>>> Singapore aerospace investments in Panama
by Derek Yeo - SINGAPORE - 1 Mar 2006


RELATIONS between Panama and Singapore soared to greater heights today with the inking of the Panama-Singapore Free Trade Agreement (PSFTA).

A comprehensive agreement, the PSFTA covers issues ranging from trade in goods and services, customs procedures to financial services and government procurement. The pact also calls for co-operation between Panama and Singapore in sectors including technology and science.

Aerospace projects feature prominently in Singaporean investments in the central American nation, famous for its vital international waterway - the Panama Canal. Inter-Roller Engineering signed a deal to supply a luggage handling system at Tocumen International airport in Panama. Recently, ST Aerospace clinched a contract to invest US$20 million in developing a maintenance, repair and overhaul (MRO) facility in Panama's old Howard Airbase.

At the PSFTA signing ceremony, Vice-Minister of Commerce and Industry, Ms Carmen Gisela Vergara inked the agreement for Panama while Minister of State for Trade and Industry, and Education Chan Soo Sen signed for Singapore. Deputy Prime Minister S Jayakumar of Singapore and Panama's Second Vice-President Ruben Arosemena witnessed the ceremony.

In Latin America, Panama is Singapore's largest trading partner. Bilateral trade in 2005 hit nearly US$2 billion - a record.