NEWSLETTER - MAY 2014

Introduction

"Welcome to the monthly edition of the World Trade Center Panama Newsletter! Through this monthly newsletter we want to interconnect our members and inform our tenants by sharing useful information about WTC Panama. We will also showcase the ongoing activities and our latest updates on upcoming and past events, as well as the international relationship of WTC Panama with other WTC’s through the WTC Association." Mr. Remy Swaab, Executive Director of WTC Panama.

Close to Home

The Board of Directors of WTC Panama Complex

The Board of Directors of WTC Panama Complex acts on behalf of the different property owners and is formed by members of the three areas that make up our complex: the Office Tower, the Commercial Area and the Hotel/Casino. Since the property owners are mostly companies, these form the Board of Directors; but each of these companies is represented by an authorized person. The Board of Directors meets at least every 3 months, but might meet more often if there are pressing issues presented by the Administration. Currently, the board is represented by (Company Name - Authorized Person - Position):

Conservation of Energy

Due to yearly recurring energy shortage, again the government requested to take necessary actions. As of the 9th of April, the government had requested for all air conditionings to be turned off from 11:00 am to 3:00 pm and the remainder of the time they should be set to 24° C. Additionally, other actions had been imposed such as: turning off signs, decorative night lights in buildings, parks and monuments from 10:00 pm, as well as, decreasing lighting in areas of little use and ensuring that power consuming equipment were disconnected at the end of each work day. That said, it was also requested to implement self-sufficiency during all possible times of day but mainly during peak hours. The new measures were applied to central government offices, autonomous, semi-autonomous bodies of Judicial, legislative institutions, the private sector and all dedicated to commercial and industrial activities. Exceptions to this order were to schools, health and Panama Metro, by nature of their service. The WTC Panama Complex adhered to the self-sufficiency request during peak hours in order to comply with the request as well as keep running the air-conditioning system throughout the Complex by using the generators that are located in the second parking level. To read more about the regulations, , clic here.

Members at Heart

WTC Seoul, Corea del Sur visita Panamá

The “Korea International Trade Association”, also known as KITA, established in 1946 with the objective of advancing the South Korean economy through trade. It is Koreas foremost trade promotion organization and largest business association with over 70,000 member firms. South Korea is now the 8th largest trading power in the world. The iconic business center the "Trade Tower", built in 1988, was designated as South Koreas World Trade Center Seoul and is also home to KITA’s Headquarters Office.
WTC Seoul attended the World Economic Forum 2014 in Panama. During their stay, Director General of Americas Department, Mr Jungseok Choi visited WTC Panama. For WTC Panama, President Mr. Guillermo Ronderos and Executive Director Mr. Remy Swaab had the honor of receiving Director Choi. During his visit, he was given a tour of the Complex, finalizing in a meeting held in the WTC Panama office. Director Choi expressed his interest in establishing a direct communications channel with WTC Panama to enable future cooperation. Read More about WTC Seoul

WTC Panama Attends Inauguration of Peruvian Stand at Expocomer

The Peruvian Embassy, located in the WTC Panama Complex, extended an invitation to WTC Panama for the official inauguration of the Peruvian Pavilion at Panama’s Expocomer in March of 2014. On behalf of WTC Panama, a member of the Board of Directors of the Complex, Mrs. Silvia Castro, the Executive Director, Mr. Remy Swaab and the Director of Communications, Mrs. Marit Hoffer attended this grand event.
Expocomer is the longest and most important multi-sectorial exhibition fair in Panama and the region. Peruvian companies, small and medium, transacted more than $20 million dollars in this trade event. “The amount of transactions is 5 times higher than those of 2013” explains the Minister of Foreign Trade and Tourism, Magali Silva. The fair consisted of 50 Peruvian companies which were broken down into categories presented: textiles and accessories, food and beverage, hardware and construction materials, technology and services like the Industrial Service Navy (SIMA). Learn More

From the Tenants

Words from: Wladimir Maldonado – Administrative Manager, Grand Casino Marbella Panamá

The Grand Casino Marbella was inaugurated on December 6, 2013 by the Corporation Group 7C SA, a company that has 20 years of experience in Venezuela and is led by Venezuelan businessmen. The Grand Casino Marbella came to Panama to bring the best entertainment in gaming with: Machines with the latest technology and Table Games, for example: Black Jack, Roulette, Mini-baccarat and Texas Hold’ems.
The Grand Casino Marbella, previously the Princess Casino, is located on the ground floor of the World Trade Center Panama Complex. We offer live music every Thursday, Friday and Saturday with Venezuelan singer Karen Martello; the star of our stage. The Grand Casino Marbella also offers to our clients and to the general public Raffles and a Car Raffle. For private events, contact us at: 297-3700. Additionally our delicious daily Buffet Lunch is only $7 per person and $12 for 2 people.

