Panamanian President meets with businessmen and seeks foreign investment during tour of Texas

Photo: Courtesy of the Presidency of Panama.
Editorial Dept. Voz de la Diaspora

President Laurentino Cortizo leads a delegation that visits the State of Texas, United States with the goal of promoting the advantages that Panama offers to foreign investments in the midst of the need that the country faces to generate jobs, and reactivate the economy affected by the coronavirus pandemic.

The tour that began in Dallas with a meeting at the Irving Hispanic Chamber of Commerce, and a meeting with the CEO of Energy Transfer, Kelcy Warren, will also include visits to the University of Texas, and port facilities of Houston.

As part of the tour, Cortizo witnessed the signing of a memorandum of understanding between Panama and the Energy Transfer company that will make it possible to study the viability of a joint participation in a Trans Pipeline project.- Panama Gateway.

Both parties will work on a feasibility study for the development, construction and operation of two terminals that would be located in the Pacific and the Atlantic of the country “connected by an oil pipeline for the reception, transportation and export of liquefied petroleum gas (GLP)”Destined for international markets, according to an official statement.

Photo: Courtesy of the Presidency of Panama.

Energy Transfer was born in 1996 becoming one of the largest and most diversified fuel transportation companies in the United States with more than 90 thousand miles of pipelines and associated infrastructure in 38 states and Canada, according to the Panamanian Presidency.

Photo: Courtesy of the Presidency of Panama.

The government reiterated that the non-binding memorandum of understanding “would provide Panama the opportunity to establish itself as a distribution center for petroleum products for the world” while helping the expansion of the company's international operations..

Photo: Courtesy of the Presidency of Panama.

The Panamanian delegation also initiated approaches to develop a frequent air cargo route between Dallas and Panama.; boost energy transfer and establish a low-cost airline flight path, Southwest

Photo: Courtesy of the Presidency of Panama.

Cortizo stated that this five-day mission has the objective of “attracting good foreign investment” that will generate employment in the country., and encourage the expansion of North Texas companies in Panama.

Photo: Courtesy of the Presidency of Panama.