This event took place on September 12 and 13, and included a day of presentations and workshops on the vitality and strength of the Panamanian economy, in New York City.
The general administrator of the Authority for the Attraction of Investments and Promotion of Exports (PROPANAMA), Carmen Gisela Vergara, highlighted some of the strengths of Panama, during the closing of the Panama Day- Opportunities in the Financial Sector held two days ago in the city from New York.
Vergara specified that, “Panama is undoubtedly the country with the greatest connectivity in the region, with economic and social stability, which makes it an excellent destination for all types of investments, especially as the ideal place for nearshoring, and the banking and financial sector, with extensive experience, provides world-class services to meet the needs of any type of investment”.
Ambassador Vergara, at the historic Union League Club in Manhattan, highlighted the rapid expansion of the Panamanian economy and its resistance to inflation and global instability in the post-COVID era.
He added that the Panamanian nation “achieved an amazing growth of the Gross Domestic Product (GDP), only last year, of 15.3%, widely surpassing the other countries in the region, and in the first quarter of 2022, the economy expanded more than 13%, coupled with the ease of doing business, these indicators demonstrate the fertile economic ground that is Panama”.
Panama Day-Opportunities in the financial sector, took place on September 12 and 13, and included a day of presentations and workshops on the liveliness and strength of the Panamanian economy, organized by PROPANAMA and PANUS Chamber of Commerce, and co-organized by the Latin American Stock Exchange (LATINEX), Panamanian Chamber of Capital Markets (CAPAMEC), Banking Association of Panama (ABP) and the Panamanian Association of Insurers (APADEA).
It was attended by important figures from the banking and financial sector, both Panamanian and international, and included informative presentations and workshops on the strength of Panama’s financial position and its growing relevance in the international arena.
It began with opening remarks by the President of PANUS, William Martínez, and the Consul of Panama in New York, HE Elías Levy, who highlighted the economic opportunities available to foreign investors and the government incentives to promote such investments.
Otto Wolfschoon, president of the ABP, indicated that, “as Panama continues its rapid recovery from the COVID pandemic, unemployment has decreased and inflation, at only 3.5%, is completely controlled by what the banking sector is financially solid, making the country a truly attractive option for those seeking healthy and stable returns.”
The panel called “Future of the Panamanian banking sector”, moderated by Carlos Berguido, executive president of the Banking Association of Panama, discussed the aspects of the country’s financial sector, which present unique opportunities for foreign investors.
Kathy de Guardia, one of its panelists and director of International Financial and Tax Strategy, declared that, “from its inception, the Panamanian banking regulatory board has been exceptional and its independence from government interference has allowed it to operate with prudence and foresight” .
In this regard, Berguido indicated that “In the last 120 years, Panama has been the only country in the region with a substantial part of deposits coming from other countries, which alone reaffirms the global confidence in the banking system of Panama, its stability and its strength.
The participants received a talk from the executive vice president and general manager of LATINEX, Olga Cantillo, and the president of CAPAMEC, Jorge Vélez, about investing in the region’s capital markets, through the Panama Financial Services Center.
Cantillo indicated that, “our main objective now is to attract foreign investors to our Panamanian market with their understanding that international norms and regulations are being followed. We are investing in the latest technology, including the NASDAQ matching engine as our trading platform, to ensure peace of mind for all foreign and domestic investors.”
Subsequently, the participants of Panama Day joined through a video call with the Minister of Economy and Finance of Panama, HE Héctor Alexander, the Minister of Commerce and Industries, HE Federico Alfaro Boyd, and the representative of the Inter-American Development Bank ( IDB), Fabrizio Opertti.
Minister Alexander made a broad breakdown of the main data and economic indicators of the Panamanian State, demonstrating the viability and position of the country in relation to the world market. While for Opertti, Panama is well positioned to capture a healthy market share of the growing global value, stating that if just 15% of the region’s expected international trade can be tapped, a return of around 800 would be achieved. million dollars in economic growth for our country.
For Minister Alfaro, the Panama Canal acts as a guarantee for the relationship between Panama and the United States, since both countries depend largely on its smooth and uninterrupted operation, which, in turn, allows Panama to take more advantage of the innate ties to the United States.
He added that “it is very comforting when people like Fabrizio are as sure as we are that the economic opportunities that Panama presents are not only recognized by those in the region, but by the whole world.”
After lunch, attendees were invited to join a group of breakout sessions to discuss the various business, banking and financial sectors and the growth of Panama, with experts from each sector offering a deeper insight into their respective fields. of economic and logistical work.
“Panama is the fastest growing country in Latin America, it is a safe country, and it is a symbol of political and economic stability with great connectivity by air and by sea,” said Panamanian Ambassador to the US, Ramón Martinez.