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SINGAPORE: Deputy Prime Minister Professor S Jayakumar is making a six-day official visit to Panama and Cuba from 7 to 12 May.
He will be leading a team of businesses to explore opportunities in the emerging markets of Latin America.
Panama is currently Singapore's largest trading partner in Latin America with bilateral trade amounting to S$4.3 billion last year.
Several Singapore companies have also established themselves in Panama in recent years.
They include Crimson Logic, which is developing an automated data collection system for the Panama Canal Authority, Inter-Roller Engineering which will be handling baggage at the Panama International Airport and ST Aerospace which is investing in an airplane maintenance facility.
PSA is also developing a container terminal at the Pacific Entrance to the Panama Canal.
And Sembcorp Industries might just join that list.
During this visit, Sembcorp Industries will be pitching for projects in the expansion of the Panama canal as well as the development of a new special economic zone at the former Howard airbase in Panama.
But Singapore companies are not looking at just Panama.
G. Jayakrishnan, Assistant Director, IE Singapore, International Operations (Americas), said: "Latin America as a continent has been growing at about an average of 5 to 6 percent in the last few years. This is in contrast with the boom and bust cycles that we are all so familiar with.
"Inflation has come down and the economies in Latin America have been boosted by the commodities prices. Latin America is also looking to Asia.
"In the case of Singapore and our engagement in Latin America, the trend has been very positive, over the last three years, the year-on-year trade has been increasing almost 30 percent.
"For a start, I think we'll be looking at some niche opportunities in sectors such as ports and related infrastructure, given that trade is booming in the region, there's going to be a need for related infrastructure to be built up. Secondly, we’ll also be looking in the area of oil and gas."
Singapore has already signed a free trade agreement with Panama and Chile.
In Panama City, Professor Jayakumar will meet the country's leaders, including President of Panama Martin Torrijos, First Vice President and Minster of Foreign Affairs Samuel Lewis Navarro, Second Vice President Ruben Arosemena Valdes, Minister of Commerce and Industries Alejandro Ferrer and Minister for Canal Affairs Dani Kuzniecky.
After Panama, the Deputy Prime Minister will be visiting Cuba.
Cuba is considered a world expert in the area of tackling the spread of dengue fever.
And Singapore's National Environment Agency officers will be meeting their Cuban counterparts to discuss collaborative projects in the field of tropical disease management.
- CNA/so
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