PANAMA
JU LY
2013
INTERNATIONAL
SUPPORT
KIT OF
OPPORTUNITIES
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO PANAMA
Unidade Internacional Premium/ES Research - Research Sectorial/Departamento de Desenv olv imento Internacional
PANAMA
Business Environment and Key Factors
Business environment
Ease of doing business
61/185
(Doing Business 2013 ranking)
Investor protection
Cross-border trade
Contract fulfilment
Colón Free Trade Zone
82/185
9/185
125/185
Panama Canal
Economic Freedom
71/177
(Economic Freedom 2013 ranking)
Competitiveness
40/148
(Glob al Competitiveness Index 2013-2014 ranking)
Basic Requirements
Infrastructure
Institutions
46/148
37/148
66/148
Efficiency Enhancers
50/148
Innovation and Sophistication
43/148
Cosec (Risk group)
3
Grade 1 (lowest risk) to 7 (highest risk)
Standard & Poor’s (Rating)
AAA rating (lowest risk) to D (highest risk, def ault)
Long term debt in local currency
Long term debt in foreign currency
Outlook
BBB
BBB
Stable
Capital: Panama City
Population (Millions): 3.8 (2012)
Time Zone: UTC -5
Type of Government: Presidential Republic
Official Language: Spanish
Surface Area: 75 420 Km 2
Currency: Panamanian Balboa and US dollar
Religion: Christianity (85%),
Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage, Standard & Poor’s.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
3
PANAMA
Macroeconomic Indicators
2012
2013E
2014E
2015E
22.5
28.2
32.3
35.5
38.6
10.8
10.7
9.0
7.2
6.7
4.2
4.2
4.2
4.2
4.2
5.9
5.7
5.2
4.8
4.0
1.29
1.30
1.28
1.27
-12.2
-9.0
-8.9
-8.7
-8.2
-2.3
-2.1
-2.8
-2.7
-1.5
2011
GDP
Current prices
EUR billion
GDP real growth rate
Percentage
Unemployment Rate
Percentage of working population
Inflation Rate
Percentage
Exchange Rate*
1.39
EUR/PAB
Current Account
Percentage of GDP
Fiscal Balance
Percentage of GDP
E
Forecasts
* The Panamanian Balboa is tied to the US dollar at a rate of 1:1
Sources: IMF, Bloomberg.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
4
PANAMA
Economic Summary
Panama’s economy is largely centred on services, with the weight of the agriculture and industry sectors in gradual decline.
In 2006, agriculture accounted for 6% of GDP but, in 2012, this share was little more than 2.5%. Likewise, industry (including
manufacturing) has been losing ground to services which contribute 85% to GDP. In macroeconomics terms, the economy,
since 2006, has been growing at an average annual rate slightly above 9%, with the economy having grown by a mere 3.8%
in 2009. This decline is due to the global crisis of 2008, as a consequence of reduced transit of goods in the Canal and in the
Colon Free Trade Zone
The Panama Canal and the Colon Free Trade Zone are two strategic assets in Panama. In 2007, Panama approved an
ambitious canal expansion, worth USD 5 billion, with completion scheduled in 2014. This project aims to double the capacity
of the Canal, allowing the passage of large ships. The Colon Free Trade Zone is the second largest free port in the world,
which allows boosting exports and re-exports, with over 2 500 companies and about 9.7 billion in re-exports. A quarter of the
GDP of Panama comes from the transport sector, storage and communication.
In 2007, a law was implemented (LEY no.41) with the aim of encouraging multinationals to set up their regional headquarters
in Panama. Taking advantage of a regime of substantial tax incentives 63 multinationals had established themselves in
Panama as of 1 January 2012. Many of these companies, such as Adidas and Nestlé, were already present in the country
and opted to transfer their regional headquarters to Panama.
The Multidimensional Poverty Index (MPI) in Panama experienced a positive improvement; in 2006 the MPI was 38.3%, and
in 2011, the MPI was 25.5%.
Investment in infrastructure is critical to the growth of Panama, as examples the projects are: the metropolitan city of
Panama, the implementation of a new bus system, new hospitals and highways, in addition to the mentioned investment in
the expansion of the canal.
