Next month, a trade mission made up of government officials and local business people will travel to Panama to explore possible new import and export markets.
Organised by the Cayman Islands Chamber of Commerce, the trade mission is a perfect example of the public and private sector working together for the advancement of the local economy.
Panama is one of Central America’s fastest growing economies. Its Free Trade Zone in Colon allows it to import billions of dollars of goods, mostly from the Far East, and then export them out throughout the Americas.
Establishing business relationships with Panamanian exporters could provide merchants in Cayman with a less expensive source for goods, meaning lower prices for consumers here. Chamber president Morgan Dacosta noted that on average wholesale prices are 20 to 30 per cent less expensive in Panama.
In these days of escalating costs of living here, savings like that can have a real impact on the lives of residents.
Beyond the cost benefits, however, Panama offers the Cayman Islands an important alternative source for goods.
The busy hurricane seasons for Florida and the U.S. Gulf Coast over the past two years have taught merchants in the Cayman Islands that a hurricane does not have to come anywhere close to us to have severe impact on the supply of goods coming here.
Just as Cayman should not put all of its proverbial eggs in one basket, it is not wise for it to take them all from one basket either.
The more diverse our trading partners, the less reliant we are on any one partner that might not be there for us for reasons of self-interest.
Cayman’s tourism industry could also benefit from establishing better economic ties with Panama because of its strong trade relationships with many Asian countries. Cayman Airways has considered regular flight service to Panama as a way of capitalising on that potential.
Based on the demand for seats on the trade mission trip – there were only 15 spots remaining as of last Thursday – Cayman business people are very desirous of exploring the business possibilities in Panama.
The Chamber of Commerce should be congratulated for undertaking this progressive initiative, one that could have far reaching and long lasting benefits to the businesses and people of the Cayman Islands.
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