WION Exclusive | Panama`s Foreign Minister on drought affecting the canal and growing ties with India

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Panama, the tiny Latin American nation of over four million people, conjures up visuals of the namesake canal, which contributed $3.3 billion to the government's coffers in 2023.

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But the country's Foreign Minister, Janaina Tewaney Mencomo, wants the world to envision Panama in a different light. "Panama is not just the canal. It is connectivity. It is a route. It is a bridge linking Latin America and the world," she said.

Speaking at a recent event in New Delhi, Mencomo, who is of Indian descent, defined Panama in the following manner: "Panama is historically South America, culturally Carribean, and geographically Central America."

Batting for greater India-Panama ties, Mencomo stated that the world's fifth-largest economy is at the centre of Panama's foreign policy. "India is an emerging power and important to Panama," she said.

But she also said that the South Asian country needs to engage more politically with Latin America. "Latin Americans love India. That's a big asset for India," she argued.

In an exclusive interaction with wionews.com, Mencomo spoke about Panama's focus on becoming a connectivity hub, the water shortage affecting the canal, and growing India-Panama relations

Edited Excerpts:

What is your country's long-term plans to mitigate the ongoing water crisis and support global free trade?

The drought affecting the Panama Canal is the latest episode of a sort of collective “aha!” moment. We’re in the middle of a re-conceptualisation of our country, one that has historic, demographic, and strategic dimensions. It is what I have called our “Panama 3.0” era.

The Canal was designed and built in a very different world, more than 100 years ago. Its current operating model, built upon the use of freshwater, is increasingly at odds not only with the realities of climate change but also with a world in which freshwater is already more valuable than gold. So, Panama needs to consider and implement bold, creative ambitious solutions. Solutions that, ideally, go beyond depending on rainfall.

Panama administers a major maritime chokepoint, so it needs to coordinate with other chokepoint countries, like Egypt or Singapore, to guarantee world commerce and open supply lines. It also runs a major freshwater waterway, so it needs to assume a leading role in the management of water disruptions in canals, and lake and river routes.

Panama, uniquely, is the bridge connecting the Americas, so it must learn from countries like Kazakhstan and become a seamless connectivity and transit hub between North, Central, South America and the Caribbean.

Panama is India's largest trade partner in Central America. What's your five-year outlook on bilateral trade?

Bilateral trade between our two countries reached an all-time high of $582 million in 2022, but I would like to focus more on the long term. Panama will continue to be an important trade and investment partner for India in the Central American region, as a gateway for Indian companies that want to trade and do business with the Americas. This is only the beginning. We can expect more economic integration between India and Panama in the future as more Indian companies discover the advantages of doing business with one of the most financially stable economies in the Americas. We may also see more Panamanian companies doing business with India, which is soon becoming one of the largest consumer markets in the world.

India and Panama, both aim to be a major pharma hub. How can both countries collaborate in the pharma sector?

Despite these mutual aspirations, India and Panama have no conflicting interests in the pharma sector. Panama is looking to become a regional hub for international pharma companies, including from India, to set up base in Panama and export to the larger Americas region. Given Panama's free trade agreements with large economies like the United States, this is an interesting proposition for Indian companies that are looking for a safe, reliable nearshoring hub close to their primary export market. After all, nearly one-third of India's total pharma exports are sent to the United States. Already, half a dozen Indian pharma companies already have operations in Panama, and three of them use Panama as their sub-regional headquarters for the Central American region.

How can Panama help India in growing its economic footprint across the world?

India's foreign policy, centered on non-alignment for most of its independent history, has placed the country in the envious position of being a friend to most of the world. India enjoys close relations with Israel and Iran, with Russia and the United States. Yet, India has only recently begun making inroads into the Latin America region. Panama is home to the largest Indian diaspora in Spanish-speaking Latin America. As the gateway to Latin America, Panama can help India position itself in Central America and the wider Latin American region. One example of this is when Panama hosted the India-SICA Ministerial Meeting in April 2023.

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Source link : https://www.wionews.com/business-economy/wion-exclusive-panamas-foreign-minister-on-drought-affecting-the-canal-and-growing-ties-with-india-697997/amp Author : Publish date : 2024-03-08 03:00:00 Copyright for syndicated content belongs to the linked Source .

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WION Exclusive | Panama`s Foreign Minister on drought affecting the canal and growing ties with India

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