PANAMA

On December 24, the Israeli Ambassador to Panama, Reda Mansour, confirmed Israel’s decision to make Panama its “logistics hub” for Central America, due to the country’s “geographical position, connectivity and logistical development.” The announcement was made a few days before the entry into force of the Free Trade Agreement (FTA) signed between the two nations. The ambassador praised the relations between his country and Panama and assured that both countries will benefit from the entry into force of the FTA in the coming months.

“The economic situation today is such that only 5% of Israel’s economic volume is located in Latin America. Israel has a greater presence in North America, Europe and Asia,” explained Mansour. The ambassador added that this situation is a major opportunity for Panama to build a hub for Israeli companies. Mansour hopes that the country will become a free zone to promote technological innovation.

In this regard, Panama’s Minister of Commerce, Ramon Martinez, said that the FTA with Israel is part of the national government’s strategy to promote Panamanian exports abroad. The FTA is “fundamental, mainly because Israel is one of the most competitive economies on the planet”.