TRADE MISSION TO COSTA RICA & PANAMA
San Jose — Panama City
November 16-22, 2008
The International Office of the Iowa Department of Economic Development (IDED) will lead a trade mission to Costa Rica and Panama November 16-22, 2008. Cities to be visited include San José and Panama City. Participating Iowa companies will have on-site meetings with potential end-users, distributors and/or collaborative partners.
Space is limited. The deadline for application is September 26, 2008. Read further for more information or contact Peggy Kerr at 515.242.4745 or peggy.kerr@iowalifechanging.com.
The United States is Costa Rica's leading trading partner, accounting for over half of Costa Rica's total imports. U.S. products enjoy an excellent reputation for their quality and price competitiveness. Proximity to the Costa Rican market is also a major advantage for U.S. exporters who wish to visit or communicate with potential customers. This facilitates close contacts and strong relationships with clients, both before and after the sale.
Costa Rica's economic growth continues at a steady pace, with GDP growing nearly seven percent in 2006 and 2007. The stable economy depends mainly on tourism, services industry, agriculture, electronics exports, electronic components, food processing, textiles and apparel, construction materials, fertilizer and medical equipment. Foreign investors remain attracted by the country's political stability and high education levels, as well as the fiscal incentives offered in the free-trade zones. Exports have become more diversified in the past 10 years due to the growth of the high-tech manufacturing sector. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. One-fourth of Costa Rica's land is dedicated to national forests, often adjoining picturesque beaches, which has made the country a popular destination for affluent retirees along with the eco-tourists.
Market prospects are excellent in the following sectors: auto parts, travel and tourism services, construction equipment, audiovisual equipment, hand power tools/hardware, dental equipment, hotel and restaurant equipment, certain agriculture equipment, and foods. Future prospects in these and other sectors are likely to improve with Costa Rican participation in the CAFTA-DR. More than 80 percent of all non-agricultural goods, and more than 50 percent of agricultural products, will be duty-free immediately upon Costa Rica's accession to the agreement. In addition, Costa Rica is committed to market openings in the wireless telecommunications and Internet markets, along with insurance.
Costa Rica's major economic resources are its fertile land and frequent rainfall, its well-educated population, and its location in the Central American isthmus, which provides easy access to North and South American markets and direct ocean access to the European and Asian Continents. Costa Rica has sought to widen its economic and trade ties within and outside the region, signing agreements with Mexico, Canada, Chile, Panama, Colombia, Venezuela and several Caribbean Community countries.
Panama has historically served as the crossroads of trade for the Americas, with its strategic location at the meeting point of two oceans and two continents. Its dollar-based economy offers low inflation in comparison with neighboring countries, and zero foreign exchange risk. Legal and regulatory regimes are business friendly. The government is stable, democratic, and reform minded.
Today, the country is not only a maritime shipping and air transport hub, but also an international trading, banking, and services center. Its well-developed services sector include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, tourism, and medical and healthcare. Industry and manufacturing sectors include food and drink processing, petroleum products, chemicals, paper and paper products, printing, mining, refined sugar, clothing, furniture, and construction. The agriculture and fishing sector is comprised primarily of bananas and other fruit, corn, sugar, rice, coffee, shrimp, timber, vegetables, and livestock.
Panama is currently engaged in the Panama Canal expansion project, which is generating enormous requirements for technology, goods and services. The Government of Panama expects the canal expansion project to be a transforming event for Panama that will provide thousands of new jobs and will set the tone economically for years to come. Panama also has potential for substantial growth in the areas of electric power generation, health care services, port services, land development, road construction, water distribution and purification, telecommunications, and tourism.
Panama's agreements include Mexico, Taiwan, Singapore, Colombia, Honduras, Dominican Republic, Guatemala and Costa Rica. In 2007, the U.S. and Panama signed a Trade Promotion Agreement, although it still needs U.S. congressional approval to go into action. This agreement will promote economic opportunity by eliminating tariffs and other barriers to trade of goods and services.
Additional market background information is available at:
U.S. Country Commercial Guide for Costa Rica [www.buyusainfo.net/docs/x_1156706.pdf]
U.S. Country Commercial Guide for Panama [www.buyusainfo.net/docs/x_1324139.pdf]
US Department of Commerce Market Research Library [www.buyusainfo.net]
U.S. Department of State Background Notes [www.state.gov/r/pa/ei/bgn/]
Sectors: All industry sectors are invited to participate in this mission.
Itinerary: Participants will arrive in Panama City Sunday evening, November 16. Individual agenda reviews will take place in the evening followed by an informal networking dinner. Monday morning will begin with an orientation and briefing. One-on-one pre-qualified appointments will be held in the area for participating companies whether they are seeking to develop or expand direct export sales, locate distributors or agents, conduct market research or have other goals. The group will travel to San Jose, Costa Rica on Wednesday, November 19, for a briefing and meetings to take place Thursday and Friday. Participants depart for the U.S. on Saturday morning, November 22.