Sources: IMF, World Bank, ES Research – Research Sectorial.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
5
PANAMA
International Integration (I)
ACS – Association of Caribbean States
Formed with the key objective of being a cooperation and policy coordination
organisation for member states, it consists of a forum for political dialogue.
www.acs-aec.org
ALADI – Latin American Integration Association
ALADI aims to establish, in a gradual and progressive manner, a Latin
American common market by applying a Preferential Regional Tariff system. It
comprises: Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico,
Panama, Paraguay, Peru, Uruguay and Venezuela. www.aladi.org/
IADB – Inter-American Development Bank
Founded in 1959, it is the leading source of development funding in Latin
America and the Caribbean, promoting reform programmes which aim to raise
the level of development in the region. www.iadb.org/
OAS – Organization of American States
Founded in 1948 as a regional organisation under the auspices of the United
Nations, its members are committed to defending the continent’s interests,
seeking peaceful solutions to promote economic, social and cultural
development. It currently has 35 member states. www.oas.org/pt/
Sources: AICEP, CIA, ES Research – Secotral Research, European Commission.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
6
PANAMA
International Integration (II)
Free Trade Agreement with the European Union
Goods trade balance between the European Union
and Panama, 2007, 2010, 2011 and 2012 (EUR millions)
The EU and Panama established trade relations in 1984 at the EU-Central America
Ministerial Meeting in Costa Rica and Panama is a signatory of the EU-Central
America Framework Cooperation Agreement (1993) and the Political Dialogue and
Cooperation Agreement (2003). Panama is also part of the Generalised System of
Preferences (GPS+) and received EUR 38 million from the EU budget in the period
2007-2013. More recently, a agreement was negotiated between the EU and a set
of countries in Central America. This has already been ratified by the European
Compound Annual Growth Rate(CAGR)
CAGR07-12 of imports = -9.5%
CAGR07-12 of exports = 0.4%
Surplus balance
EUR 2 208 billion
Total trade 2007
Total trade 2012
EUR 3.35 billion
EUR 3.11 billion
Parliament, Honduras, Nicaragua and Panama and awaits ratification by the
2 657
2 609
remaining countries during the summer of 2013. This agreement is of great
2 357
relevance since bilateral trade between the EU and Central America is estimated to
1 976
exceed EUR 50 billion.
Between 2007 and 2012, total trade in goods between the European Union (EU)
and Panama declined by 7.21%, from EUR 3.35 billions to EUR 3.11 billion. The
738
663
average annual growth rate of exports was equal to 0.4%, increasing from EUR 2
419
449
609 billion to EUR 2 657 billion, whilst the average annual growth rate of imports
was equal to -9.5%, decreasing from EUR 0.738 billion to EUR 0.449 billion. In
terms of the trade balance, the EU currently enjoys a surplus of EUR 2 208 billion.
2007
Goods exports
2010
2011
Goods imports
2012
Sources: ITC, UE, ES Research – Sectoral Research.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
7
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO PANAMA
Unidade Internacional Premium/ES Research - Research Sectorial/Departamento de Desenv olv imento Internacional
PANAMA
GDP Sectoral Structure
Transport, warehousing and communications represent almost a quarter of Panama’s GDP. The huge importance
of the Canal is evident in Panama Province’s weight in GDP.
Breakdown of GDP by sector (2012E)
16.0%
Other
Breakdown of GDP by province (2008)
2.6%
Veraguas
24.1%
Transport,
warehousing and
communications
1.8%
Mining
2.8%
Coclé
6.8%
ChiriquÍ
2.6%
Eletricity,
gas and water
1.7%
Bocas
del Toro
1.7%
Herrera
1.5%
Los Santos
0.4%
Darién
2.9%
Hotels
3.6%
Agriculture,
forestry,
Fisheries and hunting
13.1%
Colón
4.9%
Manufacturing
14.5%
Comércio
7.5%
Construction
69.5%
Panama
8.1%
Finance
14.1%
Real Estate
Source: Instituto Nacional de Estadística y Censo - Panamá
E Estimate.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
9
PANAMA
The Economy’s Sectoral Structure (I)
The financial system of Panama showed great resilience during the global crisis, in part
because of prudential policies and good supervision. The financial soundness
indicators remained robust, with a rate of bad loans stable and very low. Interest rates
on deposits have been declining due to the evolution of the global market, but lending
rates remained broadly stable.
