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20/11/2006

CANCHAM makes its debut in Guatemala

Canada's most important trade & investment partner in Central America

On September 28th, 2006 Guatemalans and Canadians joined to create the first Guatemala-Canada Chamber of Commerce (CANCHAM). Accompanied by Minister of Economy of Guatemala, Mr. Marcio Cuevas, Canada's Ambassador to Guatemala (and honorary President of CANCHAM), Kenneth M. Cook, pointed out at the inaugural breakfast that Guatemala is Canada's most important trading partner in Central America, in spite of an existing free trade treaty between Canada and Costa Rica. In 2005 trade between Guatemala and Canada amounted to close to C$ 400 million, a 13% increase over 2004. Canadian exports of C$173 million rose by close to 20% in 2005 in comparison to the previous year, making Guatemala Canada's 7th most important export destination in Latin America and the Caribbean. An even higher total of Guatemalan exports to Canada of C$ 207 million underscores the current importance of Canada as a trading partner for Guatemala.

While trade is one important aspect of countries' economic relationships, foreign direct investment, FDI, can be just as or more important. Current estimated Canadian investment in Guatemala stands at US$ 500 million (forestry, telecommunications, security services, aviation, oil & gas, and mining). Canadian investments in mining, as well as hydroelectric and environmental projects are estimated to reach US$900 million in coming years.

The level of interest in the new Guatemalan-Canadian Chamber was evidenced at the inaugural breakfast when almost 150 interested individuals, corporate representatives and media were in attendance. Peter Gregg, CEO of Canadian investment promotion company International Strategic Resources Group is the first President of CANCHAM. Gregg noted that " Canadian brands such as Cadbury Schweppes, McCain's French fries, Marco Polo, Yogen Fruz, Blackberry and IMAX are increasingly well known in Guatemala . A membership in CANCHAM is a great way to network with key individuals engaged in an increasingly important aspect of the Guatemalan and Canadian relationship, trade and investment."

In Guatemala, Canada is also engaged in trade-strengthening measures undertaken at the institutional level. The Canadian Food Inspection Agency, CFIA, is supporting strengthening of Guatemala's Ministry of Agriculture, Livestock and Food, as well as the Ministry of Health, in creating a single food inspection agency that will establish norms and procedures for Guatemalan food exports/imports not just to/from Canada but also to countries all over the world. Moreover, Canadian technical assistance by the Canada Border Services Agency, on customs related matters is furthering bilateral cooperation that will have an important impact on Canadian exporters and investors.

Furthermore, Canadian Embassy efforts to bring local buyers to Canada (4 buyers missions in 2006), foster Canadian trade missions to Guatemala and to undertake a targeted market development program in the capital and other regions of the country, are providing important business leads for Canadian companies active in this region. Should the pending CA4FTA negotiations between Canada and Guatemala, Honduras, Nicaragua and El Salvador conclude successfully, the Central America region will present additional significant opportunities for the Canadian industry.

Likewise, large infrastructure projects in Central America such as the expansion of the Panama Canal, the construction of a mega oil refinery or a Mesoamerican electricity interconnection, will offer interesting opportunities for Canadian exporters and investors.

Interested individuals and corporations may contact CANCHAM at:

Andrea Kobzoff, Director, Public Relations
E-mail: akobzoff@canchamguate.com
Tel: (502) 2333-7461
Web site: http://www.canchamguate.com

or

Carlos Rojas-Arbulú
Program Manager (First Secretary) / Chef de programme (Premier Secrétaire)
Guatemala - Belize
Trade Commissioner Service / Service des délégués commerciaux
Embassy of Canada / Ambassade du Canada
Guatemala
Tel: (011 502) 2363-4348 Fax/Téléc: (011 502) 2365-1215
carlos.rojas-arbulu@international.gc.ca