The Panama Canada Chamber of Commerce (PanCanada) was created 10 years ago by a group of Panamanian and Canadian business leaders, to facilitate and strengthen the commercial and trade relations between the Republic of Panama and Canada.
Bilateral trade and commercial relations between Panama and Canada have grown consistently since. Panama is benefiting from increased tourism and property investments from many Canadians, attracted to the unique experiences and opportunities the country offers.
The business community has also shown interest and is fully participating in finance, energy, mining, tourism, real estate and other innovative sectors like under water logging. Panama occupies a unique place in the international trading system, and as home to the Panama Canal, it plays a pivotal role in world commerce through the flow of goods around the world. Canada is currently the 11th most important user of the Canal (DFAIT).
The expansion of the Panama Canal is currently underway and is slated to be completed by 2014 at a projected cost of US $5.3 billion. This expansion is expected to generate opportunities for Canadian companies in such areas as infrastructure and construction, as well as environmental, heavy engineering and consulting services, capital projects, human capital development, and construction materials.
On May 14, 2010, Canada’s International Trade Minister, Peter Van Loan, together with Panama’s Minister of Commerce and Industry, Roberto Henríquez, signed the Canada-Panama Free Trade Agreement (FTA), as well as parallel agreements on labour cooperation and environment protection.
PanCanada is a non-profit organization that obtains its funding from membership fees, activities and benefactors in both Panama and Canada.