Indian firms can explore Panama as regional biz platform to serve multiple markets: Ambassador

New Delhi, Aug 27 (IANS) Indian companies can explore Panama not only as an export destination but also as a regional business platform from which they can serve multiple Latin American markets, Alonso Correa Miguel, Ambassador of the Republic of Panama to India, has said.

Panama can serve as a strategic gateway for Indian companies seeking to expand their presence across Latin America, the Caribbean and the wider Americas, said Miguel during a high-level interaction at MVIRDC World Trade Center Mumbai.

“Its strategic geographical location, the Panama Canal, strong maritime and logistics ecosystem, special economic zones and the Colón Free Trade Zone provide significant opportunities for Indian companies to establish regional distribution, warehousing, manufacturing and commercial operations,” said Miguel.

Opportunities exist for establishing regional headquarters and distribution centres, particularly for companies in pharmaceuticals, chemicals, automobiles, motorcycles, engineering, consumer products and technology.

“Panama can help businesses address some of the challenges associated with entering individual Latin American markets, including logistics, local regulations, distribution networks and market-specific business practices,” said the Ambassador.

According to Dr Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries, with bilateral merchandise trade currently at around $600 million, there is significant potential to double this to over $1.2 billion in the next two years through stronger B2B engagement, greater market awareness and focused cooperation in high-potential sectors.

“Panama’s strategic location and connectivity to the Americas can provide Indian companies with an effective platform for regional expansion,” he mentioned.

Roberto Rodríguez Prada, Consul General of Panama in Mumbai, said, “There is considerable scope to strengthen direct engagement between Indian and Panamanian businesses, particularly in pharmaceuticals, chemicals and manufacturing, with opportunities ranging from warehousing and distribution to assembly, testing, finishing and manufacturing within Panama’s special economic regimes”.

India and Panama have strong complementary capabilities across pharmaceuticals, chemicals, manufacturing, engineering, automobiles, maritime services, logistics and technology, said the participants.

—IANS

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