Laffitte takes the reigns at AMCHAM
by Willy Carrera Loza
The American Chamber of Commerce and Industry of Panama (AMCHAM)
recently presented its new president, Walter M. Laffitte, and
the group's directors for the year 2001, to reporters and invited
guests at an event held at the Holiday Inn. Laffitte is the executive
director of Puerto Rico's trade office for Panama and the Andean
countries.
Laffitte noted that AMCHAM is an association of about 400 businesses,
some entirely Panamanian and others multinational. AMCHAM is one
of 23 similar organizations in Latin America and the Caribbean,
which bring together some 20,000 enterprises, including the big
ones that are responsible for some 80 percent of the US investment
in the region. AMCHAM Panama has as its fundamental purposes the
promotion of friendly relations and strong economic ties between
the United States and Panama, and attracting investment for Panama's
and the region's commercial development.
Laffitte noted Panama's weak economy over the past year, but maintained
that this country still offers certain competitive advantages
that are unique in the region. He pledged that AMCHAM will work
together with the government and other business groups to get
business and industry moving at full speed again, and said that
private investment is the key to a better standard of living for
all Panamanians.
The group's new president noted AMCHAM's support for the Caribbean
Basin Initiative, the Overseas Private Investment Council (OPIC)
and the Free Trade Area of the Americas and many smaller commercial
missions that offer hope and incentives for those interested in
developing the Panamanian economy. He urged Panama's government
to adopt a clear economic strategy for 2001 and beyond, and to
legislate incentives to attract more foreign investment. Among
the measures Laffitte hopes to see are tax incentives, the removal
of barriers against foreign firms doing business here, public
investments in the tourism sector and in the Reverted Areas, and
continued free market reforms. "Our organization will continue
working for a Free Trade Area of the Americas treaty, to attract
more commercial missions to Panama, and to keep up the drive to
improve the business climate in Panama," he said. Though noting
a need for special efforts to attract foreign investment, Laffitte
and AMCHAM are upbeat about Panama's prospects.
Joining Laffitte in this year's AMCHAM leadership are executive
director Richard Wainio, vice-president Martín Alvarez, treasurer
Terrence McCoy and secretary Ivette de Castro. The group's 2001
directors include Félix Carles, Maureen Fifer, Juan García, outgoing
president Paul Smith, Robert St. John, Ricaurte Vásquez, Rebecca
Roberts, René Van Hoorde and honorary member Fred L. Denton.
