ABU DHABI, 9th March, 2023 (WAM) — The UAE International Investors Council (UAEIIC) and ProPanama, the National Authority for Investments and Export Promotion of the Republic of Panama, based in Panama City, signed a Memorandum of Understanding.
With the aim of developing and encouraging joint cooperation mechanisms to stimulate the business environment and encourage investments between the two business communities, within the framework of the official visit of the ProPanama delegation to the country. It was signed from the UAEIIC side by Jamal bin Saif Al Jarwan, Secretary General of the UAE International Investors Council, and from the ProPanama side, by Carmen Gisela Vergara Mas, General Administrator of ProPanama.
The agreement was signed in the presence of Rashed Saud Al Shamsi, BoD Member of UAEIIC, and a number of representatives from both sides, on Wednesday at the Council’s headquarters at the Ministry of Economy in the UAE capital, Abu Dhabi.
In this regard, Jamal bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council, said, “The signing of this agreement came at a time when relations between the UAE and the Republic of Panama are witnessing a remarkable growth in various fields, and we look forward through the MoU to identify and develop potential investment opportunities between the two sides in several sectors, especially in the field of infrastructure, ICT, renewable energy, healthcare, pharmaceutical industries, logistics, ports, food security and cybersecurity, in addition to exchanging visions and experiences for the development of new businesses”.
Al Jarwan added, “The UAE enjoys distinguished relations with the Group of Latin American and Caribbean countries, and the UAE accounts for 77 percent of the total Gulf investments in Latin America, and the Republic of Panama is a major commercial centre, especially due to the great importance of the Panama Canal, which is a window of trade exchange and an outlet to the Central American and Latin American markets, which include about 650 million people.
He stressed the UAE’s keenness under the directives of the wise leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to economic diversification plans and promote openness, which drives us in the UAE International Investors Council, chaired by Abdullah bin Touq, to find various new markets to expand economic partnerships and create added value for UAE investments.
For her part, Carmen Gisela Vergara Mas, General Administrator of ProPanama, said, “I am very pleased with this cooperation with a leading institution of the UAE as is the International Investors Council, which will open new doors to enhance cooperation, investment activities and trade relations between the two friendly countries. We invite you to visit the Republic of Panama and I am confident that there will be many successful initiatives in the future that enable UAE investors to identify investment opportunities in the Republic of Panama and inform them about investment requirements, conditions, legislation, opportunities and other requirements for establishing a business.