PANAMA N O V E M B E R 2 0 1 3 INTERNATIONAL S UPPORT K IT OF O PPORTUNITIES

PANAMAN O V E M B E R 2 0 1 3

INTERNATIONAL SUPPORT KIT OF OPPORTUNITIES

ISKO PANAMAUnidade 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 PanamaInternational Premium Unit/ES Research – Sectoral Research/International Dev elopment Department

Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage, Standard & Poor’s.

Business environment

Ease of doing business 55/189(Doing Business 2014 ranking)

Investor protection 80/189Cross-border trade 11/189Contract fulfilment 127/189

Economic Freedom 71/177(Economic Freedom 2013 ranking)

Competitiveness 40/148(Global Competitiveness Index 2013-2014 ranking)

Basic Requirements 46/148Infrastructure 37/148Institutions 66/148

Efficiency Enhancers 50/148

Innovation and Sophistication 43/148

Cosec (Risk group) 3Grade 1 (lowest risk) to 7 (highest risk)

Standard & Poor’s ( Rating) AAA rating (lowest risk) to D (highest risk, def ault)

Long term debt in local currency BBBLong term debt in foreign currency BBBOutlook Stable

Capital: Panama City Official Language: SpanishPopulation (Millions): 3.8 (2012) Surface Area : 75 420 Km2

Time Zone: UTC -5 Currency: Panamanian Balboa and US dollarType of Government: Presidential Republic Religion: Christianity (85%)

PANAMA

Panama Canal

Colón Free Trade Zone

Business Environment and Key Factors


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

GDPCurrent pricesEUR billion

GDP real growth ratePercentage

Inflation RatePercentage

Exchange Rate*EUR/PAB

Current AccountPercentage of GDP

Fiscal BalancePercentage of GDP

Unemployment RatePercentage of working 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

1.41.3 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


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 gradualdecline. 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. Inmacroeconomics terms, the economy, since 2006 un until 2012, has been growing at an average annual rateslightly above 9%, with the economy having grown by a mere 3.9% in 2009. This decline is due to the global crisisof 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 approvedan ambitious canal expansion, worth USD 5 billion, with completion scheduled in 2014. This project aims to doublethe capacity of the Canal, allowing the passage of large ships. The Colon Free Trade Zone is the second largestfree port in the world, which allows boosting exports and re-exports, with over 2 500 companies and about 9.7 billionin 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 regionalheadquarters in Panama. Taking advantage of a regime of substantial tax incentives 63 multinationals hadestablished 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 ofPanama, the implementation of a new bus system, new hospitals and highways, in addition to the mentionedinvestment in the expansion of the canal.

PANAMA


Sources: AICEP, CIA, ES Research – Secotral Research, European Commission.

ACS – Association of Caribbean StatesFormed with the key objective of being a cooperation and policy coordinationorganisation for member states, it consists of a forum for political dialogue.

www.acs-aec.org

ALADI – Latin American Integration AssociationSeeks 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 BankFounded in 1959, it is the leading source of development funding in LatinAmerica and the Caribbean, promoting reform programmes which aim to raisethe 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)


Free Trade Agreement with the European Union

The free trade agreement between European Union (EU) and

Central America (Honduras, Nicaragua and Panama) entered in

force in August/2013. This agreement is an important stepping

stone in the relations between EU and those countries that also

paves the way to a closer integration between the European

Union and the whole of Central America.

Between 2006 and 2011, total trade in goods between the

European Union (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 between the European Union 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 balanceEUR 1 245 million

Goods importsGoods exports

International Integration (II)PANAMA

Total trade 2006

EUR 1 078.8 million

Total trade 2011

EUR 1 567.5 million

Sources: UN Comtrade, DESA/UNSD, ES Research - Research Setorial.

315.2

178.8 161.7 161.0

763.6844.7

1 137.9

1 406.5

2006 2009 2010 2011


Contacts


Industry Structure





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 importa nce 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 - PanamáE Estimate.

GDP Sectoral Structure


Source: “The Banker”1 - FO (Foreign Ow ned): This bank maintains a signif icant 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 partbecause of prudential policies and good supervision. The financial soundnessindicators remained robust, with a rate of bad loans stable and very low. Interest rateson deposits have been declining due to the evolution of the global market, but lendingrates 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


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 andgrewby 57.2%.

Panama is ranked 55th worldwide in terms of international trade according to the WorldBank Doing Business Report 2014, having obtained better results than the average forLatinAmerica 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. Inrelation to the Canal, in 2012, 14 544 vessels transited the watercourse, transportingaround 221.6 million tons and generating USD 1.9 billion in transit fees. In relation toPortuguese vessels, the corresponding figures were 113.5 thousand tons and 23movements, 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


PANAMA

THE PANAMA CANALAND THE PORT OF SINES

Given the importance of the Panama Canal as a direct link between the Pacific and the Atlanticand Portugal’s strategic position in relation to this facility, it is worth referring to the role of thePort 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 vesselsis expected at the Port of Sines, Europe’s third largest port in terms of capacity to accommodatevessels with greater draughts. Sines has been receiving and increasing number of foreignvessels in recent years: in 2002, the number was 558, or 69% of the total, and, in 2012, it was1624, 98% of the total. As a result, the movement of containers at the Port of Sines hasincreased, 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 theexpansion in the Panama Canal’s capacity, which has already chosen Sines as its preferred portin Europe. A European project also exists to build a railway line to transport goods between thePort of Sines and the centre of Europe (TEN-T EA Project 16), which will improve access tomillions of consumers.

