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USD155 million will be invested in various sectors in the western region to promote competitiveness and boost sustainable development.
The Competitiveness Center of the Western Region of Panama (Centro de Competitividad de la Región Occidental de Panamá or CECOM-RO) is a private organization that seeks to boost the competitiveness of the western region of the country, creating synergies between the public and private sectors, attracting new investment, and setting up a competitive infrastructure for the development of several segments of the national economy, with a particular focus on agriculture. The center is promoted by the Chamber of Commerce of Chiriquì (Cámara de Comercio, Industrias y Agricultura de Chiriquí and foundaciòn Pro-Chiriqui APEDE,) and is made up of a group of entrepreneurs that are focusing their operations in Chiriquì. The Corporacion Andina de Fomento (CAF), the Development Bank of Latin America, along with Inter-American Institute for Cooperation on Agriculture are other important promoters of all the initiatives related to CECOM-RO. The center is currently promoting “Vision Chiriquì 2025,” developing promotional, technical, and financial activities through the entire western region of Panama.
The Agro-Master Plan for the development of the western region will start in March 2017 and is envisioned to double the agricultural output of the regions of Chiriquì, Bocas del Toro, and Comarca Ngäbe-Buglé. CAF and Banco de Desarrollo de América Latina have recently agreed to finance the project, lending USD155 million over three phases: USD30 million will be allocated for 2017, USD45 million in 2018, and the remaining will be split in the following years. This year, more than 500 producers will be financed and the financing activity is targeted to reach 4,500 producers in the next four years. In order to develop the master plan for the development of the western region, the private sector will invest around USD350 million in a strategic alliance with the public sector. The funding is expected to provide producers with investment projects that will increase productivity and the efficiency of the value chains of the sector in products that are in high demand by consumers.
The western region of Panama has the potential to develop into a hub for the development of the agro-industrial sector, not only in Panama but also in Central America. In 2016 Nestlè started investing in the region, seeding more than 100ha with tomatoes and the multinational company plans to seed an additional 400ha by the end of 2017. Grupo G. Inversiones from Nicaragua plans to seed 10,000ha with manì, meeting both the local and regional demand for this product.
The master plan will be initially characterized by the activation of different programs focusing on sanitation, the installation of modern laboratories to boost R&D to be applied both to existing and potentials crops, training the local workforce, irrigation and logistics projects, and the development of local public institutions. When successfully developed, the master plan will allow the western region to produce key products with significant export potential such as milk and dairy products, oil palm, vegetable, coffee, bananas, cocoa, tubers, and rice. The total production of these goods is targeted to reach USD500 million, or revenues of USD40 million annually, and the creation of more than 30,000 jobs.
Moreover, with the vision of turning the country into an agro hub, the Maritime Authority of Panama (AMP) has signed a USD100 million agreement with CAF to determine the feasibility of building an intermodal dry canal between Puerto Armuelles in Chiriquì in the Pacific and a complementary port in Bocas del Toro in the Atlantic. When fully implemented, these initiatives promise to dramatically increase the quality of life in the western region and boost its economic competitiveness in the country.
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TABLE OF CONTENTS
Review
A Huge Foot in Both Worlds
Although Panama's place in the sun is all but guaranteed by the extension of the canal, the isthmus nation will still have to toe a fine line in assuaging the world over the transparency of its financial dealings.Happily, it seems to be making significant progress.
read articleInterview
Saint Malo de Alvarado, Vice President, Republic and Minister of Foreign Affairs
TBY talks to Isabel de Saint Malo de Alvarado, Vice President of the Republic and Minister of Foreign Affairs, on the historic significance of the Summit of the Americas and initiatives to boost Panama's competitiveness.
read articleGuest Speaker
The Most Honourable Andrew Holness, Prime Minister , Jamaica
TBY talks to The Most Honourable Andrew Holness, Prime Minister of Jamaica, on the potential to boost cooperation between the Caribbean and South America, learning from the success story of the Panama Canal, and further areas of growth.
