PANAMA'S ECONOMY AND KEY SECTORS

PANAMA
N O V E M B E R 2 0 1 3
INTERNATIONAL
SUPPORT
KIT OF
OPPORTUNITIES

ISKO PANAMA
Unidade Internacional Premium/ES Research - Research Sectorial/Departamento de Desenv olv imento Internacional
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts

3ISKO Panama
International Premium Unit/ES Research – Sectoral Research/International Dev elopment Department
Sources:IMF, World Bank, COSEC, World Economic Forum, GlobalHeritage, Standard & Poor’s.
Business environment
Ease of doing business 55/189
(Doing Business 2014 ranking)
Investor protection 80/189
Cross-border trade 11/189
Contract fulfilment 127/189
Economic Freedom 71/177
(Economic Freedom 2013 ranking)
Competitiveness 40/148
(Global Competitiveness Index 2013-2014 ranking)
Basic Requirements 46/148
Infrastructure 37/148
Institutions 66/148
Efficiency Enhancers 50/148
Innovation and Sophistication 43/148
Cosec (Risk group) 3
Grade 1 (lowestrisk) to 7 (highestrisk)
Standard & Poor’s (Rating)
AAA rating (lowest risk) to D (highest risk, def ault)
Long term debt in local currency BBB
Long term debtin foreign currency BBB
Outlook Stable
Capital: Panama City Official Language: Spanish
Population (Millions): 3.8 (2012) Surface Area: 75 420 Km2
Time Zone: UTC -5 Currency: Panamanian Balboa and US dollar
Type of Government: Presidential Republic Religion: Christianity(85%)
PANAMA
Panama Canal
Colón Free Trade Zone
Business Environment and Key Factors

4ISKO Panama
E Forecasts
* The Panamanian Balboa is tied to the US dollar at a rate of 1:1
Sources:IMF, Bloomberg.
PANAMA
2011 2012 2013E 2014E 2015E
GDP
Currentprices
EUR billion
GDP real growth rate
Percentage
Inflation Rate
Percentage
Exchange Rate*
EUR/PAB
Current Account
Percentage ofGDP
Fiscal Balance
Percentage ofGDP
Unemployment Rate
Percentage ofworking population
Macroeconomic Indicators
22.5 28.2 30.8 34.3 37.9
10.8 10.7 7.5 6.9 6.6
4.7 4.2 4.2 4.2 4.2
5.9 5.7 4.2 4.0 3.8
1.4
1.3 1.3 1.3 1.3
-12.2 -9.0 -8.9 -8.5 -7.9
-2.3 -2.1 -3.1 -2.7 -2.0

5ISKO Panama
Sources:IMF, World Bank, ES Research – Research Sectorial.
Economic Summary
Panama’s economy is largely centred on services, with the weight of the agriculture and industry sectors in gradual
decline. In 2006, agriculture accounted for 6% of GDP but, in 2012, this share was little more than 2.5%. Likewise,
industry (including manufacturing) has been losing ground to services which contribute 85% to GDP. In
macroeconomics terms, the economy, since 2006 un until 2012, has been growing at an average annual rate
slightly above 9%, with the economy having grown by a mere 3.9% in 2009. This decline is due to the global crisis
of 2008, as a consequence of reduced transit of goods in the Canal and in the Colon Free Trade Zone
The Panama Canal and the Colon Free Trade Zone are two strategic assets in Panama. In 2007, Panama approved
an ambitious canal expansion, worth USD 5 billion, with completion scheduled in 2014. This project aims to double
the capacity of the Canal, allowing the passage of large ships. The Colon Free Trade Zone is the second largest
free port in the world, which allows boosting exports and re-exports, with over 2 500 companies and about 9.7 billion
in re-exports. A quarter of the GDP of Panama comes from the transport sector, storage and communication.
In 2007, the law nº. 41 was implemented with the aim of encouraging multinationals to set up their regional
headquarters in Panama. Taking advantage of a regime of substantial tax incentives 63 multinationals had
established themselves in Panama as of 1 January 2012. Many of these companies, such as Adidas and Nestlé,
were already present in the country and opted to transfer their regional headquarters to Panama.
Investment in infrastructure is critical to the growth of Panama, as examples the projects are: the metropolitan city of
Panama, the implementation of a new bus system, new hospitals and highways, in addition to the mentioned
investment in the expansion of the canal.
PANAMA