Basic Mission Fee: 3,000 per participating Iowa company which includes the necessary research, Individualized in-country business appointment schedules, interpreters, group ground transportation, reasonable ground transportation expenses for business appointments, briefings and hosted meals, pre- and post-mission assistance, on-site support while in Costa Rica and Panama, pre-mission business briefing and complete mission planning.
IDED Services: IDED's representative, Business Development Partners, S.A. de C.V. (BDP), will coordinate with local market research entities to conduct the necessary market research in order to arrange business meetings appropriate for each participating company's needs. The meetings will be held at the local company's facility whenever possible. BDP staff has worked with numerous Iowa companies during the 14 years they have represented the State of Iowa.
IDED will hold a pre-mission briefing to acquaint the participants with the overall itinerary, travel requirements, travel/lodging arrangements, country background, each other, etc. Thorough in-country commercial and economic orientations are provided during the mission.
IDED/BDP will make hotel reservations and local transportation arrangements. Airport-hotel transports are provided for those traveling on the mission airline itinerary. Ground transportation costs for mission appointments are generally paid by IDED, although participants may incur some expense. The mission air itinerary is contained in the Traveler Information Sheet. Participants may choose to use the State's travel agent coordinating this trip or their own. Participants arriving or departing the country on different airlines/flights may be responsible for their own airport-hotel transportation expenses. Participants do travel as a group on any flights during the mission.
Each participant is responsible for payment of their travel and lodging expenses. A percentage of per diem is allowable under ETAP.
 Passport/Visa Requirements: A valid U.S. passport is required for U.S. citizens traveling to Costa Rica and Panama.
Costa Rica requires valid passports that will not expire for at least thirty days after arrival, and a roundtrip/outbound ticket. Passports should be in good condition; Costa Rican immigration will deny entry if the passport is damaged in any way. Tourists pay a departure tax of about US$26 at the airport. This can also be paid in local currency (colones) or a combination of the two. Credit cards or travelers checks are not accepted. Visit the Embassy of Costa Rica Web site [www.costarica-embassy.org] for the most current visa information.
Panama requires that passports be valid for at least six months. Either a stamped visa or tourist card is required. You may request a stamped visa in your passport from the Consular Office, free of charge, or simply purchase a US$5 tourist card upon your arrival at the Tocumen International Airport in Panama. Panamanian law requires all persons to carry official identification documents at all times. This law applies to both Panamanian citizens and visitors to the country. Due to an increase in illegal aliens in Panama, the police have been checking documents more frequently, resulting in the detention of people not carrying identification. For this reason, all Americans are encouraged to carry their passports or other official identification at all times. Visit the Embassy of Panama Web site [http://www.embassyofpanama.org/cms/immigration2.php] for the most current visa information.
General Travel Information: The following Web sites provide links to international travel and health information. Please read through this information carefully.
Travel Insurance and Travel Health Insurance: U.S. medical insurance plans often do not provide coverage for health costs when traveling abroad, let alone allow for emergency expenses such as medical evacuation. Many companies offer supplemental policies. Resources for international medical emergency services, health insurance and health information is available upon request.
EXPORT TRADE ASSISTANCE PROGRAM
Export Trade Assistance Program (ETAP Funding): ETAP funds may be available on a first-come, fist-served basis to qualified business applicants for the trade mission. ETAP will reimburse 75% of an eligible company's direct expenses up to $3,000 per pre-approved Trade Mission.
To view eligibility requirements and eligible expenses for reimbursement, click on the ETAP page to your left.
Estimated Mission Expenses: Download the summary of mission costs as well as potential ETAP reimbursement for eligible Iowa companies:
The deadline for submitting all application information is September 26, 2008, although the sooner the items are received, the sooner the necessary research can begin. Applications should be detailed and specific. Include previous contacts to be contacted, and also those not to be contacted. Provide a profile of good candidates if possible.
- Mission Application [MS Word: 205k] [PDF: 1MB]
- Participation Fee of $3000 per company
Checks payable to IDED Foundation. Invoice available upon request
- ETAP Application Form, if eligible [MS Word: 63k] [PDF: 1MB]
- Traveler Information Sheet [MS Word: 166k] [PDF: 7.4MB]
- Brief (2-3 paragraph) company/product description for use in a promotional brochure
- Electronic version of relevant marketing materials, or 20 sets of materials.
Submit application materials via e-mail or mail to:
Peggy Kerr
Iowa Department of Economic Development
200 East Grand Avenue
Des Moines, IA 50309
Contact Peggy Kerr at 515.242.4745 or peggy.kerr@iowalifechanging.com for additional information.
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