PROPANAMÁ and the Chamber of Commerce of Barranquilla starred in the ‘Panama Day’ event, promoting investment opportunities and highlighting the importance of bilateral trade between the two countries in the Colombian Caribbean region.
The Authority for the Attraction of Investments and the Promotion of Exports (PROPANAMÁ), in collaboration with the Chamber of Commerce of Barranquilla, starred in the “Panama Day” event, focused on highlighting the great investment possibilities offered by Panama and the facilities to expand business in the territory, considered as the gateway to global markets. During the event, the prominent Panamanian delegation presented to Colombian businessmen the investment opportunities in the nation, recognized as one of the most important in commercial terms. In addition to being a country known for its interoceanic canal, Panama exhibits impressive figures: in total Gross Domestic Product (GDP): US$ 66.8 billion (nominal 2019). Crec rate. % GDP 2.7% (nominal 2019 vs 2018) and GDP per capita US$ 16,245 (2019). This last figure is especially significant if you take into account that the GDP per capita of a Colombian is three times lower.
Foreign investment finds an attractive and proven destination in Panama, with the presence of more than 180 multinational companies, including well-known technology companies. This country stands out for its unlimited connectivity both by sea, air and also in telecommunications.
Diego Ortiz de Zevallos, deputy general administrator of PROPANAMÁ, explained that the authority is responsible for articulating the efforts of different levels of the Panamanian government to encourage investment in the country. He stressed the importance of the event to open doors to future projects and look for a complement between the competitive advantages of Panama and Barranquilla.
“The intention is for entrepreneurs to find that point that allows them to expand their businesses or take advantage of the logistics platform offered by Panama.” Ortiz de Zevallos expressed.
Caribbean businessmen received first-hand information from a delegation headed by the ambassador of that country to Colombia S.E. Liliana Fernández Puentes, who during her inaugural speech highlighted the bonds of brotherhood that have characterized the relations between her country and Colombia throughout history.
“This is the first mission we do in the Caribbean region and it is very important for us to be able to get here on behalf of the government of President Laurentino Cortizo Cohen. I thank the Chamber of Commerce of Barranquilla for being able to organize this space, with all the entrepreneurs of the region and for us it is very important to say that we have worked with all the chambers of commerce of the Caribbean Region,” said the ambassador.
In addition, he highlighted the presence at the event of different sectors represented in Panamanian guilds, from which commercial exchange with entrepreneurs from the Colombian Caribbean region can be promoted.
“Panama and Colombia share many things in common, in cultural aspects such as folklore, our gastronomy, music and biodiversity that is very important when we are talking about sustainability, the responsibility we have as a region, in this aspect the Caribbean has played an essential role for the development of our country,” he said.
The Colombian representation, headed by the Chamber of Commerce of Barranquilla, with the participation of ProBarranquilla and district entities, emphasized the importance of strengthening trade relations with Panama to boost the growth of companies and promote non-traditional exports, finding in the Panamanian market a great receiver.
Manuel Fernández Ariza, executive president of the Chamber of Commerce of Barranquilla, highlighted the great importance for the city and the department of Atlántico the strengthening of trade relations with Panama.
“We are separated from Panama 500 km, an hour of flight, and little time by sea, and historically we are united by very strong ties in various aspects, but commercial ties are still subjects of growth and we have not exploited the potential to the fullest,” Fernández said.
Adolfo Fábrega García de Paredes, president of the board of directors of the Chamber of Commerce, Industries and Agriculture of Panama, expressed the great expectations regarding the Colombian Caribbean and affirmed that the visits to Bogotá and Medellín obtained excellent results, expecting the same in Barranquilla. He also highlighted the geographical proximity and stated that the Colombian Caribbean is a commercial partner of great importance for Panama.
The existence of commercial agreements since the 1960s facilitates bilateral trade between the two countries, which allows investment in both directions, said Mr. Fábrega, who leads the largest and most important business union in Panama.
Vicky Osorio, executive director of ProBarranquilla, for her part, highlighted the great brotherhood between the two countries. “These are spaces of great relevance, there is a mutually beneficial business relationship and the Atlantic has played a fundamental role in this process. Panama has established itself as the main destination for exports in Latin America from the Atlantic, but there are many opportunities to grow, Barranquilla has many sectors that can take that step,” he said.