Panama makes effort to lure RI business

JAKARTA: With its strategic location near the world-famous Panama Canal, Panama, as a tax-free zone, is an attractive place for the Indonesian businesspeople to do business, Panamanian Ambassador to Indonesia Raul Antonio Eskildsen Arias said in Jakarta.

"Panama is a small country with just 3.2 million people. I must admit it's not a big market but it's a service as well as shipping hub. We are the gateway to the huge Latin American market with 450 million people. Indonesians can export their products to Latin America through Panama," Ambassador Raul said at a breakfast meeting, which was mostly attended by local businesspeople, in Jakarta.

In order to strengthen its economy, Panama is planning to expand the Panama Canal at a cost of approximately US$6 billion to $8 billion in the coming years.

Panama is the world's second largest tax-free zone after Hong Kong. It has more than 100 banks as well as over 10,000 registered shipping vessels, which employ 6,000 Indonesian seamen.

The President of the Chamber of Commerce of USA-Panama Ricardo Eskildsen also spoke at the meeting.

Chilean Ambassador James Sinclair and the Taipei Economic and Trade Office's representative David Lin were also present at the meeting. -- JP