Business executives and entrepreneurs from the Cayman Islands will make another visit to Panama in March this year, following a successful visit to that Central American country in 2006.

The second visit to Panama is scheduled for 6 to 10 March and is organised by the Chamber of Commerce – the umbrella body for hundreds of businesses in the Cayman Islands.

At the Cayman National Corporation headquarters on Elgin Avenue on Thursday, the Chamber and other stakeholders met to discuss plans for the trade mission to Panama.  

The Chamber is now inviting business owners and residents that are interested in learning about the tremendous opportunities to register with its office in George Town.

President of the Chamber of Commerce, Angelyn Hernandez, said the follow up visit would reinforce trade relations.

“We opened the door with Panama last year and we want to build upon the success of the first trade mission,” she said. 

“The opportunities for increasing trade between our countries are significant and I would encourage anyone who has not visited the country to take part in this mission.

“Last year several delegates established relationships with Panamanian suppliers from Colon Free Trade Zone, and I am optimistic that much more business can be developed between our two countries, which will open another port of trade.”

Confirmed sponsors for the trade mission include Cayman National Corporation, the Ministry of Commerce and the Cayman Islands Investment Bureau, Eaglemount Ltd and Seaboard Marine.

The trade mission is scheduled to take place from 6 to 10 March 2007 and costs US$1,295 per person for Chamber members (add US$250 for future members).

Registration includes hotel and roundtrip airline tickets as well as any special receptions that will take place while in Panama.

Delegates will be able to travel to the Colon Free Trade Zone, the second largest free trade zone in the world, and can attend the Expocomer World Commerce Showcase, the largest of its kind in Central America and held each year.

Celebrating its 25th year, Expocomer is an international trade exhibition organised by the Chamber of Commerce of Industry and Agriculture of Panama that features exhibitors from South, Central and Latin America, the Caribbean and Asia, selling such goods as foods, textiles, construction, technology and services.

Many Panamanian and regional businesses in Central, South America and the Caribbean use the trade show to introduce new products to the market, evaluate the competition and use the Colon Free Zone as a bridge to re-export products to the Caribbean, Central America and South America.

Mrs Hernandez told the gathering that the 2006 mission provided positive developments for the Cayman Islands:

1. Air and ocean freight has increased between Panama and the Cayman Islands. American Airlines and Seaboard Marine have reduced their shipping rates, which should encourage additional trade.

2. Charters to Panama are popular, with many residents now discovering the excellent amenities that the country has to offer.

Last year more than 2,000 residents of the Cayman Islands traveled to Panama on one of 18 charters.

As part of this year’s mission, the Chamber, in cooperation with the Department of Tourism is organising a familiarisation visit for travel writers from Panama to visit the Cayman Islands, so that they can experience our tourism product and write features that will ultimately attract visitors and investors from Panama and Central America to our shores;

3. Local residents have purchased real estate in Panama as investments. In fact, a local contractor purchased land to build homes in Panama for US residents who decide to retire there.

Panama is considered the leading retirement location due to its natural beauty, political stability and affordable cost of living;

4. The financial services business between our two countries has increased over the past year as an increasing number of transactions are being carried out through the Cayman Islands to Latin and Central American countries.

In fact, this month a business group in Panama has decided to list a mutual fund on the Cayman Islands Stock Exchange;

5. Imports from Panama in 2006 are estimated to be more than $5 million, but this figure is expected to increase substantially as freight services improve and local businesses realise the value for importing goods from Panama, especially building materials and locally finished products from the Colon Free Trade Zone;

6. Several local firms have decided to use Panama as their evacuation management location in the event of a natural disaster, which will result in increased traffic and trade between our countries in the years ahead.

Panama is an excellent destination for sourcing goods and materials from around the world and serves as a key alternate supply source for importing products in the event of any interruption of service from our main US or Caribbean shipping ports.

We all remember the delays in service, particularly following the many storms that struck Florida in 2005.