The inauguration ceremony, graced by the presence of Indian ambassador to Panama, Dr Sumit Seth, unveiled a range of offerings including the Apache RR 310, Ronin TD, Apache RTR 200 4V FI, Apache RTR 200 4V, Ntorq 125 scooters, and 3-wheel vehicles like Kargo and King Deluxe.
As TVS ventures into Panama, it seeks to tap into a market poised for significant growth, driven by increasing demand for motorcycles amidst shifting mobility preferences.
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🇮🇳 India Panama 🇵🇦
|| Made in India for Panama ||
India’s TVS group now has enhanced presence in Panama
Ambassador @doctorsumitseth visited showroom of one of India’s iconic automotive brands @tvsmotorcompany.
Plans to enhance its presence in Central America through Panama pic.twitter.com/wnBlaNrqPs
— India in Panama, Nicaragua, Costa Rica (@IndiainPanama) March 19, 2024
Hernan Posada G, distributor for TVS Motors in Panama, highlights the country’s evolving landscape. Responding to Financial Express Online questions, he projects a 25 to 30 percent annual growth in the motorcycle segment against the backdrop of a burgeoning mobility demand and rising living costs.
Adding, “Due to a constant mobility demand and higher costs of living, we are presenting motorbikes as a great mobility solution. This being said, the Panama overall market is of about 5,000 units a year.”
“The motorcycles are coming directly from India into the Panama market,” Posada said.
TVS Motor Company (Image: Twitter)
Panama as a Gateway to LAC Region
While Panama’s market size is relatively modest, its strategic position as a regional hub presents lucrative opportunities for expansion, with Indian companies increasingly eyeing the nation as a gateway to Latin America. Panama’s advantageous geography, robust infrastructure, and stable economy underscore its potential as a pivotal trade partner for India, facilitating enhanced cooperation and commerce across sectors.
If India wants to have a bigger presence in Latin America, it should think of Panama as a gateway to the region as it has the world’s second biggest free trade zone in Colon.
As reported previously by Financial Express Online, big global companies have their bases there, it is well connected and has a stable economy. It uses US dollars as its currency.
Last month, Panama’s Foreign Minister, Janaina Tewaney, talked about how Panama and India are getting closer and India’s growing influence in Latin America. She talked about the historical ties of the two countries — Indians who went there to work on the railroad and the Panama Canal in the 1800s. That helped shape Panama’s culture.
With more than 15,000 Indians living in Panama, Minister Tewaney had talked about the importance of Panama for reaching Latin America. In response to a question by Financial Express Online, she said that Panama can help trade and cooperation between the Caribbean and India by using its good infrastructure and banking services.
Trade between the two countries has been going up, reaching almost $600 million in 2022-23. They trade in many different things like minerals, clothes, medicine, and machines.
Interestingly, some of the biggest retail stores in Panama are owned by people of Indian origin. Trade between India and Panama went over US$600 million between April and December 2023, and it was almost US$600 million in the year before that.
Source link : https://www.financialexpress.com/business/express-mobility/tvs-motor-company-expands-into-panama-unveils-first-showroom-in-central-america/3433231/lite/
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Publish date : 2024-03-21 03:00:00
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