PANAMA CITY, Panama, July 21, 2023 /PRNewswire-HISPANIC PR WIRE/ — The Government of Panama announced yesterday that the United States has chosen Panama as one of a select few countries worldwide with which collaboration will be established to bolster the global semiconductor value chain, commonly known as CHIPS.

“Panama’s unparalleled logistics capabilities, favorable business environment, and remarkable political stability make it an exceptional choice as a hub for semiconductor assembly, packaging, and testing,” said President Laurentino Cortizo. “The expansion of this industry in Panama holds the potential to create well-paying jobs, particularly for young people, while also enhancing the technological capabilities of our country’s skilled workforce. This is part of our Administration’s ongoing commitment to create opportunities for the next generation of Panamanians, particularly in the technology sector. The collaboration with the United States represents a crucial step towards strengthening the resilience and competitiveness of this vital industry.”

As an initial measure within this newly formed partnership, the United States and Panama will collaborate closely to conduct an in-depth assessment of Panama’s existing semiconductor ecosystem. The objective of this analysis is to identify Panama’s strengths and areas of improvement within the sector, providing valuable insights for future collaboration on developing this critical industry.

The review will be funded by the International Technology Security and Innovation Fund (“ITSI” Fund). Appropriated under the CHIPS Act of 2022, the fund is administered by the United States Department of State with the purpose of supporting and fostering collaboration with countries it has deemed crucial to the semiconductor industry.

Panama recognizes the importance of semiconductor technology as a cornerstone of economic growth, national security, and technological innovation. It plays a pivotal role across various industries, including telecommunications, automotive, healthcare, and consumer electronics. With the rapid evolution of digital transformation and the increasing reliance on advanced electronics, securing the semiconductor value chain has become a global imperative.

Recognizing the importance of workforce development in high-tech fields such as semiconductors, the Government of Panama has entered into talks with Arizona State University, the leading institution for innovation and a renowned player in the semiconductor industry. Panama’s objective is to create a cooperative platform with the university, aiming to cultivate a skilled Panamanian workforce capable of seizing promising opportunities, like the one presented by the United States.

CONTACT: Kate Cinga, [email protected]

SOURCE The Government of Panama