Leading banks operating in Panama, 2012
FINANCIAL
SYSTEM
Total Assets,
July 2012
(USD millions)
HSBC Bank Panama
Top 1000 World
Banks 2012
Rank
13 587
FO1
Banco General
9 492
524
Bancolombia Panama
7 378
FO1
Banco Nacional de Panama
789
Banco Latinoamericano de Exportaciones - Bladex
7 020
6 360
BBVA Panama
2 147
663
FO1
Source: “The Banker”
1 - FO (Foreign Ow ned): This bank maintains a significant presence in Panama but is consolidated into the accounts of a parent company in another country.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
10
PANAMA
The Economy’s Sectoral Structure (II)
In the four-year period between 2008 and 2012, the weight of the transport,
warehousing and communications sector increased from 21% to 24.1% of GDP and
grew by 57.2%.
Panama is ranked 9th worldwide in terms of international trade according to the World
Bank Doing Business Report 2013, having obtained better results than the average for
Latin America and the OECD (high-income countries) in all areas of the study.
TRANSPORT AND
WAREHOUSING
At the centre of this sector is the Panama Canal and the Colón Free Trade Zone. In
relation to the Canal, in 2012, 14 544 vessels transited the watercourse, transporting
around 221.6 million tons and generating USD 1.9 billion in transit fees. In relation to
Portuguese vessels, the corresponding figures were 113.5 thousand tons and 23
movements, generating USD 687.4 thousand in transit fees.
Doing Business Report, International Trade, 2013
Imports
Area/Country
Exports
Procedures Time
Cost
Procedures Time
Cost
(number) (days) (US$ p/container) (number) (days) (US$ p/container)
Latin America
6
9
615
7
19
1 612
OECD (High income)
4
17
1 268
5
10
1 080
Panama
3
10
1 028
3
9
965
Sources: INEC- Panamá, World Bank, Canal de Panamá
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
11
PANAMA
The Economy’s Sectoral Structure (III)
Given the importance of the Panama Canal as a direct link between the Pacific and the Atlantic
and Portugal’s strategic position in relation to this facility, it is worth referring to the role of the
Port of Sines in the future of trade between America, Africa, Asia and Europe.
Given the plans to expand the Panama Canal, an increase in the movement of merchant
vessels is expected at the Port of Sines, Europe’s third largest port in terms of capacity to
accommodate vessels with greater draughts. Sines has been receiving and increasing number
of foreign vessels in recent years: in 2002, the number was 558, or 69% of the total, and, in
2012, it was 1624, 98% of the total.
THE PANAMA CANAL
AND THE PORT OF SINES
The port’s development as a gateway to the European market is expected to increase with the
expansion in the Panama Canal’s capacity, which has already chosen Sines as its preferred
port in Europe. A European project also exists to build a railway line to transport goods
between the Port of Sines and the centre of Europe (TEN-T EA Project 16), which will improve
access to millions of consumers.
Movement of Containers at the Port of Sines, 2004-2013
(Thousands of TEU)
900
765.04
800
E
700
553.03
600
445.19
500
376.02
400
300
200
100
19.21
121.96
150.04
2006
2007
233.12
247.63
2008
2009
50.99
0
2004
2005
2010
2011
2012
2013
Sources: IPTM, ES Research
E Estimate based on grow th in the first half of the year.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
12
PANAMA
The Economy’s Sectoral Structure (IV)
Construction is a sector undergoing rapid development in Panama. Its weight in GDP has
risen from 6%, in 2008, to 7.5%, in 2012. This rise is even more significant if we take into
account that the country’s GDP grew, between 2008 and 2012, by around 36.9%. In fact, it is
possible to estimate that the construction sector grew by around 71.6% over this four-year
period.
An important reason for this growth is the Government of Panama’s focus on infrastructure
investment, which has given rise to various investment opportunities, namely in relation to
construction materials and machinery.
CONSTRUCTION
Another point worthy of note is in relation to bureaucracy in the sector. According to the World
Bank’s Doing Business Report, the granting of building licences in Latin America involves 13
procedures which consume a total of 225 days at a cost of 143.7% of per capita income. In
Panama, in spite of the fact that the number of procedures is greater (17), the process takes
less than half the time (101 days) and the relative cost is substantially lower (81.7%).
