Vast Opportunities In Panama For Malaysia's Building Material Suppliers, Says Matrade

KUALA LUMPUR, June 20 (Bernama) -- Panama is offering vast business opportunities for local suppliers of building materials including pipes and fittings, lightings, wood and wood products, floorings, hardware items and innovative construction materials. Malaysia External Trade Development Corporation (Matrade) Trade Commissioner in Mexico City Remee Yaakub said residential demand is expected to grow due to housing shortage. "The availability of affordable financing option, supported by the government, would also contribute to the target," he said in a statement. The increase in new real estate units in Panama has also opened up opportunities for residential furniture that caters to the low-and middle-class segment, household goods, home furnishings and decorative items, said Remee, who is also accredited to seven central American nations. They are Costa Rica, Guatemala, Nicaragua, Panama, Belize, Honduras and El Salvador. Matrade said Panama currently needs 136,665 houses, of which 33 per cent or 44,075 units were identified in the Panama Province, where the capital city, Panama City, is located. The trade and investment promotion agency said the Panamanian National Council of Housing Promoters had said the sale of houses in Panama this year is estimated to touch 7,429 units worth US$665.36 million. "This is an increase of 18.6 per cent vis-a-vis last year, which recorded 6,265 units," it said. Malaysia's total exports to Panama amounted to US$159.46 million last year while total imports accounted for US$41.46 million. Electrical and electronic products, machinery, appliances and parts and wood products made up 75.4 per cent of Malaysia's total exports to Panama. -- BERNAMA