read articleInterview
Miguel Ángel Esbrí, National Secretary, Competitiveness & Logistics Secretariat
TBY talks to Miguel Ángel Esbrí, National Secretary of the Competitiveness & Logistics Secretariat, on becoming the best place to do business in Latin America, growing GDP by 50%, and boosting Panama's nascent tech sector.
read articleInterview
Alberto A. Alemán A., Director, PROINVEX
TBY talks to Alberto A. Alemán A., Director of PROINVEX, on the transformation from services to innovation, meeting the needs of an evolving global economy, and honing what makes Panama tick as a unique part of the global commercial food chain.
read articleInterview
Jorge García Icaza, President of the Chamber of Commerce, Industries, and Agriculture , Panama
TBY talks to Jorge García Icaza, President of the Chamber of Commerce, Industries, and Agriculture of Panama, on eliminating bureaucracy, boosting trans-continental and value-adding shipping, and smartening the public sector.
read articleInterview
Roberto Forte Taylor, Director, Panama Green Building Council (PGBC)
TBY talks to Roberto Forte Taylor, Director of the Panama Green Building Council (PGBC), on how to multiply green construction projects, developing a comprehensive eco-protocol, and how to bring a new green Panama into existence.
read articleInterview
Dulcidio de la Guardia, Minister, Economy and Finance
TBY talks to Dulcidio de la Guardia, Minister of Economy and Finance, on increasing transparency, meeting the highest international standards, and supporting the government's commitment to accountability and citizen participation.
read articleInterview
Eli Faskha, General Manager, Soluciones Seguras & President of the Panamanian Chamber of Technology (CAPATEC)
TBY talks to Eli Faskha, General Manager of Soluciones Seguras & President of the Panamanian Chamber of Technology (CAPATEC), on his strategy to expand regionally and areas of opportunity.
read articleInterview
Luis Garuz Berenguer, Business Development Manager, Quality Freight Corp.
TBY talks to Luis Garuz Berenguer, Business Development Manager of Quality Freight Corp., on the benefits of being based in Costa del Este, the impact of the expanded canal, and the company's competitive advantages.
read articleInterview
Jorge Barakat Pitty, Minister, Maritime Affairs of the Panama Maritime Authority (AMP)
TBY talks to Jorge Barakat Pitty, Minister of Maritime Affairs of the Panama Maritime Authority (AMP), on facilitating maritime trade in the country, the importance of developing human resources, and its collaboration with the Port of Hamburg.
read articleInterview
Miguel A. Lohse Muñoz, Operations Manager , Intercoastal Marine Inc. (IMI)
TBY talks to Miguel A. Lohse Muñoz, Operations Manager of Intercoastal Marine Inc. (IMI), on the new development opportunities in the country, developing business in the energy segment, and regional growth potential.
read articleInterview
Paul Wallace, Executive President , Panama Ports Company (PPC), Hutchinson Ports
TBY talks to Paul Wallace, Executive President of Panama Ports Company (PPC), Hutchinson Ports, on the consequences of canal expansion, adding value in logistics, and future priorities for the company.
read articleInterview
Juan Carlos Croston, Vice President Marketing & Corporate Affairs , Manzanillo International Terminal-Panama (MIT-Panama)
TBY talks to Juan Carlos Croston, Vice President Marketing & Corporate Affairs of Manzanillo International Terminal-Panama (MIT-Panama), on creating capacity when volumes are down, its CSR initiatives in Colón, and future goals.
read articleReview
A Watershed Moment
With 50% of Panama's land used for agriculture, it is little wonder the sector is essential to the country's economy. However, in recent years, Panama's farmers have witnessed reduced output and exports of agriculture products. Whether the country can turn its agricultural fate around depends on the state's management of resources and regulations.
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Marcela Paredes de Vásquez, Minister, Education
TBY talks to Marcela Paredes de Vásquez, Minister of Education, on the importance of monitoring and benchmarking the education sector, language exchange partnerships, and creating a new generation of Panamanians qualified to power growth.
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Jennifer Champsaur,, Deputy Director , Tourism Authority of Panama (ATP)
TBY talks to Jennifer Champsaur, Deputy Director of the Tourism Authority of Panama (ATP), on the importance of MICE tourism, opportunities within niche sectors, and the expansion of infrastructure to support further growth.
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