March 19, 2024. Foreign Minister Janaina Tewaney Mencomo, together with the Deputy Minister of Multilateral Affairs and International Cooperation, Yill Otero, met with the president and CEO of the Semiconductor Industry Association (SIA), John Neuffer and his delegation, which is in Panama, as part of an exploratory tour to determine the strengths offered by the country for companies in this strategic industry.During the meeting, Foreign Minister Tewaney expressed her enthusiasm for this initiative, highlighting that "SIA's visit to Panama marks a crucial moment in our efforts to position our country as a key player in the semiconductor value chain.
This is a strategic and long-term effort that not only seeks to strengthen our industrial and technological capabilities, but also to prepare Panama to take advantage of economic growth opportunities that will benefit all Panamanians." For its part, the SIA delegation, considered "the voice of the U.S. semiconductor industry" and made up of President and CEO Neuffer, Vice President of Global Policy, Mary Thornton, and Global Policy Associate, Jen Park, held key meetings with senior representatives of the Panamanian government and business sector, demonstrating mutual interest in strengthening collaboration in the semiconductor sector.Therefore, accompanied by the Panamanian Ambassador to the United States, Ramon Martinez, the SIA representatives spoke with the National Secretary of Science and Technology, Eduardo Ortega, the Minister of Commerce and Industry, Jorge Rivera Staff, among other prominent officials and business leaders, where they underlined the importance of cooperation between Panama and SIA for the strategic development of the semiconductor sector in the country.
The mission's agenda included meetings focused on the national strategy for the development of the semiconductor sector, exploration of relevant incentives and regulations, as well as discussions on future collaborations with industry leaders and private sector representatives; allowing Panama to showcase the strengths of its infrastructure and a tangible vision of the capabilities and benefits that the country offers to companies in the semiconductor sector.
Semiconductors, also known as 'chips', are essential devices in all everyday technological devices and are the basis for the development of more advanced technologies such as artificial intelligence, the Internet of Things and autonomous vehicles. The pandemic and multiple disruptions in global value chains have led several countries to seek to expand their participation in this strategic industry.In this context, on July 20, 2023, the United States announced that it was partnering with the Government of Panama to explore opportunities to expand and diversify the global semiconductor ecosystem under the International Cybersecurity and Innovation Fund ("ITSI Fund"), created by the CHIPS Act of 2022.Finally, and with the commitment of both parties to continue this constructive dialogue, SIA's visit is expected to be the first step towards a deeper and more extensive collaboration, which could include future missions by SIA member companies to Panama to explore investment and partnership opportunities.