Gov. Nixon to Lead Missouri Delegation on Trade Mission to the Republic of Panama

Press Release

Gov. Jay Nixon will lead a delegation of Missouri government leaders on a trade mission to the Republic of Panama this week. The March 2-5 trade mission will focus on creating more Missouri jobs by growing exports, capitalizing on opportunities created by the expansion of the Panama Canal and attracting additional foreign investment in the Show-Me State.

"Missouri exports have climbed to all-time highs recently, fueling job growth and pushing down our unemployment rate to its lowest level in a decade and a half," Gov. Nixon said. "Expanding exports to Panama, the fastest-growing economy in Central America, will lead to more jobs for Missourians and allow our small businesses to benefit through increased trade."

The Governor will meet with Panamanian President Juan Carlos Varela and top officials of PROINVEX Panama, the nation's trade and investment agency, to expand Missouri exports to the Central American nation. Panama, Missouri's 49th largest trading partner in 2014, received more than $22.5 million in Missouri goods and commodities and is projected to be Central America's fastest-growing economy this year. The largest categories of Missouri products exported to Panama were machinery, electrical equipment and appliances, and food products.

Panama is especially important for Missouri exports, the Governor said, because the Panama Canal transports an estimated five percent of the world's total cargo -- including 60 percent of U.S. grain exports. A historic expansion of the canal to accommodate even larger ocean-going ships is expected to be completed this year, which will benefit exporters of bulk commodities, such as agricultural goods. The larger ships are expected to result in freight rate savings, especially for grain shipments from the U.S. Gulf of Mexico to Asia. The Governor and members of the delegation will tour the Miraflores Locks, one of the three locks that form part of the Panama Canal.

"The expansion of the Panama Canal has the potential to further increase Missouri exports -- by making it even easier to ship agricultural goods around the world," Gov. Nixon said. "This trade mission will help ensure Missouri is ready to capitalize on the opportunities created by this historic expansion, and continue feeding, fueling and clothing the world."

In addition to trade discussions, Gov. Nixon and Major General Stephen Danner, adjutant general of the Missouri National Guard, will take part in a ceremony marking the 20th anniversary of the Missouri National Guard State Partnership Program with Panama. The partnership program, which pairs U.S. state National Guards with other nations around the globe, has led to joint training, including in the areas of disaster relief, humanitarian assistance and hazardous materials emergency response, between Missouri and Panama. The program has also built roads, bridges, schools, medical clinics and water purification systems in Panama and helped forge humanitarian efforts between private, non-governmental organizations in Missouri and Panama.

Last August, Missouri was awarded a competitive grant of $599,000 from the U.S. Small Business Administration to increase the number of Missouri small businesses that export their products, especially to emerging markets. The funding from the State Trade and Export Promotion (STEP) Grant Program focuses on helping incentivize Missouri businesses to focus their exporting targets on Panama, Colombia and Peru. From Jan. 30 to Feb. 5, Gov. Nixon led a delegation to Colombia and Peru, meeting with top government officials and business leaders. The trade mission was highlighted by the signing of a $750 million bi-lateral export agreement with Colombia and a $300 million bi-lateral export deal with Peru.

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