Qatar and Panama continue to share robust trade and economic relations despite the impact of the ongoing health crisis across the international community, Panama’s top diplomat in Doha said.
“The Embassy of Panama in Qatar is working in collaboration with the different authorities and institutions in the State of Qatar to create boundaries and bridges between both the countries that will result in an increase of trade,” ambassador Musa Asvat told Gulf Times.
Aside from trade, Asvat noted that the embassy is also co-operating with Qatar authorities “in innovations and other areas, especially now that new trends will be driving investments for the ‘new customer’ that will emerge once the ‘new normal’ will start, assuring that business continuity and communication will increase.”
According to Asvat, the economy of Panama is based mainly on the services sector, which accounts for nearly 80% of the country’s GDP and accounts for most of its foreign income.
“These services include the Panama Canal, banking sector, retail and wholesale commerce, the Colón Free Trade Zone, insurance sector, logistics and transport, ship registry, medical and health sector, and tourism. The country’s industry includes manufacturing of aircraft spare parts, cement, beverages, adhesives, and textiles. Additionally, exports from Panama include bananas, shrimp, sugar, coffee, and clothing.
“In 2019, trade figures registered imports from Qatar at above $800,000, mainly in plastics and derivatives. During the first semester of 2019, Panamanian exports to Qatar were around $100,000, mainly in coffee, tea, cocoa, and derivatives,” Asvat explained.