Doing Business Report, Building Licences, 2013
Latin America
17
Panama
225
143.7
13
81.7
101
Procedures
Time (days)
Cost (% income per capita)
Sources: World Bank, Instituto Nacional de Estadística y Censo - Panamá
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
13
PANAMA
The Economy’s Sectoral Structure (V)
According to WTTC data, tourism’s total contribution to Panama’s GDP is forecast to
be equal to 12.4% in 2013. This contribution is substantially higher than that for Latin
America as a whole (8.8%) and is particularly positive if we compare this figure with the
situation in 2003, where the contribution in Panama (7.7%) was below the average for
Latin America (9.7%).
The sector’s total contribution to employment has also increased: in 2003, it accounted
for 7.1% of jobs, below the average for the region (8.6%), but, in 2013, the situation
has been reversed, with the sector in Panama accounting for 11.7% as compared with
8% for Latin America as a whole.
Total contribution to GDP, 2003-2018 (% )
TOURISM
América Latina
Panamá
13.3
13.2
12.4
9.7
8.8
8.8
9.4
7.7
2003
2003
2008
2008
2013E
2013 (E)
2018E
2018 (E)
Source: WTTC
E Estimate
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
14
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
PANAMA
International Trade – Partners
Panama's imports by country, 2012
Panama's exports by country, 2012
Ranking
Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
Ranking
Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
1
China
11 871.7
22.3
23.6
1
Ecuador
1 293.1
25.7
29.4
2
Japan
11 039.9
20.8
11.9
2
Republic of Korea
462.5
9.2
13.7
3
Singapore
9 530.6
17.9
27.8
3
USA
439.1
8.7
9.0
4
USA
7 711.7
14.5
23.1
4
Guatemala
422.5
8.4
7.7
5
Republic of Korea
3 092.6
5.8
6.2
5
Costa Rica
299.0
5.9
12.9
6
Colombia
1 912.9
3.6
60.5
6
Japan
243.0
4.8
90.1
7
Mexico
883.3
1.7
10.6
7
Indonesia
175.1
3.5
214.0
8
France
872.9
1.6
5.8
8
Thailand
154.8
3.1
132.5
9
Ecuador
716.7
1.3
16.1
9
El Salvador
139.5
2.8
-0.3
10
Costa Rica
454.7
0.9
14.9
10
Greece
102.8
2.0
17.3
…
…
…
…
…
…
…
…
…
…
51
Portugal
10.5
0.02
19.7
53
Portugal
3.6
0.07
-9.4
Source: UNComtrade.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
16
PANAMA
International Trade – Goods Imports and Exports
(World)
Panama's Top 10 imports, 2012
Panama's Top 10 exports, 2012
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
15 115.4
28.4
1 149.6
8901 - Cruise ship, cargo ship, barges
929.2
18.5
n.d.
2710 - Petroleum oils, not crude
7 699.9
14.5
65.7
2710 - Petroleum oils, not crude
811.9
16.1
155.6
2709 - Crude petroleum oils
1 959.0
3.7
n.d.
3004 - Medicament mixtures (not 3002, 3005,
3006), put in dosage
292.3
5.8
-15.1
2935 - Sulphonamides
1 711.5
3.2
718.1
2707 - Oils & other products of the distillation of
high temp coal tar etc
174.4
3.5
855.5
8905 - Light vessel,dredger;floating
dock;floating/submersible drill platform
806.3
1.5
263.6
0803 - Bananas and plantains, fresh or dried
168.8
3.4
15.6
3004 - Medicament mixtures (not 3002, 3005,
3006), put in dosage
789.7
1.5
5.4
8905 - Light vessel,dredger;floating
dock;floating/submersible drill platform
132.8
2.6
n.d.
2922 - Oxygen-function amino-compounds
780.4
1.5
185.4
7108 - Gold unwrought or in semi-manuf forms
116.1
2.3
94.4
9403 - Other furniture and parts thereof
665.8
1.3
52.0
2709 - Crude petroleum oils
90.8
1.8
n.d.
