Remarks by Panama President Juan Carlos Varela

• It is a pleasure for me to be in Hong Kong, a city that has played a very important role in the China’s Reform and Opening up policy.
   
• Being this my first night in Hong Kong, I can now understand why this city is rated as one of the most vibrant and dynamic cities in the world. Today, I had the honor to meet with the Chief Executive, Madame Carrie Lam, and we both agreed that we will work together to promote greater connectivity between our regions.
   
• This is the main reason for this encounter: for us to identify investment, cooperation and business opportunities and to seal the bonds of friendship between Panama and Hong Kong so that we can work together towards the economic and social development of our regions.
   

1. ABOUT PANAMA
   
    

• I come from a small nation of 75 thousand square kilometers and a population of 4 million, located in the heart of the Americas.
   
• We are small, but in addition to being a country with a great heart, we have a key role in global connectivity and an unparalleled reach to Latin America.
   
• Panama has consolidated a peaceful and orderly democracy, where the Rule of Law and legal security prevail, with an economy open to foreign direct investment (FDI), solid and reliable institutions, and a balance between the different State powers.
   
• This democratic stability has allowed the sustained development of our economy that has remained healthy amidst the most difficult economic crises experienced worldwide.
   
• It also makes us a relevant in the global arena, where all countries feel comfortable doing business with our country, regardless of their ideology or political system.
   
• We are a dollarized economy, we do not have a central bank, we have one of the fastest growing economies in the region, have legal stability and a stable outlook regarding the degree of investment.
   
• The robust growth of Panama according to the International Monetary Fund, should continue until at least 2020, and some projections go much further; this means that our country is a synonym of: stability, dynamism, effervescence, in a safe environment for doing business.
   

• Thanks to the expansion of the Canal, our latent service economy, our new ports and the high investment in large infrastructure projects, Panama's competitiveness continues to increase.
   
• Panama is the air and cargo transportation center of the Americas. The Tocumen International Airport has become a first-rate Intercontinental terminal, being the most connected airport in Latin America. Currently, our airport receives an approximate of 2700 weekly flights, where about 92 air connections are made to more than 35 countries, with an efficient management that guarantees the transshipment of more than 29,000 passengers a day.
   
• One of the main factors behind all of Panama's growth is our logistics platform, which is consistently among the best in the region. Our objective, in terms of competitiveness, is not to lead regionally, but to compete globally.
   
• Currently, we occupy the # 5 position in port infrastructure in the world, with some of the most modern and busiest ports in the world, with the highest standards of service and reliability.
   
• We have the main ports in Latin America, moving more than 7 million containers per year combined. Panama is the only country on the planet with a terminal that has access to the two oceans. No other country offers this.
   
• From Panama, you will have access to a much larger market: 300 million middle class consumers in Latin America, the same number of middle class consumers as mainland China.
   
• Beyond that, the reach and connectivity of Panama can help you reach a wider market of 1.3 billion consumers.
   
• We have a First Class International Financial Center. It is highlighted among the most competitive in the world. According to the World Economic Forum, Panama is globally recognized for the development of its financial market, for the strength of its banks, for the availability of Financial Services and because these financial services meet the needs of the market. Currently, we have 90 international and local banks.
   
• The geographical position of Panama is our main competitive advantage. For 5 centuries, our isthmus has served as a transit route for world trade. Today, we are the most interconnected country in the region and we continue to have that same global role to promote union and prosperity.
   
• The presence of leading multinational companies in the world in our country is unprecedented since the 1980s. A great reason why we have so many multinationals in Panama is because of our location and also because of our Multinational Headquarters (SEM) regime laws. Today, more than 150 companies have established their regional offices in our country, generating more than $ 800 million in investments and more than 5,000 new jobs.
   
• 12 of these companies are Chinese, such as CHEC, China Construction, Huawei, Power China and the Bank of China. These companies have chosen Panama as the country to establish their regional headquarters and are comfortable with the business environment in Panama. Some have even made the decision to expand their operations.
  
  2.HONG KONG AND PANAMA
  
   

• After briefly presenting my country, I hope that you can now understand and realize how much Panama and Hong Kong have in common.  We both are small territories with important roles in the global economy; we promote global connectivity and we both are gateways to our regions because of our strategic geographical positions. We both serve as the center of international trade and we believe in promoting the One Belt One Road initiative.
   
• We both are open economies and have remained stable even during our biggest global economic transformations. Even though we are very far away geographically, our success stories and challenges are very similar.
   
• Hong Kong's leadership in Asia is worthy of admiration, especially because of the historical that it had on China's economic opening. We highly pay attention on how Hong Kong has been accompanying Mainland China in its economic growth and prosperity.
   
• Knowing this, we are confident that Hong Kong can play an important role in the expansion of Mainland China's presence into Latin America, using Panama as its gateway.
   
• Today, I can conclude firmly that Hong Kong and Panama have the potential to be strategic partners and that we have to work closer, to connect our hubs and complement each other.
   
• It is because of this vision that we have already moved forward with the elimination of visas to promote greater exchange between the Hongkonese and the Panamanians and today, with the presence of its Chief Executive, Carrie Lam, we have inaugurated the Consulate General of Panama in Hong Kong, with Consul General Maria Eugenia Amaya in charge and who has the mission to work with all of you in identifying business, cooperation and exchange of good practices opportunities, in addition to maintaining a fluid dialogue with both the Hong Kong authorities and with all sectors of this resounding economy.
   
• Our greatest interest with you is to continue to grow a strong relationship that allows our commercial, educational, cultural and tourist exchanges to increase.  Panama and Hong Kong, besides being places focused on business, where connectivity, neutrality and our platform prevail over any kind of ideological differences, are also open places, where our model is based on welfare, always protecting economic freedom. Let us continue working hand in hand for global prosperity and for the mutual growth of our economies. Welcome to all of you and thanks for being here.