6ISKO Panama
Sources:AICEP, CIA, ES Research – SecotralResearch, European Commission.
ACS – Association of Caribbean States
Formed with the key objective of being a cooperation and policy coordination
organisation for member states, it consists of a forum for political dialogue.
www.acs-aec.org
ALADI – Latin American Integration Association
Seeks to gradually and progressively establish a Latin American market by
means of the implementation of a Preferential Regional Tariff system.
It comprises: Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador,
Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela.
www.aladi.org/
IADB – Inter-American Development Bank
Founded in 1959, it is the leading source of development funding in Latin
America and the Caribbean, promoting reform programmes which aim to raise
the level of development in the region. www.iadb.org/
OAS – Organization of American States
Founded in 1948 by 35 nations in the American Continent, it aims to
promote good government practices, improve human rights, foster peace
and security, expand trade and find solutions for problems resulting from
poverty. www.oas.org/
PANAMA International Integration (I)

7ISKO Panama
Free TradeAgreementwith the EuropeanUnion
The free trade agreementbetweenEuropean Union (EU) and
Central America (Honduras, Nicaragua and Panama) entered in
force in August/2013.This agreementis an important stepping
stone in the relations betweenEU and those countries that also
paves the way to a closerintegration between the European
Union and the whole of Central America.
Between2006 and 2011,total trade in goods betweenthe
EuropeanUnion (EU) and Panama increased by 45%, from EUR
1 078.8 million to EUR 1 567.5 million. The average annual
growth rate of exports was equal to 13%,increasing from EUR
763.6 million to EUR 1 406.5 million, whilst the average annual
growth rate of imports was equal to -12.6%,decreasing from EUR
315.2 million to EUR 161 million. In terms of the trade balance,
the EU currently enjoys a surplus of EUR 1 245 million.
Goods trade balance betweenthe EuropeanUnion
and Panama,2006,2009,2010 and 2011(EUR Million)
Compound Annual Growth Rate(CAGR)
CAGR06-11 of imports = -12.6%
CAGR06-11 of exports = 13.0%
Surplus balance
EUR 1 245 million
Goods importsGoods exports
International Integration (II)PANAMA
Total trade2006
EUR 1 078.8
million
Total trade2011
EUR 1 567.5
million
Sources:UNComtrade, DESA/UNSD, ES Research - Research Setorial.
315.2
178.8 161.7 161.0
763.6
844.7
1 137.9
1 406.5
2006 2009 2010 2011

ISKO PANAMA
Unidade Internacional Premium/ES Research - Research Sectorial/Departamento de Desenv olv imento Internacional
Contacts
Industry Structure

9ISKO Panama
24.1%
Transport,
warehousing and
communications
14.5%
Comércio
14.1%
Real Estate
8.1%
Finance
7.5%
Construction
4.9%
Manufacturing
3.6%
Agriculture,
forestry,
Fisheries and hunting
16.0%
Other
1.8%
Mining
2.6%
Eletricity,
gas and water
2.9%
Hotels
69.5%
Panama
13.1%
Colón
6.8%
ChiriquÍ
2.8%
Coclé
2.6%
Veraguas
1.7%
Bocas
del Toro
1.7%
Herrera
1.5%
Los Santos
0.4%
Darién
Transport, warehousing and communications represent almost a quarter of Panama’s GDP. The huge importance
of the Canal is evident in Panama Province’s weight in GDP.
PANAMA
Breakdown of GDP by sector (2012E) Breakdown of GDP by province (2008)
Source:Instituto Nacional de Estadística y Censo - Panamá
E Estimate.
GDP Sectoral Structure

10ISKO Panama
Source:“The Banker”
1 - FO (Foreign Ow ned): This bank maintains a significant presence in Panama but is consolidated into the accounts of a parent company in another country.
The financial system of Panama showed great resilience during the global crisis, in part
because of prudential policies and good supervision. The financial soundness
indicators remained robust, with a rate of bad loans stable and very low. Interest rates
on deposits have been declining due to the evolution of the global market, but lending
rates remained broadly stable.
FINANCIAL
SYSTEM
Leading banks operating in Panama, 2012
Total Assets,
(USD millions)
Banco General
Bancolombia Panama
BAC Panama 10 682
7 189
10 805
HSBC Bank Panama 9 365
Bladex 6 756
Banco Nacional de Panama 7 740
FO1
626
675
830
Top 1000 World
Banks 2012
Rank
PANAMA The Economy’s Sectoral Structure (I)
FO1
FO1