6402 - Footwear nes, outer soles and uppers of
rubber or plastics
648.7
1.2
9.9
2711 - Petroleum gases
69.4
1.4
264.5
6104 - Women's suits,dresses,skirt etc&short,
knit/croch
499.7
0.9
142.5
8429 - Self-propelld bulldozer, angledozer, grader,
excavator,etc
68.1
1.4
218.4
Products (H.S. 4)
8901 - Cruise ship, cargo ship, barges
Products (H.S. 4)
Source: UNComtrade.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
17
International Trade – Bilateral relations with
Portugal (I)
PANAMA
Portugal’s trade balance with Panama, 2007, 2011 and 2012
(EUR millions)
Compound Annual Growth Rate (TCMA)
CAGR07-12 of exports = 19.7%
CAGR07-12 of imports = - 9.4%
Surplus
EUR 6.9 million
92º
(share: 0.02%)
In 2012,
121 companies
exported goods to Panama
115º
(share: 0.005%)
10.5
7.9
+ 44%
5.9
4.3
3.6
3.2
In 2011,
84 companies
exported goods to Panama
2007
2011
2012
Goods exports
Goods imports
Rank and share as customer and supplier of Portugal (goods)
Sources: INE, Banco de Portugal.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
18
PANAMA
International Trade – Bilateral relations with
Portugal (II)
Top 10 Portuguese imports from Panama, 2012
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
0804 - Dates, figs,pineapples, mangoes,
avocadoes, guavas
1.6
45.1
80.1
0303 - Fish, frozen, whole
1.1
30.2
4104 - Leather of bovine/equine animal, other than
leather of hd 4108/4109
0.4
0807 - Melons (including watermelons) & papayas,
fresh
Top 10 Portuguese exports to Panama, 2012
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
7308 - Structures (rods,angle, plates) of iron &
steel nes
1.4
13.7
296.9
26.6
8410 - Hydraulic turbines, water wheels, and
regulators thereof
1.0
9.6
n.d.
10.3
63.8
7312 - Iron & steel strandd wire,ropes,cables,
etc,not electrically insulated
1.0
9.5
71.9
0.1
3.0
n.d.
4802 - Uncoated paper for writing, printing etc.
0.9
8.9
n.d.
8701 - Tractors (other than tractors of heading no
87.09)
0.1
2.6
n.d.
8504 - Electric transformer,static converter (for
example rectifiers)
0.5
4.4
154.3
2713 - Petroleum coke, petroleum bitumen & other
residues of petroleum oils
0.1
2.5
n.d.
8544 - Insulated wire/cable
0.4
4.1
211.5
0304 - Fish fillets and pieces, fresh, chilled or
frozen
0.0
1.0
n.d.
3004 - Medicament mixtures (not 3002, 3005,
3006), put in dosage
0.4
4.0
-4.1
4802 - Uncoated paper for writing, printing etc.
0.0
0.8
n.d.
7217 - Wire of iron or non-alloy steel
0.3
3.2
n.d.
2915 - Saturated acyclic monocarboxylic acids &
their derivatives
0.0
0.6
n.d.
4503 - Articles of natural cork
0.3
3.0
62.3
7616 - Articles of aluminum nes
0.0
0.5
n.d.
6810 - Articles of cement, concrete or artif. stone
0.3
3.0
n.d.
Products (H.S. 4)
Products (H.S. 4)
Source: UNComtrade.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
19
PANAMA
Goods export opportunities (I)
Set of products (goods) identified as needs (imports) of Panama for which Portugal has production
and export capacity, thus representing opportunities to increase the volume of Portuguese exports
to Panama.
Top 10 export opportunities to Panama
8525 - Transmission apparatus for radio-broadcasting or television;
television cameras, digital cameras and video camera recorders
9403 - Furniture and parts thereof, N.E.S. (excl. seats and
medical, surgical, dental or veterinary furniture)
6302 - Bedlinen, table linen, toilet linen and kitchen linen of all types of textile
materials (excl. floorcloths, polishing cloths, dishcloths and dusters)
8703 - Motor cars and other motor
vehicles principally designed for the
transport of persons
5407 - Woven fabrics of synthetic filament yarn,
incl. monofilament
8708 - Parts and accessories for tractors, motor
vehicles for the transport of ten or more persons,
motor cars and other motor vehicles designed for
the transport of persons, motor vehicles for the
6402 – Footwear with outer
soles and uppers of rubber
or plastics
4011 - New pneumatic tyres, of rubber
6110 - Jerseys, pullovers, cardigans,
waistcoats and similar articles, knitted or
crocheted (excl. wadded waistcoats)
6204 - Women's or girls' suits, ensembles, jackets, blazers, dresses,
skirts, divided skirts, trousers, bib and brace overalls, breeches and
shorts
Sources: UNComtrade, OECD, ES Research – Sectoral Research.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
