No, the skyline is not Panama although it continues to look like Dubai.
The Department of Economic Development in Dubai has recently toured Mexico and Panama as part of their focus for the Americas as their major source market for investment and trade in the UAE, as reported by Albabawa Business.
Chief Executive Officer of the Dubai Investment Development Agency Fahad Al Gergawi and Deputy CEO Khalid Al Boom has already made contact with business representatives and investors in Mexico City and Panama City during their visits, speaking with them about the benefits of doing businesses in Dubai, as well as the diversity of infrastructure and services.
Al Gergawi said, “Recent developments are set to enhance the UAE’s bilateral engagement with Mexico as well as Panama remarkably.”
He went on, “Our visit was aimed at expanding our coverage of the strategic markets across the Americas and enabling investors and businesses in Mexico and Panama to make the best use of remaining connected with the UAE, particularly Dubai.”
But why choose to do business with these particular countries? Al Gergawi said that Mexico has been a key regional player because of their solid economic fundamentals. About 90% of its trade is noted to be under free trade agreements. It also has a rapidly developing, modern industrial, vast agricultural sectors, as well as services that account for over 70% of GDP.
According to the Saudi Gazette, “a major thrust in the country’s economic strategy nowadays is on revamping its infrastructure. Dubai can provide the right ground for Mexico’s export-oriented economy to achieve its desired growth.”
ProMexico, the trade promotion body, has recently opened its office in Dubai to enhance trade and investment. Mexicans are open to the business deals with Dubai as well. The Mexican Ambassador to the UAE Francisco Alonzo, as well as the Director of ProMexico office in Dubai Enrique Abod, were supportive of the investment and trade proposals as well, particularly about the manufacturing, agricultural and trading sectors as well as machinery and financial services.
Panama will be connected to the Middle Eastern state with its longest commercial flight when Emirates starts flying between the two cities in February 2016. Khaleej Times noted that the FDI particularly highlighted the benefits of direct air travel to Dubai. Gergawi said that Panama is the “strategic logistics hub” as the Panama Canal passes through the country. Both economies are also noted to be dominated by the services sector.
“Dubai’s expanding free zones and Dubai Maritime City present further opportunities for collaboration as its flagship registry and free zones have played a lead role in making Panama the second largest economy in Central America,” he added.