11ISKO Panama
Sources:INEC- Panamá, World Bank, Canal de Panamá
PANAMA
TRANSPORT AND
WAREHOUSING
In the four-year period between 2008 and 2012, the weight of the transport,
warehousing and communications sector increased from 21% to 24.1% of GDP and
grewby 57.2%.
Panama is ranked 55th worldwide in terms of international trade according to the World
Bank Doing Business Report 2014, having obtained better results than the average for
LatinAmerica and the OECD (high-income countries) in all areas of the study.
At the centre of this sector is the Panama Canal and the Colón Free Trade Zone. In
relation to the Canal, in 2012, 14 544 vessels transited the watercourse, transporting
around 221.6 million tons and generating USD 1.9 billion in transit fees. In relation to
Portuguese vessels, the corresponding figures were 113.5 thousand tons and 23
movements,generating USD 687.4 thousand in transit fees.
Doing Business Report, International Trade, 2014
The Economy’s Sectoral Structure (II)
Procedures
(number)
Time
(days)
Cost
(US$
p/container)
Procedures
(number)
Time
(days)
Cost
(US$
p/container)
Latin America 7 19 1 583 6 17 1 198
OECD (High income) 4 10 1 085 4 11 1 048
Panama 3 9 965 3 10 615
Imports Exports
Area/Country

12ISKO Panama
PANAMA
THE PANAMA CANAL
AND THE PORT OF SINES
Given the importance of the Panama Canal as a direct link between the Pacific and the Atlantic
and Portugal’s strategic position in relation to this facility, it is worth referring to the role of the
Port of Sines in the future of trade between America, Africa, Asia and Europe.
Given the plans to expand the Panama Canal, an increase in the movement of merchant vessels
is expected at the Port of Sines, Europe’s third largest port in terms of capacity to accommodate
vessels with greater draughts. Sines has been receiving and increasing number of foreign
vessels in recent years: in 2002, the number was 558, or 69% of the total, and, in 2012, it was
1624, 98% of the total. As a result, the movement of containers at the Port of Sines has
increased, rising from 19.2 TEU, in 2004, to 692.01 TEU, in 2013 (September).
The port’s development as a gateway to the European market is expected to increase with the
expansion in the Panama Canal’s capacity, which has already chosen Sines as its preferred port
in Europe. A European project also exists to build a railway line to transport goods between the
Port of Sines and the centre of Europe (TEN-T EA Project 16), which will improve access to
millions of consumers.
Movement of Containers at the Port of Sines, 2004-2013 (September)
(Thousands of TEU1)
The Economy’s Sectoral Structure (III)
Sources:IPTM, Porto de Sines, ES Research-Research Sectorial.
1 TEU – (tw enty feet equivalent unit)
19.21
50.99
121.96 150.04
233.12 247.63
376.02
445.19
553.03
692.01
0
100
200
300
400
500
600
700
800
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

13ISKO Panama
Latin America Panama
Sources:World Bank, Instituto Nacional de Estadística y Censo - Panamá
CONSTRUCTION
Constructionis a sectorundergoing rapid developmentin Panama. Its weight in GDP has
risenfrom 6%, in 2008,to 7.2%, in 2012.This rise is even more significant if we take into
accountthat the country’s GDP grew, between2008 and 2012,by around 36.9%. In fact, it is
possibleto estimate that the constructionsectorgrew by around 71.6% over this four-year
period.
An important reason forthis growth is the Government of Panama’s focus on infrastructure
investment,which has given rise to various investment opportunities,namely in relation to
constructionmaterials and machinery.
Anotherpoint worthy of note is in relation to bureaucracy in the sector.According to the World
Bank’s Doing Business Report,the granting of building licences in Latin Americainvolves 14
procedureswhich consume a total of 187.1 days at a cost of 156.4% of per capita income.In
Panama, in spite of the fact that the number of procedures is greater(16), the process takes
less time (99.5 days) and the relative costis substantially lower (66%).
PANAMA
Procedures
14
16
Time (days) Cost(% income per capita)
187.1
99.5
156.4
66
Doing Business Report, Building Licences, 2014
The Economy’s Sectoral Structure (IV)

