The Minister of Trade and Industries of Panama, Julio Moltó, and the Ambassador of Australia, Rachel Moseley, held a meeting focused on exploring various opportunities for bilateral cooperation in key sectors such as logistics, trade and the pharmaceutical industry, strategic areas for the economic development of both countries.
Panama is Australia’s main trading partner, which led both parties to agree on the relevance of taking advantage of the country’s strategic geographical location and its growing potential in the pharmaceutical industry, a key sector within President José Raúl Mulino’s plan to position Panama as a pharmaceutical hub.
The Australian pharmaceutical market, one of the pillars of its health industry, covers the production, distribution and sale of pharmaceuticals, including prescription drugs, over-the-counter and medical devices. It is estimated that it will reach a value of 14 billion by 2025, positioning itself as a highly competitive sector, with important national and international actors from countries such as the United States, Switzerland, the United Kingdom, France and Germany, among others, who are struggling to obtain a greater market share.
During the meeting, Minister Moltó also informed the ambassador about the advantages offered by the Multinational Enterprises Regime (SEM) and the free zones in Panama, highlighting these options as an attraction for more Australian companies to establish their operations in the country.
Among the main Australian companies in Panama are Cochlear Limited Group (research and development of hearing devices), 5B (solar photovoltaic industry), Momo Homes Panama, S.R.L. (manufacture of modular systems for prefabricated houses) and Orica Caribe, S.A. (chemicals and related products).
Both the minister and the ambassador expressed their commitment to work closely together so that more Australian companies see Panama as an investment option and a gateway to the region.
In addition to trade issues, Ambassador Moseley highlighted the possibility of expanding bilateral cooperation in the field of education, indicating her willingness to explore new opportunities for collaboration that include the offer of scholarships in Australia. This proposal was received with great interest by Minister Moltó, who highlighted the importance of expanding academic opportunities for Panamanian students. He stressed that this would not only strengthen professional training, but would also contribute to cultural exchange between the two countries.
Likewise, Moseley agreed to collaborate with the Panamanian Ambassador to Australia to encourage the participation of Australian companies in Expocomer 2025, which will be held from March 25 to 27.
It should be noted that the Australian embassy does not have official diplomatic representation in Panama. Instead, it operates from its headquarters in Mexico City, from where it covers the entire region of Central America (including Panama), Cuba and the Dominican Republic.