20
PANAMA
Goods export opportunities (II)
Top 10 export opportunities to Panama
(Amount and rank of Panama's world imports)
Produtcs (H.S. 4)
2006
2011
(EUR Millions) (EUR Millions)
CAGR06-11
(%)
Rank 2011
Share
(%)
8703 - Cars (incl. station wagon)
296.1
461.4
9.3
3
2.9
6402 - Footwear nes, outer soles and uppers of rubber or plastics
404.4
441.8
1.8
4
2.8
6204 - Women's suits, jackets,dresses skirts etc&shorts
333.1
343.6
0.6
5
2.2
6110 - Jerseys, pullovers, cardigans, etc, knitted or crocheted
191.2
229.2
3.7
8
1.5
4011 - New pneumatic tires, of rubber
52.9
168.1
26.0
14
1.1
8708 - Parts & access of motor vehicles
92.4
160.2
11.6
16
1.0
5407 - Woven fabrics of synth. filam yarn (incl. hd no 54.04)
128.4
136.6
1.2
20
0.9
9403 - Other furniture and parts there of
64.4
135.6
16.0
21
0.9
8525 - Television camera, transmissn app for radio-telephony
112.1
126.1
2.4
24
0.8
6302 - Bed, table, toilet and kitchen linens
115.0
111.6
-0.6
26
0.7
Sources: UNComtrade, OECD, ES Research – Sectoral Research.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
21
PANAMA
Goods export opportunities (III)
Cloud of Export Opportunities to Panama
Beverages
2201 - Waters, incl. natural or artificial mineral waters
and aerated waters, not containing added sugar, other
sweetening matter or flavoured; ice and snow
2203 – Beer made from malt
2204 - Wine of fresh grapes, incl. fortified wines; grape
must
Plastics
3917 - Tubes, pipes and hoses, and fittings therefor,
e.g. joints, elbows, flanges, of plastics
Clothing and textiles
5208 - Woven fabrics of cotton, containing >= 85%
cotton by weight and weighing <= 200 G/M²
8428 - Lifting, handling, loading or unloading
machinery, e.g. lifts, escalators, conveyors, teleferics
5702 - Carpets and other textile floor coverings,
woven, not tufted or flock ed, whether or not made up
8474 - Machinery for sorting, screening, separating,
washing, crushing, grinding, mixing or k neading earth,
stone, ores or other mineral substances
6103 - Men's or boys' suits, ensembles, jack ets,
blazers, trousers, bib and brace overalls, breeches
and shorts
6104 - Women's or girls' suits, ensembles, jack ets,
blazers, dresses, sk irts, divided sk irts, trousers, bib
and brace overalls, breeches and shorts, k nitted or
crocheted
6305 - Sack s and bags, of a k ind used for the pack ing
of goods, of all types of textile materials
3920 - Plates, sheets, film, foil and strip, of non-cellular
plastics
6306 - Tarpaulins, awnings and sunblinds; tents; sails
for boats, sailboards or landcraft; camping goods of all
types of textile materials
3923 - Articles for the conveyance or pack aging of
goods, of plastics; stoppers, lids, caps and other
closures, of plastics
6307 - Made-up articles of textile materials, incl. dress
patterns, N.E.S.
3924 - Tableware, k itchenware, other household
articles and toilet articles, of plastics
3926 - Articles of plastics and articles of other materials
of heading 3901 to 3914, N.E.S.
Machinery
6308 - Sets consisting of woven fabric and yarn,
whether or not with accessories, for mak ing up into
rugs, tapestries, embroidered table cloths or
serviettes, or similar textile articles, put up in pack ings
for retail sale
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
8480 - Moulding boxes for metal foundry; mould
bases; moulding patterns; moulds for metal (other
than ingot moulds), metal carbides, glass, mineral
materials, rubber or plastics
Cork
4501 - Natural cork , raw or merely surface-work ed or
otherwise cleaned; cork waste; crushed, powdered or
ground cork
4502 - Natural cork , deback ed or roughly squared, or
in square or rectangular block s, plates, sheets or strip,
incl. sharp-edged blank s for cork s or stoppers
4503 – Articles of natural cork
4504 - Agglomerated cork , with or without a binding
substance
22
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO PANAMA
Unidade Internacional Premium/ES Research - Research Sectorial/Departamento de Desenv olv imento Internacional
PANAMA
BES Group's Internationalisation Support (I)
BES is the Portuguese bank with the largest international presence and the best international offering: for the 7th
consecutive year it has won the “The Best Trade Finance Bank” award.