14ISKO Panama
Sources:World Tourism Organization, World Travel& Tourism Council (WTTC), Ministerio del Poder Popular para el Turismo.
In 2012, the tourism sector accounted for 5.2% of Panama's GDP (USD 1.9 billion) and
directly contributed to 5% of employment. For 2013, the WTTC predicts an increase of
0.2% in the direct contribution of tourism to GDP and forecasts for 2013 to 2023 indicate
an increase of 5.4% of Panama's GDP.
TOURISM
E Estimate.
The economy’s sectoral structure (V)PANAMA
Employment
World
Ranking
(GDP)
Country 2012
(USD billion)
2012
(% of GDP)
2013E
(% of GDP)
2013-2023E
(% of GDP)
2012
(% of share)
8 Mexico 68.3 5.8 3.6 4.5 6.6
World Average 17.2 5.2 3.0 4.2 5.4
33 Venezuela 12.3 3.1 3.6 4.5 2.7
41 Chile 7.7 2.9 3.0 3.5 2.9
43 Peru 6.8 3.4 5.7 6.2 2.3
71 Costa Rica 2.2 4.8 4.9 5.0 4.5
77 Panama 1.9 5.2 0.2 5.4 5.0
85 Guatemala 1.6 3.2 6.2 3.7 2.8
87 Ecuador 1.4 2 5.3 4.6 1.7
96 Honduras 1.1 5.9 4.7 5.9 5.1
152 Belize 0.2 12.5 5.3 4.3 11.3
Direct Contribution
GDP

Contacts
Industry Structure

16ISKO Panama
PANAMA International Trade – Partners
Sources:UNComtrade, DESA/UNSD (mirror data), ES Research - Research Setorial.
Ranking Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
Ranking Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
1 China 11 903.3 22.2 23.6 1 Ecuador 1 293.3 25.2 29.4
2 Japan 11 042.1 20.6 11.9 2 South Korea 462.6 9.0 13.7
3 Singapore 9 532.4 17.8 27.8 3 USA 439.2 8.6 9.0
4 USA 7 713.2 14.4 23.1 4 Guatemala 422.6 8.2 7.7
5 South Korea 3 093.2 5.8 6.2 5 Costa Rica 412.8 8.1 20.4
6 Colombia 2 267.8 4.2 66.0 6 Japan 243.1 4.7 90.1
7 Mexico 883.4 1.6 10.6 7 Indonesia 175.2 3.4 214.0
8 France 873.1 1.6 5.8 8 Thailand 154.9 3.0 132.5
9 Ecuador 718.2 1.3 16.2 9 El Salvador 139.5 2.7 -0.3
10 Costa Rica 454.1 0.8 14.8 10 Greece 102.8 2.0 17.3
… … … … … … … … … …
50 Portugal 10.5 0.0 17.7 54 Portugal 3.3 0.1 -10.9
Panama's imports by country, 2012 Panama's exports by country, 2012

17ISKO Panama
PANAMA
International Trade – Goods Imports and Exports
(World)
Sources:UNComtrade, DESA/UNSD (mirror data), ES Research - Research Setorial.
Products (H.S. 4)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%) Products (H.S. 4)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
8901 - Cruise Ships, Excursion Boats, Ferry-Boats 15 048.3 28.1 9.8 8901 - Cruise Ships, Excursion Boats, Ferry-Boats 929.3 18.1 6.4
2710 - Petroleum Oils And Oils Obtained From
Bituminous Minerals
7 796.3 14.6 26.4
Bituminous Minerals
811.8 15.8 25.5
Bituminous Minerals, Crude
2 716.5 5.1 93.7 3004 - Medicaments 290.8 5.7 4.7
2935 - Sulphonamides 1 711.8 3.2 494.5
8905 - Light-Vessels, Fire-Floats, Dredgers,
Floating Cranes, And Other Vessels
232.7 4.5 115.8
8905 - Light-Vessels, Fire-Floats, Dredgers,
Floating Cranes, And Other Vessels
806.5 1.5 181.3
2707 - Oils And Other Products Of The Distillation
Of High Temperature Coal Tar
174.4 3.4 75.9
2922 - Oxygen-Function Amino-Compounds 780.5 1.5 161.3 0803 - Bananas, Incl. Plantains, Fresh Or Dried 174.4 3.4 -12.8
3004 - Medicaments 780.4 1.5 5.6 7108 - Gold, Incl. Gold Plated With Platinum 116.1 2.3 58.0
9403 - Furniture And Parts Thereof, N.E.S. 655.2 1.2 59.5
Bituminous Minerals, Crude
90.3 1.8 -0.5
6402 - Footwear With Outer Soles And Uppers Of
Rubber Or Plastics
648.4 1.2 19.8
2711 - Petroleum Gas And Other Gaseous
Hydrocarbons
69.5 1.4 94.7
6104 - Women'S Or Girls' Suits, Ensembles,
Jackets, Blazers, Dresses, Skirts
501.3 0.9 16.0
8429 - Self-Propelled Bulldozers, Angledozers,
Graders, Levellers, Scrapers
67.3 1.3 21.5
Panama's Top 10 imports, 2012 Panama's Top 10 exports, 2012

