Cayman National Opens Representative Office in Panama

Cayman National's representative office in Panama City is now open for business, having obtained its Representation License in February.

The office is headed up by Carlos Guzman, Senior Vice President, who has been charged with marketing the group's services across the whole of Central and South America. Carlos is supported by Simone Lima, VP Latin America, and Aynis Acevedo, Administrative Assistant.

The role of the new office is to represent the Cayman National Group in the region and to direct enquiries, as appropriate, to the administrative centres in the Isle of Man and the Cayman Islands.

Panama

Panama is located in Central America, bordering both the Caribbean Sea and the Pacific Ocean, between Colombia and Costa Rica. Its location on the Isthmus of Panama is strategic. The country has been an independent nation since 1903, and in 1999 took ownership, control and administration of the canal and associated lands and buildings. Its capital is Panama City.

Panama's economy is mainly service-based, heavily weighted toward banking, commerce, tourism, trading and private industries because of its key geographic location. The handover of the canal and military installations by the United States has given rise to new construction projects, following the decision to expand the canal with a third set of locks at a cost of around USD5 billion.

Panama's position in the South American market has strengthened enormously over the past decade. It has been described as "one of the most vibrant economies in the region" with a booming construction sector and strong domestic demand. Whilst the western world is struggling to avoid a recession, Panama achieved GDP growth of 11.2% in 2007 and is forecast to achieve growth of 8.5% in 2008, and 7.2% in 2009.

The Colón Free Trade Zone is the largest in the Western Hemisphere, and accounts for almost all of Panama's exports and more than half of its imports. Panama's economy is also very much supported by the trade and exportation of coffee. The Panamanian currency is the balboa, fixed at parity with the United States dollar.

Panama is one of the most developed countries in Central America, boasting one of the most stable economies and a rapid tourism growth in the Americas. It enjoys a young, new and healthy democracy. It is considered a safe, peaceful and prosperous nation.

For more information , please contact Carlos Guzman by email carlos.guzman@cnifs.com.

Simone Lima, Carlos Guzman and Aynis Acevedo

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