Posts Tagged ‘Panama’

October 1st, 2010

Other reasons why Laval-based companies should be in Central America and the Caribbean (CAC) region

To follow-up on my two previous blogs which I wrote last year regarding the opportunities in Panama and Costa-Rica for our companies, I invite you to take a look at this weekly commentary from Peter G. Hall, Vice-President and Chief Economist at EDC.

Mr. Hall explains the reasons why the CAC region plays a key role in the upcoming recovery, and why Canadian companies stand to gain from an established regional presence. According to Mr Hall, the strategic position of Panama in the global trade continuum makes this country a natural global trade hub. For that reason, multinational corporations are increasingly viewing Panama as a centre for regional operations.

To see my previous blogs, please click on the following links:

A rosy future for Panama

Costa-Rica and Panama, 2 markets 2 hours apart and 488 million consumers

Caroline Bouchard

December 17th, 2009

Costa-Rica and Panama, 2 markets 2 hours apart and 488 million consumers

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

October 22nd, 2009

A rosy future for Panama

At a time when all the traditional export markets have slowed, you can still find good opportunities in smaller, lesser known places. Panama is one such place, and here is why I think Laval entrepreneurs should check it out.

I’ve had a chance to discover this Latin American country through my work. The first time I travelled to this bustling, resource-rich country, I felt right at home. Panama has been likened to Miami because of its sophisticated business community, high-speed Internet connections and similar architectural style. I’ve been going there every year for the past four years and am amazed at the pace with which buildings are popping up.

Thanks to its economic growth, Panama has been making headlines in recent months. You can find out more by reading the following articles:

  • Weekly commentary of September 23
  • Article on negotiations of a Canada-Panama free trade agreement
  • Article in the LTIBC summer 2009 newsletter

I firmly believe Panama is on the cusp of an economic boom thanks to, among others, the canal expansion project and the country’s new president, Mr. Ricardo Martinelli, who has promised to build a metro. Also note that Panama has become a retirement destination for many Canadians and Americans.

Panama may be small but it’s succeeded in carving itself a place of choice in Latin America due to a business culture that makes international negotiations easy. For instance:

  • The country’s official currency is the U.S. dollar;
  • Panama is one of the most open economies in the world (multiple free-trade agreements, including one recently signed with Canada);
  • The Panama Canal facilitates access to this market and to all Latin American markets.

If you’d like to learn more about opportunities in Panama, join us on November 12 for a meeting with representatives from Panama, Costa Rica and Edificar S.A. , one of Costa Rica’s three largest construction firms. The company is doing extremely well in Central America and is looking for business partners in Canada.