SPEED-SAILING THE HIGH SEAS
TBY talks to Juan Carlos Varela, President of the Republic of Panama, on expanding the country's diplomatic footprint, the importance of participating in Expo 2020, and both countries' respective leadership roles as regional entrepôts.
How have relations between the UAE and Panama evolved since you took office in 2014?
As soon as I won the election, I decided to establish an embassy here in order to expand our diplomatic footprint. Since then, we sent an ambassador and have exchanged a number of missions. The Dubai Chamber of Commerce came to Panama and wants to open an office there. Additionally, we plan on bringing a business delegation here and have confirmed that Panama will participate in Expo 2020. We are signing different agreements aimed at protecting investment and supporting tourism between our countries. Going forward, the main challenge we face is ensuring that we add value to all of the cargo that comes through the canal. This would not only ensure Panama's position as a shipping and logistics hub, but would also allow firms and countries to maximize their industrial and economic potential.
What are the strategic priorities and areas of cooperation between Panama and the UAE moving forward?
Trade is a vital component of relations between Panama and Dubai, and can be further leveraged to support both nations. If we are able to establish a direct flight, trade could expand a great deal. Panama and the UAE both represent international success stories: both are global hubs with air connectivity and financial centers that play an important role in the global economy. Each place is also a gateway to their respective regions: the UAE for the Middle East, India, and Africa, and Panama for Central and Latin America, with the canal the most modern and visible symbol of our ability to connect the world and bring people together. Moreover, our airport serves 15 million passengers and has 15,000 employees, which we seek to grow to 30-45,000 in the coming years. In terms of investment, we are trying to invite the UAE's investment fund to bring capital into Panama, invigorating sectors such as energy, infrastructure, and real estate.
What are the biggest lessons Panama can learn from the UAE?
The UAE is a country that promotes peace, dialog, tolerance, and investment protection. As such, it has a great future ahead. A key area we can learn from is immigration. Changing regulations to drive immigration is vital, including visa requirements, so that we can support expanded tourism. The UAE is a country with a beautiful soul that makes a great effort to ensure that the people who are building it are happy and supported. In Panama, we changed from restricted visas to stamp visas, and I hope that one day we can open the country entirely, doing away with visas. Of course, this takes time. From a business point of view, immigration reform would facilitate a smooth transition for international SMEs looking to enter the country with their expertise. By having nationals from more than 150 countries working together in the Emirates, it sends a very strong message to countries closing their borders and restricting access. You cannot define people by their country of origin, and the UAE is doing an excellent job illustrating this.
What would be your message for UAE investors interested in Panama?
Panama's FDI has grown by more than USD4.5 billion every year in recent years, coming from Asia, the US, Europe and the Middle East. Thanks to our robust regulatory system, investing in our country is very secure, profitable, and safe. In this sense, we have directed more than USD500 million in the fight against corruption. Panama's USD65-billion GDP has been growing steadily for the past 10 years, averaging 6-7% growth per year. Unemployment is less than 5% and inflation is less than 1%. As proof of our extremely business friendly environment, 150 international companies from every industry and service specialty have moved their headquarters to Panama. Work permits can be granted with nearly same-day service, and the government is constantly trying to introduce and implement the highest technological standards.
SPEED-SAILING THE HIGH SEAS
TABLE OF CONTENTS
Interview
ndrea Di Gregorio, , Director of Energy Efficiency and Renewables , RAK Municipality Department
TBY talks to Andrea Di Gregorio, Director of Energy Efficiency and Renewables of the RAK Municipality Department, on the Emirate's overall strategy, specific programs, and early supporters of energy efficiency and renewables.
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Abdulrhman Al Shayeb Al Naqbi, Director General, Ras Al Khaimah Department of Economic Development (RAK DED)
TBY talks to Abdulrhman Al Shayeb Al Naqbi, Director General of the Ras Al Khaimah Department of Economic Development (RAK DED), on improving the ease of doing business, key diversification pillars, and the impact of new VAT.
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Sheikh Ahmed bin Saqr Al Qasimi, Chairman, Ras Al Khaimah Economic Zone (RAKEZ)
TBY talks to Sheikh Ahmed bin Saqr Al Qasimi, Chairman of the Ras Al Khaimah Economic Zone (RAKEZ), on offering investors a global platform, creating a one-stop shop, and the strategic comparative advantages of access to the Indian Ocean.
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Manu Mehra, CFO, RAK Investment & Development Office (RAK IDO)
TBY talks to Manu Mehra, CFO of the RAK Investment & Development Office (RAK IDO), on the role of free zones in diversification, the benefits of smart state intervention, and the keys most needed for a strong manufacturing sector.
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Yousef Esmaeel, Chairman, Supreme Committee of Saud Bin Saqr Establishment for Youth Enterprises Development (RAK SME)
TBY talks to Yousef Esmaeel, Chairman of the Supreme Committee of Saud Bin Saqr Establishment for Youth Enterprises Development (RAK SME), on incentivizing young people, working with local government to encourage entrepreneurialism, and the role of SMEs in the UAE marketplace.
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Abdullah Al Abdooli, Managing Director, Al Marjan Island
TBY talks to Abdullah Al Abdooli, Managing Director of Al Marjan Island, on the continuous growth of the real estate market in RAK, its robust investment landscape, and the Emirate's ambitious plans to develop its tourism sector.
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Hassan Hamdan Al Alkim, President , American University of Ras Al Khaimah (AURAK)
TBY talks to Hassan Hamdan Al Alkim, President of the American University of Ras Al Khaimah (AURAK), on the consequences of growing global demand for education and AURAK's efforts to attract students from beyond the Emirate.
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Gurumadhva Rao, Vice Chancellor, RAK Medical & Health Sciences University (RAKMHSU)
TBY talks to S. Gurumadhva Rao, Vice Chancellor of the RAK Medical & Health Sciences University (RAKMHSU), on the further development of higher education, its key differentiators, and the need for qualified doctors.
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Taner Topcu, Director, Ras Al Khaimah Economic Zone’s (RAKEZ) Academic Zone
Taner Topcu holds a bachelor's degree in Public Administration from Anadolu University in Turkey. He is an industry expert with more than 20 years of successful experience in education, hospitality, business development, and customer relations. Prior to joining RAKEZ in 2015, Taner worked at TECOM Investment's Education Cluster in Dubai Knowledge Village and Dubai International Academic City, where he worked in operations, business development, and account management. He also worked at Aabar Investments in Abu Dhabi as a Business Development Manager and at Dubai's Knowledge and Human Development Authority as a Director of Engagement Operations.
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