Ambassador Eaton at the US-Panama Business Council Inauguration Dinner

January 31, 2008

I’m doubly glad to be here tonight not only to congratulate and celebrate my good friend Enrique de Obarrio’s second installation ceremony as President of USPA-Panama, but also to welcome our friends from the Texas Trade Mission.

Enrique, I’m delighted that you have accepted the challenge of a second term as President of USPA-Panama.  You are a forceful and eloquent spokesman for the business community in Panama.  You are a leader within civil society in Panama, most recently as an active participant in the efforts to develop a broad consensus on a national development strategy for Panama.  We have high hopes that under your leadership for a second year as President of USPA-Panama we can deepen and broaden the commercial ties that link our two nations.  Congratulations, once again, Enrique.

I’d also like to welcome tonight the distinguished members of the Texas Trade Mission, led by the Honorable Phil Wilson, Secretary of State of the great state of Texas.  I’m a Virginian by birth, but I have to admit that I have a soft spot in my heart for Texas.  I spent 3 wonderful years of my life in Dallas.  (I apologize for those of you from Houston who might be offended by that).  I often think about returning to Texas one day.  In anticipation of that, I made a quick trip to Kinkos today and I’ll be handing out my resume to all our Texas friends tonight over dessert.

Seriously, we are delighted to welcome our friends from Texas here.  There are a wealth of business opportunities here.  Panama is experiencing a remarkable economic boom which is the envy of the region.  GDP grew by nearly 10% last year and could do the same again this year.  Unemployment is down to about half of what it was in 2003.  And an increasing number of U.S. firms are flocking to Panama to set up operations and headquarters – Caterpillar, Hewlett-Packard, Proctor & Gamble.  Occidental Petroleum hopes to build a $7-8 billion refinery here. 

Trade, tourism and construction are likewise booming.  Panama is a crossroads for trade. That opens up dynamic opportunities for those with vision and energy.  The bilateral trade promotion agreement  we signed with Panama in June, once ratified by the U.S. Congress, will open up even more commercial doors and make Panama an even more attractive and reliable venue for international business.  In his State of the Union speech last Monday night, President Bush again urged Congress to approve the Panama TPA, so that U.S. industry and agricultural producers might compete here a more level playing field.  I hope that our friends from Texas who see the great opportunities here in Panama might add their voices to those in Washington who see that America’s commercial, as well as strategic, interests in this part of the world will be greatly advanced by our approval of the Panama and Colombia TPAs.

You are here at an exciting time.  We at the U.S. Embassy are bullish on Panama and eager to help you develop business opportunities here.

I want to thank my friend, Juan Sosa, not only for helping to put together this trade mission but also for all that you do and have done to build strong and lasting ties between the U.S. and Panama, as well as with the Republic of Texas.

Thank you all very much.  Enjoy your evening.