Doing Business in Panama
Ambassador Briefing
Panama is one of the fastest growing economies in Latin America, expanding 6.2 percent in 2010, with similar annual growth forecast through 2015. Panama’s dollar-based economy offers low inflation in comparison with neighboring countries and zero foreign exchange risk. The U.S.–Panama Trade Agreement went into effect on October 31, 2012, and eliminates tariffs and other barriers to U.S. exports, promotes economic growth, and expands trade between our two countries.
Panama’s strategic location as a major shipping route heightens the importance of the Agreement. Approximately two-thirds of the Panama Canal’s annual transits are bound to or from U.S. ports. Panama’s economy is based primarily on a welldeveloped services sector, accounting for about 75 percent of GDP. Services include the Panama Canal, banking and the Colón Free Zone. The country is engaged in a $5.25 billion expansion of the Panama Canal that, when finished, will allow larger vessels to transit and might alter shipping routes. This project will help solidify Panama’s global logistical advantage in the Western Hemisphere.
This logistical platform has contributed to the success of the Colón Free Zone (CFZ), the second largest in the world, which has become a vital trading and transshipment center. CFZ imports, a broad array of merchandise, arrive from all over the world to be resold primarily to regional markets. Because of this product mix, U.S. brand market share is significant.
U.S.-Panama FTA is comprehensive and can result in significant liberalization of trade in goods and services, including financial services. It also includes important disciplines relating to areas such as customs administration and trade facilitation, technical barriers to trade, and government procurement.
About The Minnesota Trade Office
The Minnesota Trade Office (MTO) is the state office that helps companies increase export sales. A division of the Department of Employment and Economic Development (DEED), the MTO is the state’s official export promotion arm. Detailed in¬formation about our services is available online at www.PositivelyMinnesota.com/trade.
Cooperating Organization:
Minnesota International Center |
Friday, September 27, 2013
Time: 8:30 to 10:30 a.m.;
8 a.m. registration
Location: Department of Employment and Economic Development, 1st National Bank Building, Minnesota Room, 332 Minnesota Street, E200, St. Paul MN 55101 ( skyway level)
Advanced registration is recommended.
Fee: $25, if pre-registered
$35, walk-ins
Register Online Here
For more information, contact Rachel Limon, 651-259-7492, or email rachel.limon@state.mn.us
About the Ambassador
His Excellency
Mario Jaramillo
H.E. Mario E. Jaramillo became the 47th ambassador of Panama to the United States on February 17, 2011.
Ambassador Jaramillo comes from the private sector, where he was chairman of the Panamanian Association of Business Executives and vice chairman of the National Council of Private Enterprise. He has also been a member of the boards of directors of Panama’s Chamber of Commerce for the past 14 years, the Private Sector Council for Educational Assistance, and the Foundation for Sustainable Development, among others.
From 1993 to 1999, Jaramillo served as director for the National Secretariat of Science and Technology. He also represented the Government of Panama on the board of Union Fenosa, an international company dedicated to the production and distribution of gas and electricity in Panama. At the time, he was also a member of the board of directors of the Panamanian National Institute of Professional Formation, representing the private sector.
Jaramillo is an active member of the Rotary Club and of the Association of the U.S. Army since 1986. He earned a degree in business management with an emphasis in marketing at Louisiana State University and earned a master’s degree in business management from INCAE Business School, a prestigious academic institution founded by Harvard Business School, USAID and the Central American private sector.
|