18ISKO Panama
Sources:INE, Banco de Portugal.
Compound Annual Growth Rate (TCMA)
CAGR07-12 of exports = 17.7%
CAGR07-12 of imports = - 10.9%
Surplus
EUR 8 million In 2012,
121 companies
exported goods to Panama
In 2011,
84 companies
exported goods to Panama
+ 44%
Goods imports
Goods exports
PANAMA
115º
(share:0.005%)
92º
(share:0.02%)
Rank and share as customer and supplier ofPortugal (goods)
International Trade – Bilateral relations with
Portugal (I)
Portugal’s trade balancewith Panama,2007,2011 and 2012
(EUR millions)
5
9
11
6
3 3
2007 2011 2012

19ISKO Panama
PANAMA
International Trade – Bilateral relations with
Portugal (II)
Products (H.S. 4)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%) Products (H.S. 4)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
0804 - Dates, figs,pineapples, mangoes,
avocadoes, guavas
1.6 45.1 80.1
7308 - Structures (rods,angle, plates) of iron &
steel nes
1.4 13.7 296.9
0303 - Fish, frozen, whole 1.1 30.2 26.6
8410 - Hydraulic turbines, water wheels, and
regulators thereof
1.0 9.6 n.d.
4104 - Leather of bovine/equine animal, other than
leather of hd 4108/4109
0.4 10.3 63.8
7312 - Iron & steel strandd wire,ropes,cables,
etc,not electrically insulated
1.0 9.5 71.9
0807 - Melons (including watermelons) & papayas,
fresh
0.1 3.0 n.d. 4802 - Uncoated paper for writing, printing etc. 0.9 8.9 n.d.
8701 - Tractors (other than tractors of heading no
87.09)
0.1 2.6 n.d.
8504 - Electric transformer,static converter (for
example rectifiers)
0.5 4.4 154.3
2713 - Petroleum coke, petroleum bitumen & other
residues of petroleum oils
0.1 2.5 n.d. 8544 - Insulated wire/cable 0.4 4.1 211.5
0304 - Fish fillets and pieces, fresh, chilled or
frozen
0.0 1.0 n.d.
3004 - Medicament mixtures (not 3002, 3005,
3006), put in dosage
0.4 4.0 -4.1
4802 - Uncoated paper for writing, printing etc. 0.0 0.8 n.d. 7217 - Wire of iron or non-alloy steel 0.3 3.2 n.d.
2915 - Saturated acyclic monocarboxylic acids &
their derivatives
0.0 0.6 n.d. 4503 - Articles of natural cork 0.3 3.0 62.3
7616 - Articles of aluminum nes 0.0 0.5 n.d. 6810 - Articles of cement, concrete or artif. stone 0.3 3.0 n.d.
Top 10 Portuguese imports from Panama, 2012 Top 10 Portuguese exports to Panama, 2012

