ENHANCING cooperation between maritime and logistics companies in Panama and Dubai was the focus of an event hosted by the Dubai Chamber of Commerce and Industry's representative office in Panama.
The event highlighted that Dubai's advanced infrastructure, logistics services and expertise make it one of the world's top maritime and logistics hubs that can offer advantages to Panamanian companies.
Head of Dubai Chamber's Panama office Mohammad Ishtiaq pointed out that Dubai's logistics sector was a major contributor to the emirate's GDP in 2017 and noted that sector growth is being driven by Expo 2020, a fast-growing population and major infrastructure investments, reported TradeArabia News Service.
Panama's maritime and logistics sector is the main engine of economic growth in the country. The sector, which includes activities of the Panama Canal, port and air cargo movements, contributes 20 per cent to Panama's GDP.
Dubai's non-oil trade between with Panama rose from Dh40.4 million (US$11 million) in 2012 to Dh75.7 million in 2017, an increase of 87.4 per cent. The UAE's main imports from Panama are pineapples and marine products, while Dubai's major exports are vehicles, their parts and spare parts.