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PANAMA : Many countries in Latin America are just starting to develop high technology - and analysts say that Singapore companies could gain a competitive advantage by being among the first to tap into this area of growth.
In Panama, a high technology park, called the City of Knowledge, used to be an American military base.
The transformation has cost the Panamanian government more than US$150 million over the past seven years, with a Singapore-based firm providing the consultancy services.
There are now over 50 companies and 26 international education institutions located there.
Among them is CrimsonLogic, a Singapore company with expertise in IT services.
The firm operates with dCHAIN, its local partner in Panama.
Roberto Melo, President and CEO, dCHAIN, said, "In Panama, we have been looking at several areas in trade and logistics, healthcare as well as legal systems. We have talked to the ministries on how we can use the Singapore experience from CrimsonLogic and how it applies to companies in Panama and governments in Panama.
"We have a five-year expansion plan; we want to use Panama as a springboard to tap countries around us, like Guatemala, Salvador, Costa Rica, Venezuela, and even some of the islands in the Caribbean."
The Panama authorities hope to attract more Singapore companies to invest here in the area of biotechnology and information communications, as they believe Singapore has the know-how in those areas.
Panama received US$2.4 billion in foreign direct investment last year, as many international companies believe that Panama can be the hub of Latin America.
GDP growth here was 8.1 percent last year, the highest in the whole of Latin America.
Meanwhile, neighbouring Mexico is also trying to grow its high-tech sector.
Singapore firm Sunningdale Tech has a plant in Guadalajara - the second largest city in Mexico - which employs 500 people.
Bryan Cheng, Program Engineer, Business Development, Sunningdale Tech, said, "There are a few challenges we have been facing. The ease of setting up a business in Mexico is not so easy. The law here is more complicated and is more difficult to navigate through.
"And also, the labour is another concern to us. Firstly, there is high turnover rate of labour. And secondly, the union here is very strong, and thirdly, we do not have enough skilled labour."
Sunningdale Tech does product design, injection moulding, and assembly, serving customers like Siemens, Panasonic and Hyundai.
It plans to expand its operations in Mexico because it believes the country is well positioned to tap on growing demand in the Canadian and American markets. - CNA/ms
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