20ISKO Panama
8905 - Light-Vessels, Fire-Floats, Dredgers, Floating
Cranes
6402 - Footwear With Outer Soles And Uppers Of
Rubber Or Plastics
6104 - Women'S Or Girls' Suits, Ensembles,
Jackets, Blazers, Dresses, Skirts, Divided Skirts,
6405 - Footwear With Outer Soles Of Rubber Or
Plastics, With Uppers Other Than Rubber,
8487 - Machinery Parts
6105 - Men'S Or Boys' Shirts, Knitted Or Crocheted
(Excl. Nightshirts and T-Shirts)
6913 - Statuettes And Other Ornamental Ceramic Articles,
N.E.S.
7323 - Table, Kitchen Or Other Household Articles, And Parts Thereof, Of Iron Or
Steel; Iron Or Steel Wool; Pot Scourers And Scouring Or Polishing Pads, Gloves
5513 - Woven Fabrics Containing Predominantly, But < 85% Synthetic Staple Fibres
By Weight, Mixed Principally Or Solely With Cotton And Weighing <= 170 G/M²
6914 - Ceramic Articles, N.E.S.
PANAMA Goods export opportunities (I)
Set of products (goods) identified as needs (imports) of Panama for which Portugal has production
and export capacity, thus representing opportunities to increase the volume of Portuguese exports
to Panama.
Top 10 exportopportunitiesto Panama

21ISKO Panama
PANAMA Goods export opportunities (II)
Sources:UNComtrade, OECD, ES Research – SectoralResearch.
Products (H.S. 4)
2012
(EUR Million)
Rank 2012
Share 2012
(%)
Annual growth
2011-2012 (%)
CAGR09-12
(%)
8905 - Light-Vessels, Fire-Floats, Dredgers, Floating Cranes 806.4 4 1.6 675 116.7 630.7
6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics 648.3 8 1.3 46.8 9.7
6104 - Women'S Or Girls' Suits, Ensembles, Jackets, Blazers, Dresses, Skirts, Divided Skirts,
Trousers, Bib And Brace Overalls, Breeches And Shorts, Knitted Or Crocheted
501.1 9 1.0 1 590.0 193.5
6405 - Footwear With Outer Soles Of Rubber Or Plastics, With Uppers Other Than Rubber,
Plastics, Leather Or Textile Materials
107.7 38 0.2 10 189.7 488.9
8487 - Machinery Parts 103.9 40 0.2 2 301.4 212.1
6105 - Men'S Or Boys' Shirts, Knitted Or Crocheted (Excl. Nightshirts and T-Shirts) 85.8 50 0.2 2 058.3 285.1
6913 - Statuettes And Other Ornamental Ceramic Articles, N.E.S. 40.6 88 0.1 595.1 73.4
7323 - Table, Kitchen Or Other Household Articles, And Parts Thereof, Of Iron Or Steel; Iron Or
Steel Wool; Pot Scourers And Scouring Or Polishing Pads, Gloves And The Like
38.4 91 0.1 369.3 62.1
5513 - Woven Fabrics Containing Predominantly, But < 85% Synthetic Staple Fibres By Weight,
Mixed Principally Or Solely With Cotton And Weighing <= 170 G/M²
13.5 206 0.0 1 105.4 146.6
6914 - Ceramic Articles, N.E.S. 5.8 328 0.0 10 885.9 115.1
Top 10 export opportunities to Panama
(Amount and rank of Panama’s world imports)

22ISKO Panama
PANAMA Goods export opportunities (III)
Sources:UNComtrade, OECD, ES Research – SectoralResearch.
Chemicals Other Products Plastic, Rubber Products
3307 - Shaving Preparations
9406 - Prefabricated Buildings, Whether Or Not
Complete Or Already Assembled
3922 - Baths, Shower-Baths, Sinks, Washbasins,
Bidets, Lavatory Pans, Seats And Covers
3211 - Prepared Driers
9403 - Furniture And Parts Thereof, N.E.S. (Excl.
Seats And Medical, Surgical, Dental Or Vet
3926 - Articles Of Plastics And Articles Of Other
Materials Of Heading 3901 To 3914, N.E.S.
3406 - Candles And The Like
9405 - Lamps And Lighting Fittings, Incl.
Searchlights And Spotlights
4011 - New Pneumatic Tyres, Of Rubber
3004 - Medicaments
9402 - Medical, Surgical, Dental Or Veterinary
Furniture
3920 - Plates, Sheets, Film, Foil And Strip, Of Non-
Cellular Plastics, Not Reinforced, Lamin
3303 - Perfumes And Toilet Waters
9610 - Slates And Boards, With Writing Or Drawing
Surfaces, Whether Or Not Framed
3924 - Tableware, Kitchenware, Other Household
Articles And Toilet Articles, Of Plastics
Agricultural and food Mineral, Ores Wood, Cork, Cellulose Pulp and Paper
2204 - Wine Of Fresh Grapes, Incl. Fortified Wines;
Grape Must, Partly Fermented
6811 - Articles Of Asbestos-Cement, Cellulose Fibre-
Cement Or The Like
4802 - Uncoated Paper And Paperboard
2203 - Beer Made From Malt
7013 - Glassware Of A Kind Used For Table,
Kitchen, Toilet, Officem Flasks And Other Vacuum
4807 - Composite Paper And Paperboard 'Made By
Sticking Flat Layers Of Paper
1510 - Other Oils And Their Fractions, Obtained
Solely From Olives, Whether Or Not Refined,
6907 - Unglazed Ceramic Flags And Paving, Hearth
Or Wall Tiles; Unglazed Ceramic Mosaic Cube
4504 - Agglomerated Cork
0808 - Apples, Pears And Quinces, Fresh 6805 - Natural Or Artificial Abrasive 4503 - Articles Of Natural Cork
2402 - Cigars, Cheroots, Cigarillos And Cigarettes
Of Tobacco Or Of Tobacco Substitutes
6809 - Articles Of Plaster Or Of Compositions
Based On Plaster
Cloud of Export Opportunities to Panama

