President Cortizo meets with Texas businessmen to attract investment to Panama
● The President, accompanied by the Panamanian delegation, shared with businessmen from the Austin Economic Development Corporation the advantages and attractions that Panama offers for good investments.
● The President's work tour has yielded important results, such as the investment of 250 million dollars that the multinational Millicom will make in Panama.
Texas, United States. July 15, 2021. The President of the Republic, Laurentino Cortizo Cohen, led a meeting of the Panamanian delegation with more than 30 businessmen from the Economic Development Corporation of Austin, Texas, in which they showed the advantages offered by Panama to invest, such as the best connectivity in the region, have a maritime, air and digital "hub," tourist attractions and a solid international banking center, among others.
The Panamanian delegation listed and explained to the businessmen some of these advantages that the country offers to invest, among which stand out: having the best connectivity between North America, a world-class logistics platform, a privileged geographical position, the dollar as the official currency in circulation, banks and the international financial center.
They also mentioned political stability, excellent quality of life, high-tech medical services of international prestige, legal stability in investments, a world-class communication infrastructure and the safest country in the region with a low crime rate, among other attractions.
Texas' economy is among the fastest growing, and is the second largest in the United States. If it were an independent nation, Texas would be the fifteenth largest economy in the world.
During his working tour, together with the delegation accompanying him, President Cortizo Cohen has held important meetings with leaders of the Texas private sector, including investors and entrepreneurs from the Irving Hispanic Chamber of Commerce, and witnessed the signing of a memorandum of understanding with the company Energy Transfer to study the feasibility of joint participation in a Trans - Panama Gateway pipeline project.
The president also toured the sports facilities of the University of Texas and met with Jay Hartzell, president of the University of Austin, to formalize the signing of an agreement that seeks to evaluate the entrepreneurship ecosystem in Panama, prioritize strategic sectors for development and establish a methodology for incubation and support for companies.
President Cortizo Cohen held an important meeting with Mauricio Ramos, CEO of Millicom, who announced a plan to invest 250 million dollars in the modernization of its network, impacting 800 thousand Panamanians, of which 200 thousand do not have mobile coverage. This economic and social decision will benefit hard-to-reach areas that are part of the Colmena Plan, which seeks to lay the foundations for reducing poverty and inequality in the country.
The Panamanian delegation is composed of Carmen Gisela Vergara, director of the National Authority for Investment Attraction and Export Promotion of Panama (ProPanamá) and directors of that entity; José Alejandro Rojas Pardini, Minister of Facilitation of Private Investments; Aristides Royo, Minister of Canal Affairs; Juan Carlos Sosa, Deputy Minister of International Trade; Ana Margarita Reyes, Deputy Administrator of the Panama Maritime Authority and Technical Secretary of the Logistics Cabinet.
President Cortizo promotes expanding Houston investments in Panama
During a meeting with businessmen from Houston, the president proposed the establishment of regional headquarters of multinationals in the country.
The reestablishment of the regional offices of the port of Houston in Panama is being sought.
Continuing with his work tour in the third and last city, the President of the Republic, Laurentino Cortizo Cohen, met with the Greater Houston Partnership, a business council that brings together important companies, some of them with a presence in our country, and made a visit to the port of Houston.
The objective of the meeting was to strengthen commercial relations, promote the installation in Panama of regional headquarters of multinationals, as well as invite a commercial mission from Texas to visit the country.
The expansion of the Houston - Panama air route via United Airlines was also promoted and the expansion of the logistics center continued, taking into account the expansion of the Panama Canal and the navigation channel of the port of Houston.
“During this official mission, investors have reaffirmed their interest, highlighting the actions implemented by our administration. Panama is, without a doubt, the place to be and to invest! We will continue to facilitate good foreign investment, ”said the president, who was accompanied by the Panamanian Consul in Houston, Jaime Sosa; the Minister of Canal Affairs, Aristides Royo; Juan Carlos Sosa, Vice Minister of Foreign Trade; Carmen Gisela Vergara, Director of the Authority for the Attraction of Investments and Promotions of Exports of the Republic of Panama (ProPanamá); Jose Alejandro Rojas Pardini, Minister Counselor of Facilitation of Private Investment; Ana Margarita Reyes, Deputy Administrator of the Panama Maritime Authority and Technical Secretary of the Logistics Cabinet.
Houston is the main commercial partner of the United States with Panama in trade and investment, so this tour seeks to expand the investments of companies established in the country.
Among the main companies in this region that have operations in Panama are Chevron, Cheniere, Halliburton, McDermott, Sysco, United Airlines, Deloitte and the Port of Houston.
During this visit, the Panamanian president expressed his support for the expansion of the port's navigation channel, as well as the search for mechanisms to promote opportunities and the reestablishment of the regional offices of the port of Houston in Panama.
The opportunity was offered for companies from Texas and the United States to use Panama as a logistics center for products imported from Asia that can be unloaded in Panama, stored and then shipped to the Atlantic side of South America.
The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston is the largest port in the country in terms of shipping tonnage and an essential economic engine for Houston, the state of Texas and the United States.