On November 12, we hosted Román Salazar, president of Edificar, one of Costa Rica’s three largest construction firms, and Martin Lampron of Xpand Group, both of whom spoke about business opportunities in Costa Rica and Panama. According to Mr. Lampron, these two countries are an excellent gateway into Latin America as a number of major players already do business there.

I spent some time living in Panama and therefore know this country well. During my stay, I remember noticing many business opportunities for Quebec SMEs. As I mentioned in my last blog, Panama is booming, thanks in large part to the construction of the Canal and scores of hotel complexes. However, I was surprised to find out from our two guests just how different the construction market is in each country. I had always been under the impression that they were similar. I’d like to share what I learned with you.

First, in Costa Rica, the construction sector is divided into three spheres: owners (developers, buyers and operators), consultants (small independents and specialized firms) and builders (general contractors, subcontractors, and industrial distributors and manufacturers). Players like Edificar (general contractor) account for about 30% of the market and are the best bet for Quebec SMEs because they oversee large projects. In Panama, the industry is much more centralized; labour plays a big role, and the government is heavily involved.

Second, Costa Rica looks for standardized energy-efficient products while Panama is interested in innovative design and systems for high-rise construction. Both, however, are looking for modular systems and value-added products that make installation easier. If your products meet these criteria, you should consider exploring these two markets.

Although different, both the Panama and Costa Rica markets offer good opportunities for Laval SMEs. As a result of one-on-one meetings with Mr. Salazar, 13 SMEs were able to confirm their business potential in these countries. This is why I think other companies could benefit as well. If you’d like to find out whether your products are suitable for these markets, feel free to give me a call.

Caroline Bouchard