24ISKO Panama
Venezuela:
Branch
Brazil:
Subsidiária
BESI
South Africa:
Representative
BES
Mozambique:
Moza Banco
Macao:
BES Oriente
Hong Kong:
BESI
Mumbai:
BESI
Morocco:
Banque
Marocaine du
Commerce
Extérieur
Libya:
Subsidiary:
Aman Bank
Miami:
Subsidiary: ES Bank
of Florida,
Poland:
BES and
BESI Subsidiaries
France:
Subsidiary:
BES Vénétie
Cape Verde:
BES Cabo
Verde
Algeria:
Banque
Extérieur
d'Algérie
Italy:
Banco delle Tre
Venezie
New York:
BES and
BESI Branches
USA
Mexico:
Representative
Offices:BES and
BESI
United Kingdom:
BES and
BESI Branches
Strategic
Triangle:
Africa - Brazil –
Iberian
Peninsula
Angola:
Subsidiary:
BES Angola
China:
Representative
Office
Spain:
Branch
Luxembourg:
Branch
Office
Subsidiary
Subsidiary
BES is the Portuguese bank with the largest international presence and the best international offering: for the 7th
consecutive year it has won the “The Best Trade Finance Bank” award.
BES Group's Internationalisation Support (I)PANAMA

25ISKO Panama
International Premium Unit
5 Desks of geographically specialized teams
International Business Managers & Financial Institutions Managers
North Africa
& Turkey
Africa
Latin
America
Mature
Markets &
China
Eastern
Europe, Asia
& Middle
East
BES Group's Internationalisation Support (II)
PANAMA

27ISKO Panama
ES Research:
Market Data
A Global and Innovative Offerto Supportthe Internationalisation of the Portuguese Companies
Investment Banking
Commercial Banking Venture Capital Tranquilidade
Business Development
Support to Account Opening / KYC
Support to treasury monitoring /
centralisation
FX Risk Hedging
Support to Exports/Imports; Trade Finance;
Import Financing
Bank Guarantees / Stand By Letters of
Credit
International Factoring – agreement to use
Eurofactor’s European network
Support to business partners’ search
Support as partner in internationalisation
projects
ES Ventures
ES Capital
2bCapital
Espírito Santo Rockefeller Global Energy
Fund
International Transport Insurance
Project Finance
M&A
Corporate Finance
Macroeconomic surveys
Sectoral surveys
Market research
Multipessoal Group
Recruitment of specialists (M Search)
Outsourcing, temporary work, training and
consulting services with presence in Angola
and Spain
PANAMA

