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.
General Administrator of the Authority for Investment Attraction and Export Promotion (PROPANAMA), Carmen Gisela Vergara, highlighted some of Panama’s strengths, during the closing of the Panama Day-Opportunities in the Financial Sector held two days ago in New York City.
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 any type of investment, especially as an ideal place for Neighbor, and the banking and financial sector, with extensive experience, provides first-rate 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 astonishing growth in gross domestic product (GDP) last year alone, of 15.3%, vastly outpacing other countries in the region, and in the first quarter of 2022 the economy was is expanded by more than 13%, together with the ease of doing business, these indicators demonstrate the fertile economic ground that is Panama ”.
The Panama Day-Opportunities in the financial sector, took place on 12 and 13 September, 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), Panama Banking Association (ABP) and Panamanian Association of Insurers (APADEA).
It was attended by leading 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 the opening speech by PANUS President William Martínez and the Consul of Panama in New York, SE Elías Levy, who highlighted the economic opportunities available for 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 declined and inflation, at only 3.5%, is completely controlled by what the sector banking is financially sound, making the country a very attractive option for those seeking healthy and stable returns. “
The panel entitled “Future of the Panamanian Banking Sector”, moderated by Carlos Berguido, executive president of the Banking Association of Panama, discussed aspects of the country’s financial sector that present unique opportunities for foreign investors.
Kathy de Guardia, one of her speakers and director of International Financial and Tax Strategy, said that, “since its inception, the Panamanian Banking Regulatory Council has been exceptional and its independence from government interference has enabled it to operate with prudence and foresight “.
In this regard, Berguido indicated that “For the past 120 years, Panama has been the only country in the region with a substantial portion of deposits from other countries, which alone reaffirms global confidence in Panama’s banking system, its stability. and its strength.
Attendees received a speech from LATINEX Executive Vice President and General Manager, Olga Cantillo, and CAPAMEC President, Jorge Vélez, on investing in the region’s capital markets, through the Panama Financial Services Center.
Cantillo indicated that “our main goal now is to attract foreign investors to our Panamanian market with the knowledge that international rules 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 domestic and foreign investors. “
Subsequently, the participants in 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 Operti.
Minister Alexander made a broad breakdown of the main economic data and indicators of the Panamanian state, demonstrating the feasibility and position of the country with respect to the world market. While for Opertti, Panama is well positioned to capture a healthy market share of growing global value, stating that if only 15% of the region’s projected international trade could be tapped, it would generate a return of approximately $ 800 million in economic growth. for our country.
For Minister Alfaro, the Panama Canal serves as a guarantee for relations between Panama and the United States, as both countries are largely dependent on its smooth and uninterrupted operation, which, in turn, allows Panama to make greater use of the innate links with 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 offers are not only recognized by those in the region, but by the whole world”.
After lunch, attendees were invited to join a group of discussion sessions to discuss the various economic, banking and financial sectors and growth of Panama, with experts from each sector offering a deeper insight into their respective fields of economic work. and logistic.
“Panama is the fastest growing country in Latin America, it is a safe country and is a symbol of political and economic stability with great connectivity by air and sea,” said Panamanian Ambassador to the United States, Ramón Martinez .
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