Spain:
Branch
United Kingdom:
BES and
BESI Branches
Luxembourg:
Branch
France:
Subsidiary:
BES Vénétie
Italy:
Banco delle Tre
Venezie
Poland:
BES and
BESI Subsidiaries
Strategic
Triangle:
Africa - Brazil –
Iberian
Peninsula
USA
New York:
China:
Representative
Office
BES and
BESI Branches
Miami:
Subsidiary: ES Bank
of Florida,
Hong Kong:
BESI
Subsidiary
Macao:
Mexico:
Representative
BES Oriente
Offices: BES and
BESI
Mum bai:
BESI
Subsidiary
Venezuela:
Branch
Brazil:
Cape Verde:
Morocco:
Algeria:
Libya:
South Africa:
Angola:
Mozambique:
Subsidiária
BESI
BES Cabo
Verde
Banque
Marocaine du
Com merce
Banque
Extérieur
d'Algérie
Subsidiary:
Am an Bank
BES
Representative
Office
Subsidiary:
BES Angola
Moza Banco
Extérieur
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
24
PANAMA
BES Group's Internationalisation Support (II)
International Premium Unit (IPU) offers Portuguese companies specialized services to aid and support their
internationalization process (exports or foreign direct investment), finding solutions for multiple requests in various foreign
markets.
IPU is organised in 5 international desks, geographically specialised and consisting of experienced, multi-skilled international
managers.
Mature
Markets &
China
Eastern
Europe, Asia
& Middle
East
Latin
America
North Africa &
Turkey
Africa
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
25
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
BES Group's International Offering
PANAMA
A Global and Innovative Offer to Support the Internationalisation of the Portuguese Companies
ES Research:
Market Data
Investment Banking
Multipessoal Group
Macroeconomic surveys
Project Finance
Recruitment of specialists (M Search)
Sectoral surveys
M&A
Market research
Corporate Finance
Outsourcing, temporary work, training and
consulting services with presence in Angola
and Spain
Commercial Banking
Business Development
Support to Account Opening / KYC
Support to treasury monitoring /
centralisation
Venture Capital
Support as partner in internationalisation
projects
Tranquilidade
International Transport Insurance
ES Ventures
FX Risk Hedging
Support to Exports/Imports; Trade Finance;
Import Financing
Bank Guarantees / Stand By Letters of
Credit
International Factoring – agreement to use
Eurofactor’s European network
Support to business partners’ search
ES Capital
2bCapital
Espírito Santo Rockefeller Global Energy
Fund
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
27
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
Disclaimer
This document w as prepared by Banco Espírito Santo and/or any of its subsidiaries (“BES”) and is intended solely for release by BES to qualified investors. Its use is restricted to qualified investors, and their
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All information contained in this document w as compiled in good faith by BES, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, w ith the exception of
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The opinions expressed in this document reflect BES’s point of view as of the date of its release and may be subject to change w ithout prior notice. BES does not assure the update of this document.
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This document is being distributed to, and is intended solely for the use of, institutional investors. Notw ithstanding the generality of the preceding sentence, this document is intended solely for the use of the
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The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. BES or its affiliates may choose to make a market for any such financial
instruments, but neither BES nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time w ithout notice. Certain information contained in this document has
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accuracy or completeness.
Any U.S. person receiving this document and w ishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through BES and not through any non-U.S. affiliate of BES.
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
29
International Premium Unit
Head
Latin America
Desk
Ricardo Bastos Salgado
[email protected]
Marta Mariz
International b usiness and
financial institutions Director
[email protected]
Pedro Silva
Nuno Ferreira
International b usiness
[email protected]
[email protected]
Isabel Linhares Cotta
Sílvia Vieira da Silva
[email protected]
[email protected]
Financial institutions
ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
Head
Miguel Frasquilho
[email protected]
Francisco Mendes Palma
Head Sectoral Strategist
[email protected]
Susana Barros
[email protected]
Luís Ribeiro Rosa
[email protected]
Paulo Talhão Paulino
[email protected]
Conceição Leitão
[email protected]
João Pereira Miguel
[email protected]
Patrícia Agostinho
[email protected]
Salvador Salazar Leite
[email protected]
Miguel Bidarra
[email protected]
José Manuel Botelho
[email protected]
Celina Luís
[email protected]
Research Sectorial
30