Grand Cayman (26 January 2007) - Cayman National Corporation announced yesterday the opening of a Panama City office to aid Cayman businesses as it threw its support behind a Chamber of Commerce delegation to March's Expocomer World Commerce Showcase.
Cayman National business development manager Ken Remizowski said the move would aid local entrepreneurs find new sources of supply in Panama's stable, low-cost environment with broad access throughout Central and South America. He described the country as a major banking centre with a well-developed financial industry comprising 370,000 business corporations, including trust, security and captive insurance operations, offering abundant credit, low inflation and few exchange controls. The announcement came as part of Cayman National Corp's support for a Chamber initiative to organise the second annual Cayman Islands delegation to the 6-10 March Panama City-based trade show. Cayman National is the main sponsor of the delegation, which is also supported by the Ministry of Tourism, Environment, Investment and Commerce, the Cayman Islands Investment Bureau, the William Peguero-run Eaglemount and Seaboard Marine, which reports an increase in shipments between Panama and Cayman since last year's trade mission. The trip is open to all local business owners and residents and will cost US$1,295 per person for Chamber members, US$1,545 for non-members. Fees include accommodation at the Veneto Hotel, airport transportation, return air fare and official receptions.
Announcing the initiative, Chamber president Angelyn Hernandez thanked the sponsors, describing Panama as excellent destination for sourcing goods and materials from around the world.
Last year's imports from Panama were estimated to be worth US$5 million, according to Hernandez. But that is still a minimal amount compared to imports from the US, which last year were estimated to be worth US$1.2 billion. She said the port served 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, reminding listeners of supply problems in Florida after a series of hurricanes. The Expocomer World Commerce Showcase is closely linked to the nearby Colon Free Trade Zone, an area for low-cost manufacturing and exporting, and has been staged annually for 25 years. It features manufacturers, wholesalers, distributors, suppliers and merchants from Central and South America, Europe, the Caribbean and Asia, offering such products as food, textiles, construction materials technology and a range of services.
"Imports from Panama are estimated to be more than $5 million," Hernandez said, "but this amount is expected to increase substantially as freight services improve and local businesses realise the value for importing goods & especially building materials and locally finished products from the Colon Free Trade Zone."
She added: "We opened the door with Panama last year and we want to build upon the success of the first trade mission. Last year several delegates established relationships with Panamanian suppliers & and I am optimistic that much more business can be developed between our two countries."