The Dubai Chamber of Commerce and Industry concluded a delegation visit to Panama on Monday with the signing of a Memorandum of Understanding, MoU, with the Panamanian Chamber of Commerce, Industry, and Agriculture.

The strategic agreement aims to boost bilateral trade and investment and build bridges between business communities on both sides. The MoU signing came during a high-level business forum, which was jointly organised by Dubai Chamber, the Panamanian Chamber, and the Panamanian Investment Authority.

In addition, the MoU focussed on promoting business opportunities within Panama’s banking and logistics sectors, encouraging knowledge sharing in key areas, and co-operating to overcome business challenges with the aim of facilitating more joint ventures.

The agreement was signed by Hamad Buamim, President and CEO of Dubai Chamber, and Gabriel Barletta, Vice President of the Panamanian Chamber, in the presence of Majid Saif Al Ghurair, Chairman of Dubai Chamber, and Eduardo Fonseca Ward, Panama's Ambassador to the UAE.

The delegation from Dubai Chamber also met Isabel de Saint Malo de Alvarado, Vice President of the Republic of Panama and Minister of Foreign Affairs, top government officials, and local business leaders to discuss ways that Panamanian companies and their Dubai counterparts can work together.

Panama’s Vice President lauded Dubai's world-class infrastructure and strong expertise in logistics and trade, which she said would benefit Panamanian companies, adding that Panama can learn important lessons from Dubai’s successful efforts to diversify its economy.

Al Ghurair said the visit would greatly contribute to the development of Panama-Dubai trade ties, while he invited Panamanian companies to participate in Expo 2020 and learn more about how they can benefit from the mega event.

He also called on the Panamanian government and business leaders to take part in the 2nd Global Business Forum on Latin America, which is set to be held in Dubai during the first quarter of 2018.

Buamim stressed the keenness of Dubai-based businesses to explore exciting trade and investment opportunities in Panama and explained that both economies share many synergies, especially within their logistics, banking, trade, tourism and renewable energy sectors.

Dubai Chamber’s President and CEO noted that establishing direct air links between Dubai and Panama would be a positive development that could potentially boost bilateral trade and investment flows in the future.

The visit to Panama is part of Dubai Chamber’s second trade mission to Latin America this year, which will also cover Costa Rica and Colombia. The trade mission falls in line with the Chamber’s strategy of exploring new markets and identifying opportunities that offer the most potential for its members.