Movement of Containers at the Port of Sines, 2004-2 013 (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


Latin America Panama

Sources: World Bank, Instituto Nacional de Estadística y Censo - Panamá

CONSTRUCTION

Construction is a sector undergoing rapid development in Panama. Its weight in GDP has risen from 6%, in 2008, to 7.2%, in 2012. This rise is even more significant if we take into account that the country’s GDP grew, between 2008 and 2012, by around 36.9%. In fact, it is possible to estimate that the construction sector grew by around 71.6% over this four-year period.

An important reason for this growth is the Government of Panama’s focus on infrastructure investment, which has given rise to various investment opportunities, namely in relation to construction materials and machinery.

Another point 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 America involves 14 procedures which 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 cost is 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)


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) anddirectly contributed to 5% of employment. For 2013, the WTTC predicts an increase of0.2% in the direct contribution of tourism to GDP and forecasts for 2013 to 2023 indicatean 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





PANAMA International Trade – Partners

Sources: UN Comtrade, DESA/UNSD (mirror data), ES Research - Research Setorial.

Ranking Country2012

(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 b y country, 2012


PANAMAInternational Trade – Goods Imports and Exports (World)

Sources: UN Comtrade, 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 26.42710 - Petroleum Oils And Oils Obtained From Bituminous Minerals

811.8 15.8 25.5

2709 - Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

2 716.5 5.1 93.7 3004 - Medicaments 290.8 5.7 4.7

2935 - Sulphonamides 1 711.8 3.2 494.58905 - 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 1.5 181.32707 - 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 59.52709 - Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

90.3 1.8 -0.5

6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics

648.4 1.2 19.82711 - 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 16.08429 - Self-Propelled Bulldozers, Angledozers, Graders, Levellers, Scrapers

67.3 1.3 21.5

Panama's Top 10 imports, 2012 Panama's Top 10 export s, 2012


Sources: INE, Banco de Portugal.

Compound Annual Growth Rate (TCMA)CAGR07-12 of exports = 17.7%CAGR07-12 of imports = - 10.9%

SurplusEUR 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 of Portugal (goods)

International Trade – Bilateral relations with Portugal (I)

Portugal’s trade balance with Panama, 2007, 2011 an d 2012 (EUR millions)

5

9

11

6

3 3

2007 2011 2012


PANAMAInternational Trade – Bilateral relations with Portugal (II)


(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 80.17308 - Structures (rods,angle, plates) of iron & steel nes

1.4 13.7 296.9

0303 - Fish, frozen, whole 1.1 30.2 26.68410 - 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 63.87312 - 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 P ortuguese exports to Panama, 2012



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 (import s) of Panama for which Portugal has production and export capacity, thus representing opportunitie s to increase the volume of Portuguese exports to Panama.

Top 10 export opportunities to Panama



PANAMA Goods export opportunities (II)

Sources: UNComtrade, OECD, ES Research – Sectoral Research.


(EUR Million)Rank 2012

Share 2012(%)

Annual growth2011-2012 (%)

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)


PANAMA Goods export opportunities (III)

Sources: UNComtrade, OECD, ES Research – Sectoral Research.

Chemicals Other Products Plastic, Rubber Products

3307 - Shaving Preparations9406 - Prefabricated Buildings, Whether Or Not Complete Or Already Assembled

3922 - Baths, Shower-Baths, Sinks, Washbasins, Bidets, Lavatory Pans, Seats And Covers

3211 - Prepared Driers9403 - 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 Like9405 - Lamps And Lighting Fittings, Incl. Searchlights And Spotlights

4011 - New Pneumatic Tyres, Of Rubber

3004 - Medicaments9402 - Medical, Surgical, Dental Or Veterinary Furniture

3920 - Plates, Sheets, Film, Foil And Strip, Of Non-Cellular Plastics, Not Reinforced, Lamin

3303 - Perfumes And Toilet Waters9610 - 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, Cellu lose 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 Malt7013 - 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


Contacts


Industry Structure

BES Group’s Internationalisation Support: Internati onal Premium Unit




Venezuela:Branch

Brazil:SubsidiáriaBESI

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

US

A

Mexico:RepresentativeOffices: BES and BESI

United Kingdom:BES and BESI Branches

StrategicTriangle:

Africa - Brazil –Iberian

Peninsula

Angola:Subsidiary:BES Angola

China:RepresentativeOffice

Spain:Branch

Luxembourg:Branch

Office

Subsidiary

Subsidiary

BES is the Portuguese bank with the largest interna tional presence and the best international offering : for the 7th consecutive year it has won the “The Best Trade Fin ance Bank” award.

BES Group's Internationalisation Support (I)PANAMA


International Premium Unit5 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

Contacts


Industry Structure






ES Research: Market Data

A Global and Innovative Offer to Support the 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

Contacts


Industry Structure





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Marta MarizInternational business and financial institutions Director

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Pedro Silva Nuno Ferreira International business

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Isabel Linhares CottaSílvia Vieira da Silva

Financial institutions

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Research Sectorial

Francisco Mendes PalmaHead Sectoral Strategist [email protected]

Susana Barros [email protected]

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Paulo Talhão Paulino [email protected]

Conceição Leitão [email protected]

João Pereira Miguel [email protected]

Patrícia Agostinho [email protected]

Salvador Salazar Leite [email protected]

Miguel Bidarra [email protected]

José Manuel Botelho [email protected]

Celina Luís [email protected]

PANAMA N O V E M B E R 2 0 1 3 INTERNATIONAL S UPPORT K IT OF O PPORTUNITIES

Economy & Finance

Transcript of PANAMA N O V E M B E R 2 0 1 3 INTERNATIONAL S UPPORT K IT OF O PPORTUNITIES