business

Israel, Panama strengthen ties

courtesy of the Cámara de Comercio

Interested: Israeli Ambassador Menashe Bar-On (second from left) and Israel-Latin America Chamber of Commerce director Mario Burstein (far left) meeting during Expocomer 2008.994508

The director of the Israel-Latin America Chamber of Commerce, Mario Burstein, stated yesterday that it is working on building a network of relationships to further business opportunities between Israel and the countries of Latin America.

Burstein attended a meeting on Thursday with Israeili ambassador Menashe Bar-On and members of the Israel-Panama Chamber of Commerce which coincided with the participation of more than 40 Israeli business representatives in the Expocomer 2008 trade fair.

Burstein noted that Israel's business with Latin America rose to a record $2.8 billion in 2007. "Although that's not alot," the director said, "we estimate that it will increase

30 % once the free trade agreement with Mercosur is signed."

With respect to a separate free trade agreement with Panama, Burstein said the groups he represents had something else in mind, more akin to the free trade agreement that the U.S. has with Central America; that is, an agreement with a block of countries, not any one.

Israeli industries are not waiting for an agreement to be signed before making inroads here, however. Israel Aerospace Industries (IAI) is working on an agreement with Panama's Instituto Nacional de Formación Profesional y Capacitación para el Desarrollo Humano to set up an aeronautics academy for training maintenance and repair technicians for airplanes and aeronautic components, Ricardo Muñoz Tejeira reported yesterday. Muñoz is the president of Panama Teleport. The initiative is part of an IAI project to establish an aeronautic components center at Tocumen airport to satisfy the need for that type of service beyond the locations where it is currently offered, in Brazil and Miami.

The first phase of the project calls for storehousing aeronautic parts and components. The second involves repairing them on site, including fixing engines and the landing gear for Boeing and Airbus planes. Muñoz estimates the company will start offering its services in August or September of this year. The announcement was made at a meeting of the Israeli Embassy and the Israel-Panama Chamber of Commerce.