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Guardian July 14 2016 PANAMA MISSION 2016: LAYING the FOUNDATIONS for SUCCESS There Are Many Complex Factors That Inform a Busi

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Guardian July 14 2016 PANAMA MISSION 2016: LAYING the FOUNDATIONS for SUCCESS There Are Many Complex Factors That Inform a Busi Guardian July 14 2016 PANAMA MISSION 2016: LAYING THE FOUNDATIONS FOR SUCCESS There are many complex factors that inform a business’ decision to expand its trading activities into new markets: the investment climate, the price and availability of goods, the transportation and shipment routes to name a few. However, in trying to understand the critical factors for successful engagement in any market, there needs to be a holistic understanding of all of the key players and characteristics of that market. Through the efforts of its Trade Missions, the Trinidad and Tobago Chamber of Industry and Commerce (T&T Chamber) equips potential investors and exporters of goods and services alike with the tools for successful market penetration. It was no different for the Panamanian Market. The Trade Mission to Panama June 8 to 12, 2016 was another initiative of the T&T Chamber geared towards guiding participants in the exploration of new opportunities in that market. The composition of the Mission included companies from primarily construction and related services, fire protective services, automotive services, marketing and advertising and wholesaler-retailers. The three-day Mission visit offered participants with a snapshot view of the Panamanian Market and focused on securing a foothold into new and exciting business opportunities that lay within. One key factor which contributed to the success of this mission was the increased opportunities for networking with key players of Panama's business community. This provided invaluable insights into their role in facilitating external trade and investment in that market. During this Mission, the delegation met with the Panamanian Chamber of Industry, Commerce and Agriculture, the Investment Promotion Agency of Panama (PROINVEX) and the General Manager of the Colon Free-Zone. As one of the leading attractors of FDI in Latin America, it was very useful to learn first-hand of Panama's initiatives to encourage investment in the region and to promote growth. The T&T Chamber learned of the developments that had taken place in the Panama Canal with the introduction of a third set of locks. Most importantly, the participants were able to discuss possibilities for increased collaboration with Panamanian businesses. A critical success factor of the Trade Mission 2016 was the Business to Business (B2B) Meetings -- a process which aligns companies with trade and investment interests from different countries to meet and create business opportunities. This was the most tangible measure of successful engagement in the market. On average, 5-7 B2B Meetings were scheduled for each participating company. Of those meetings, each company expressed that 20-40% of those meetings had immediate business leads based on their immediate needs. A further 20-30% of the meetings did not meet the current needs of the participants, however, they led to informative discussions that would evolve into future business relations. In terms of additional benefits, market research and on-the-ground business intelligence gathering are also invaluable assets to any enterprise seeking market expansion. The mission coincided with Panama's ExpoInvest 2016, where opportunities for investment globally were highlighted, and especially those within the Panamanian Market. The delegation also conducted individual site visits based on their Guardian July 14 2016 specific business interests. This is particularly important in understanding the critical take-away items from the Trade Mission which we will briefly explore below: One cannot negate the importance of understanding the cultural underpinnings of each market. One significant barrier to trade identified throughout the local business community in engaging Latin America is language. This is not only limited to conversational Spanish but requires a full commitment to courting your Panamanian counterparts which includes translation of product brochures and promotional materials into Spanish. Depending on the sector, the translation of more technical terms involve a longer and more detailed process to get the most accurate equivalent terms in Spanish. The rewards in clearer communication of ideas and interests, however, could mean shorter negotiating times and quicker buy-in from potential investors. The role of the Government in putting the framework in place for the promotion of bilateral trade with Panama is also a contributing factor for success. The TT-Panama Partial Scope Trade Agreement is yet to be ratified after being given assent by the President in 2014. The Trinidad and Tobago Chamber has constantly advocated for the ratification and entry into force of the trade agreement. Given the great potential for trade in services with Panama, the focus on lobbying efforts will be placed thereafter on seeking areas for expanding preferential access for trade in services for T&T service suppliers in Panama. Traversing the international landscape for business expansion opportunities and weighing it against threats and challenges can be difficult. The Trade Mission to Panama has paved the way for future engagement with Panama. The T&T Chamber in its discussions with Panamanian counterparts found that there was much opportunity for cross-sectoral collaboration between Panamanian and Trinidadian and Tobagonian Enterprises and will seek to develop these in the future. We will continue to support the Trinidad and Tobago enterprises seeking new opportunities in this market and in other respective markets throughout Latin America and the Caribbean. Special thanks and consideration should be given to InvesTT as well as our partnering institutions the Embassy of Panama in Trinidad and Tobago and exporTT. More importantly we would like to thank the seven (7) companies that embarked on this Trade Mission with us. .
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