29ISKO Panama
Disclaimer
This document w as prepared by Banco Espírito Santo and/or any of its subsidiaries (“BES”) and is intended solely for release by BES to qualified investors. Its use is restricted to qualified investors, and their
representatives.
Allinformation contained in this document w as compiled in good faith by BES, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, w ith the exception of
information about BES makes no representation as to the accuracy or completeness of such information.
The opinions expressed in this document reflect BES’s point of view as of the date of its release and may be subject to change w ithout prior notice. BES does not assure the update of this document.
This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document are
indicative prices only and do not constitute firmbids or offers. BES may choose to make a market for any instruments referred in this document, but are not obliged to do so. Any such market-making activities may
be discontinued at any time w ithout notice. The prices of any financialinstruments described in this document are indicative prices only and do not constitute firm bids or offers.
BES may trade for their ow n account or of their clients any instruments that may be referred to in this document, as w ellas they may have any business relationship w ith the entities referred on it. BES may act as
market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. BES may act as placement agent, advisor,
lender or in other capacities in w ith respect to financialinstruments or issuers referenced in this document.
BES may trade for its ow n account and may also engage in securities transactions in a manner inconsistent w ith this document and w ith respect to financialinstruments covered by this document.
BES has no obligation to update, modify or amend this document or to otherw ise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein,
changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change w ithout notice. This document is provided for informational purposes only. BES w illnot
accept any responsibility for any loss resulting fromthe use of the information or opinions referred in this document.
The financial instruments discussed in this document may not be suitable for all investors and investors must make their ow n investment decisions using their ow n independent advisors as they believe necessary
and based upon their specific financialsituations and investment objectives. If a financialinstrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect
the price or value of, or the income derived from the financialinstrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial
instruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.
The financial instruments discussed herein may be subject to restrictions w ith regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each
investor’s responsibility to ensure that it is authorized to invest in those financialinstruments.
This document is confidentialand addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of this
document is not allow ed.
Additionalinformation is available upon request.
The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. BES or its affiliates may choose to make a market for any such financial
instruments, but neither BES nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time w ithout notice. Certain information contained in this document has
been derived frompublic sources that BES deems to be reliable. Neither BES nor any of its affiliates, how ever, have independently verified such publicly available information nor do they take responsibility for its
accuracy or completeness.
Any U.S. person receiving this document and w ishing to effect transactions in any financialinstruments discussed herein should do so, if applicable, through BES and not through any non-U.S. affiliate of BES.
The enclosed document does not constitute any kind of research report or any kind of offer to sell any of the financialinstruments discussed herein, nor is it soliciting an offer to buy such financialinstruments. The
financialinstruments issued by Companies that may be discussed herein may be subject to restrictions w ith regard to certain persons or in certain countries under national regulations applicable to said persons or in
said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.
The financial instruments discussed in this material may not be suitable for all investors. Investors should make their ow n assessment of the risks froma legal, tax and accounting perspective prior to investing in
such products. Past performance is no guarantee to future performance.
This document is being distributed to, and is intended solely for the use of, institutional investors. Notw ithstanding the generality of the preceding sentence, this document is intended solely for the use of the
institutional investor to w hich it has been sent by BES and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return it
immediately to BES.
Additional disclosures for US persons

30ISKO Panama
International Premium Unit
Marta Mariz
International business and
financial institutions Director
mcmariz@bes.pt
Latin America
Desk
Pedro Silva
Nuno Ferreira
International business
pedrosilva@bes.pt
nuno.tiago.ferreira@bes.pt
Isabel Linhares Cotta
Sílvia Vieira da Silva
Financial institutions
Isabel.cotta@bes.pt
svsilva@bes.pt
Head Ricardo Bastos Salgado ricardo.salgado@bes.pt Head Miguel Frasquilho mfrasquilho@bes.pt
ResearchSectorial
Francisco Mendes Palma
Head Sectoral Strategist fmpalma@bes.pt
Susana Barros msbarros@bes.pt
Luís Ribeiro Rosa luis.c.rosa@bes.pt
Paulo Talhão Paulino pmpaulino@bes.pt
Conceição Leitão mcleitao@bes.pt
João Pereira Miguel jpmiguel@bes.pt
Patrícia Agostinho patricia.agostinho@bes.pt
Salvador Salazar Leite salvador.sleite@bes.pt
Miguel Bidarra mabidarra@bes.pt
José Manuel Botelho jmbotelho@bes.pt
Celina Luís celina.luis@bes.pt

PANAMA'S ECONOMY AND KEY SECTORS

Recomendados

Recomendados

Mais conteúdo relacionado

Mais procurados

Mais procurados (10)

Destaque

Destaque (6)

Semelhante a PANAMA'S ECONOMY AND KEY SECTORS

Semelhante a PANAMA'S ECONOMY AND KEY SECTORS (20)

Mais de Cláudio Carneiro

Mais de Cláudio Carneiro (20)

Último

Último (20)

PANAMA'S ECONOMY AND KEY SECTORS