Retail Industry Leaders Association and Panama Canal Authority Host Executives in Panama

PANAMA CITY, Panama, February 23, 2011 ­ This week, the Retail Industry Leaders Association (RILA) and the Panama Canal Authority (ACP) are leading a select number of executives from America¹s largest and most successful retailers on an exclusive 3-day trip to Panama. Retailers will learn about the country¹s growing role as the logistics and transportation hub of the Americas.

The trip includes meetings with key government officials and business leaders, including Panamanian Vice Minister of Foreign Trade, José Domingo Arias. Retailers will see some of the Panama¹s latest innovations in logistics at the Manzanillo International Terminal Port, Panama Ports, Colon Free Zone, International Business Park Panamá Pacífico and the Panama Canal expansion site.

³We welcome retailers in Panama and will provide them with information on the benefits associated with conducting business in Panama, including economies of scale in shipping, a dollarized economy, especially tailored tax incentives and ready access to more than 470 million consumers in North, South and Central America and the Caribbean,² said ACP Administrator/CEO Alberto Alemán Zubieta.

³ This trip is a valuable opportunity for retailers to see for themselves the advancements in the region and meet with key government officials and business leaders to discuss the challenges and opportunities of doing business in Panama,² said Casey Chroust, Executive Vice President of Retail Operations for RILA. ³On the trip, retailers will visit the surrounding Canal infrastructure and view the innovative opportunities for sourcing, distribution, and value-added services.²

The scheduled 2014 completion of the historic expansion of the Panama Canal is certain to impact and change the movement of global freight. The trip provides retailers a first-hand understanding of how the expansion of the Canal will shape the flow of goods in the United States, Latin America, and around the world.

Panama is fast becoming the transportation and logistics hub of the Americas with its unmatched regional connectivity, strategic location, strong economy, and world-famous Canal that joins more than 144 trade routes across the globe. All of these things, combined with its dollarized economy, make Panama an attractive location for foreign companies to establish their Latin American headquarters. The country offers unparalleled special incentives for multinational companies doing business abroad, including tax exemptions and flexible relocation procedures for executives in managerial positions and their families.