of Industry, Commerce and Agriculture - a key business agency. We held discussions about the possibilities for further collaboration and on an incoming mission to Trinidad to ensure that future engagements would accrue to the mutual benefit of their members.

But perhaps the greatest success of the mission was the business-to-business meetings, which were arranged by Opera Business Group. There was a 97 percent success rate for scheduled meetings with companies having several but at least two prospective leads for future business engagements.

The TT Chamber especially thanks Her Excellency Carmen Gabriella Menendez, and the staff at the Embassy of Panama in TT for their pivotal input in the planning and coordination of the mission which enabled its success. Special mention must also be made of the Embassy of Trinidad and Tobago in Panama, Invest and the Ministry of Foreign Affairs in Panama for their support.

The TT Chamber is committed to building on the progress made through the trade missions, through continued support of TT’s trade and investment promotion efforts for its members who are interested in doing business in Panama and indeed gaining market access outside TT..