Panamanian govt promotes infra projects in Germany

Wednesday, October 19, 2016

A Panamanian delegation led by President Juan Carlos Varela is currently visiting Germany in order to promote investment opportunities in the country's infrastructure and tourism sectors.

The group met German Chancellor Angela Merkel Tuesday (Oct. 18) and has meetings scheduled with potential investors, representatives from German port authorities and urban transport officials in Berlin, Hamburg and Munich on October 19-21, according to a government press release.

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President Varela and trade minister Augusto Arosemena will attend an event entitled Panamá Invest, a commercial exhibition that includes meetings between German and Panamanian businessmen.

In Hamburg, the delegation will participate in Panama Business Day, an event organized to present investment opportunities to potential German investors, particularly in the areas of public infrastructure and port projects.

The group will also meet with representatives from the Berlin chamber of commerce, as well as with the heads of top German international corporations.

President Varela and Jorge Barakat, administrator of the Panama Maritime Authority (AMP), will meet representatives of Hamburg's port authority and the German transport ministry in order to present some of the infrastructure projects that the government is currently developing, such as the country's new cruise terminal, lines No. 2 and 3 of Panama City's metro system and the fourth bridge over the Panama Canal, among others, the government press release added.

According to Guido Spadafora, Panama's ambassador in Germany, the high-level meetings organized for this delegation were scheduled as a result of the great interest that German authorities and the private sector have shown in the Central American nation.

The country received 3.02bn Panamanian balboas (US$3.02bn) in foreign direct investment during the first quarter of 2016, a 6.5% increase from the same period last year, based on data from Panama's ministry of finance and economics.

In recent weeks, Panama's largest infrastructure projects have been moving forward. The ministry of public works released the tender specifications document for the construction of a fourth bridge over the Panama Canal, while the tender to build a transshipment terminal project at Corozal port is also progressing.