COLLABORATION AGREEMENT, BETWEEN PROPANAMA AND THE AMERICAN CHAMBER OF COMMERCE AND INDUSTRIES OF PANAMA (AmCham)

With the purpose of promoting the commercial relationship between the Republic of Panama and the United States of America

January 19-19, 2021


With the objective of promoting the commercial relationship between the Republic of Panama and the United States of America, a collaboration agreement was signed between PROPANAMA, the National Agency for Investment Attraction and Export Promotion, and the American Chamber of Commerce and Industry of Panama (AmCham). 

The meeting was organized virtually, in order to comply with the established biosecurity standards, and was attended by the President and Legal Representative of The American Chamber of Commerce and Industry of Panama, Luis H. Moreno IV, and the Executive Director of PROPANAMA, Carmen Gisela Vergara, as representatives of both organizations, in charge of making the document official by signing it. In addition, other representatives of the trade union, the media, businessmen in general and personalities from our Embassies and Consulates around the world participated as witnesses, highlighting the presence of the Ambassador of Panama to the United States of America, H.E. Juan Ricardo De Dianous Henríquez and the Chief of Mission of the U.S. Embassy in Panama, Mr. Stewart Tuttle.

Starting the year with this type of activities reinforces the fulfillment of PROPANAMA's objectives to identify and take advantage of the various instruments available to attract foreign direct investment to our country, with special emphasis on strategic areas of economic development involving logistics, agro-exports, tourism, financial services, science and technology. 

Having strategic allies such as AmCham Panama, greatly improves the relations of collaboration and cooperation, generating significant progress in the conditions of business activation and investment promotion between Panama and the United States. For this reason, we seek to support, promote and facilitate activities that involve the respective business communities of both institutions. 

The collaboration agreements promote and circulate information on business opportunities. They also facilitate the mutual organization of seminars, exhibitions and other similar activities. 

"It is an honor for me to share with you to celebrate the signing of the memorandum of understanding between PROPANAMA and Amcham, an important achievement in such difficult times that the world is going through, which indicates that there is a future in which we must continue to work. The objective of this agreement is to contribute to the strengthening of relations between Panama and the United States. The interests of both nations are closely linked and that is why from the Embassy of Panama in the United States of America we support all efforts to improve development. The pandemic has shown us today more than ever that it is necessary to cultivate these types of activities to boost the economy. It is the challenge of our times to ensure that Panama continues to increase its growth in a sustainable and inclusive manner. The signing of this memorandum comes as a boost to the country's promotional efforts. I strongly urge that we all continue to work as a team in order to leave the name of Panama high", were the words of Panama's Ambassador to the United States of America: H.E. Juan Ricardo de Dianous Henriquez.

For his part, the Chief of Mission of the U.S. Embassy in Panama, Mr. Stewart Tuttle, addressed the attendees with the following words: "relations between Americans and Panamanians have been present for more than 100 years, there are numerous companies successfully established in this territory and we intend to continue increasing our participation to continue providing sustainable employment to thousands of people. In addition, we are a nation that has collaborated continuously to help Panama, especially in these times in which because of the pandemic we have had to provide massive testing tests, respirators, among other collaborations. The commercial activity of Panama and the United States is one of the strongest and for this reason we are the first commercial partner both for exports and for attracting investment".

Similarly, Mr. Luis H. Moreno IV, President of AmCham Panama, addressed the audience to emphasize that "the United States, our main trading partner, has historically led foreign direct investment in Panama, injecting capital flows in different sectors. We will remain loyal in our mission to continue to be the platform to promote the development of the business community in Panama. We believe that the special economic zones, investment regimes and other regulations established by the Government will continue to drive the attraction of foreign direct investment on an ongoing basis. This agreement will be a model of the coordination of efforts between the Government and private enterprise to temper the difficulties generated by Covid-19 and resume post-pandemic commercial activities.

Finally, we listened to the words of the Executive Director of PROPANAMA and Ambassador, Carmen Gisela Vergara, who said "It is these strategic allies, countries like the United States, who can help us out of this unfortunate situation, this agreement had a while in preparation and for PROPANAMA represents an immeasurable help, to support us in locating buyers for our exportable supply and seek potential investors interested in our country. The United States is Panama's main trading partner and we have a friendly relationship, which we want to deepen with the new administration that is about to be established. From the agency we see great opportunities involving free trade agreements, which we want to promote to generate business opportunities. Value and supply chains are becoming more regional than global, and we are part of this Latin American region where there are interesting opportunities in these new trends for our productive sector between Panama and the United States. We believe there is an excellent opportunity to exchange products and services, especially in the creative industries, which are a source of employment for the youth. Also our exports of new products, with added value and that we believe will be very interesting for the American market. For us in Panama, our mission is to attract sustainable investments to achieve a more digital country and we believe that the United States is a key partner to achieve this." 

AmCham and PROPANAMA, will comply with this agreement from its entry into force from the official signing and the same will have a duration of (1) year or until the parties decide. It may be renewed if the parties involved so consider.