Panama News

Second Largest Duty Free zone in the Western Hemisphere, Panama

When it comes to international commerce, Panama’s Colon Free Zone (CFZ) is one of the names that is most known worldwide. Panama has several Free Trade and Export Processing Zones, plus the Panama Pacifico Special Economic Area offering tax and migratory incentives. The CFZ, located near the Atlantic entrance to the Panama Canal, is the second largest duty-free zone in the world after Hong Kong and is the largest free trade zone in the Western Hemisphere. According to Business Panama, as a Global Logistics Center, it houses over 2,500 established companies, receives 250,000 visitors annually and generates over $11,000 billion a year in commercial transactions of imports, exports, and re-exports. Learn More

Panama might buy More Energy from Central America

The Panamanian Government analyzes the possibility of increasing to 80 megawatts of electricity imports to meet its local demand. The option of importing power from neighboring countries is conditional on the capacity constraints in power transmission lines. The Minister of Economy and Finance, Frank De Lima, said "together with Empresa de Generación Eléctrica (EGESA) an analysis is being made to possibly increase purchases of power from Central American countries such as El Salvador and Guatemala." EGESA is a corporation that primarily aimed at generating electricity efficiently, safely and sustainably in Panama. Read More (Source: Agenica EFE)

Panama Moves Forward: Metro

On April 4th, Panama took a step towards achieving a first world transportation system, becoming the first city in Central America to open a Metro Line. The Presidents’ ambitious flagship project, promises to enhance all of Panamas citizens and residents quality of life.
Within the spectrum of opinions, there are many who criticize the elevated cost of the project; which was calculated to be about 1,452 million dollars, much more than expected when compared to similar projects in other countries. Others believe that due to the proximity of the elections, the government rushed to open the most important legacy of the presidential period. Nevertheless, Metro users recognize they move faster from one location to the next and traffic is more fluent since the operation of the system.
The metro has been operating without charge until after the Election Day. Line One consists of a 13,7 km line which goes from Albrook to Los Andes with 15 stations along the route. A second line is in the public bidding process for the extension project. Although the project is highly criticized for its cost overruns and traffic disturbances during its construction, the Metro moves the city closer towards evolving into a first class functioning city. Learn More how Line 1 of the Metro works

Latin America News

Panama and Mexico Sign Free Trade Agreement

On the 3^rd of April 2014, the presidents of Panama and Mexico signed a free trade agreement that will pave the way for Panama to join the Pacific Alliance which includes several Latin American economies such as Mexico, Colombia, Chile and Peru. The free trade agreement was signed and agreed between President Ricardo Martinelli and his counterpart President Enrique Pena Nieto at the signing ceremony during the World Economic Forum in Panama City. "Signing this trade agreement brings us closer to our wish to be part of the Pacific Alliance," Martinelli said. Panama and Costa Rica are among the Central American nations seeking to enter the Pacific Alliance. Read More

Green Technology in Latin America

Latin America is at a rapid growth; globalization is a priority for governments, so the next step has to be to increase global markets which would be to invest in green technology. In an article published in The Guardian, Latin America is becoming a global arena for green innovation as foreign companies head for the region to partner with a rapidly growing local clean technology sector. Although there are no estimates of the size of the sustainable technology market in Latin America there was a report in the Climatescope 2013 report noting the region captured $16.8 billion, or 6%, of global clean energy investment in 2012. Read More

Upcoming Events

About Us

WTC Panama aims to expand communication, international market culture and business services. The primary goal of the WTC Panama is to bring together the businesses involved in international commerce and provide them with services that will help facilitate growth. WTC Panama connects various economic segments locally and globally and is a member of the World Trade Centers Association. This Association stimulates trade and investment opportunities for commercial property developers, economic development agencies and international businesses looking to connect globally and prosper locally through the exclusive 330 'World Trade Center' branded properties and trade service.