A Special International Report Prepared by The Washington Times Advertising Department
Panama International Merchandise Mart promises
to be a global commercial city – the PIMM City
Identifying a business
opportunity and seizing the
moment to make billions
of dollars is the concept
that drove Reynald Henry
Katz to create reportedly the
largest merchandise mart in
the world, the only one of its
kind in Latin America and the
Caribbean. Investors looking
for a safe place to invest
their money with fast returns,
manufacturers looking for
an easy penetration into the
Latin market and companies
seeking trading partnerships
The PIMM commercial city will have 6800 showrooms in the 34 buildings on 530 hectares of land. Manufacturers from all
over the world will showcase their products for local and international wholesale buyers to access.
are expected to converge on
the Panama International
Merchandise Mart (PIMM).
Katz declared, “The PIMM
will be more like a commercial
city involving an estimated
566 million Latin American
consumers, international
manufacturers and worldwide
investors.
“There will be 6,800
showrooms in the 34 buildings
on the 530 hectares (1,302
acres) of land close to the
second largest free zone in
the world – the Colon Free
Zone – benefiting from
the most efficient logistics
center in Latin America.
Manufacturers from all over
the world can showcase their
products permanently here
where local and international
wholesale buyers, especially
Latin American businesses,
can place their order at PIMM
without entering the United
States of America or the home
ports of manufacturers.”
In PIMM city, Panama, the
vision is to have exclusive
country pavilions whose
manufacturers and businesses
can showcase their products.
“Embassies have expressed
the interest to have country-
specific pavilions. We are
looking forward to having a
global commercial city right
here in Panama where the
whole of Latin America can
trade with commercial world
leaders without leaving their
continent!”
Katz is on the verge of
realizing this dream as
construction starts in January
2008 with a completion date
projected for 2009. This
Kevin Katz share a moment with his father, Reynald
Katz. Kevin is spearheading the establishment of PIMM’s
operations in France.
Project Highlights
• Total investment - $1 billion (est.)
• Annual ROI /showroom: $2 million (Total
PIMM trade: $35 billion/year)
• Market: Over 566 million consumers from
Latin America/Caribbean
• Total number of showrooms: 6,800
• Completion date: 2009
• Cost for purchase of one showroom: Starts at
$125,000 (financing available).
• Income tax: 0 percent
• Location: Colon Province, close to the Colon
Free Zone and the Panama Canal.
project will cost an estimated
$1 billion. “PIMM will trade
an estimated $35 billion a
year. The cost of a showroom
starts at $125,000 and each
showroom is estimated to
have an annual return on
investment of $2 million per
showroom,” said Katz.
“This will be a city of
commerce. The PIMM city
will have all the facilities
that a commercial city needs.
There will be three-, four-, and
five-star international hotels,
10 local and international
restaurants, 10 fast-food,
police and fire stations,
medical centers, parking for
5,000 cars, 1,000 office spaces
in 10 office buildings, 200
public rest rooms, electrical
In PIMM city,
Panama, the vision
is to have exclusive
country pavilions whose
manufacturers and
businesses can showcase
their products.
power plants, wireless Internet
services, recreational centers
and condominium buildings,
just to mention a few of the
facilities,” Katz said.
He has sold over 800
showrooms and has already
made plans to expand into
France where his son, Kevin,
was born and now lives.
The French PIMM will be
established and operated by
Kevin. In addition, plans are
already afoot to establish
another PIMM in New Jersey.
The long-term plan includes
building similar commercial
cities at an estimated $1
billion in South Africa,
Russia, Vietnam, India, China,
Malaysia, Australia, Belgium,
the United States of America,
Brazil and Mexico.
Reflecting on the first
time the idea of PIMM was
conceived, Reynald Katz
recalls his experience while
trying to rent a showroom at
the Colon Free Zone.
“They told me there were
2,500 companies vying for
the single and only available
showroom, and the best bid will
win! That is when I decided
“The commercial city of PIMM promises
its clients a world-class trading center.
Its geographic positioning close to the
Panama Canal and the Colon Free Zone,
the innovative business concept and the
great talent of my employees, partners,
bankers and investors will make the
PIMM the merchandise mart success
of the century, entering the history of
Panama and Latin America and with its global expansion – the
world!” Reynald Henry Katz, founder and CEO.
that this was an opportunity to
create additional showrooms
– there was a ready market just
waiting to be tapped!
“The companies on the
waiting list would have their
space, I would have a new
business, the Colon Free Zone
would be serving an even
larger clientele and everyone
would make millions!”
Reynald Henry Katz, founder and CEO of Panama
International Merchandise Mart.
The site for PIMM is
between the Colon Free
Zone and Panama’s Tocumen
International Airport. Access
roads are being built to link to a
new freeway which is planned
to alleviate the current traffic
Katz builds the PIMM in the shape of a butterfly
A section of the layout of the commercial city showing the
placement of two of the international hotels, office buildings,
showrooms, and the parking lot designed for 5000 cars.
The design of this
commercial city flows into a
butterfly form. “The PIMM
‘Butterfly’ will be famous, just
like the ‘Dubai Palm’ already
is,” said Reynald Henry Katz.
Butterflies have always
fascinated Reynald Henry
Katz, even as a boy in France.
His crayon drawings of
butterflies still adorn his family
home.
“PIMM being developed
in the form of a butterfly is
appropriate, for Panama is
the home of a large number
of species of butterflies,” said
Katz. The name Panama is a
Carib Indian word meaning
“abundance of butterflies.”
The PIMM commercial city
will be built on 530 hectares
(1302 acres) of land bordered
with tropical rainforest.
difficulties as commuters
compete with the 3,000
container trucks making their
daily runs. A helipad is also
planned to provide additional
transportation options.
“PIMM will have fully
equipped fire stations, a security
force and a medical center.
There will also be a helipad
for easy access to the Tocumen
International Airport. Miami
is only two-and-a-half hours
away with daily international
flights,” said Katz.
“PIMM will boast a 10, 000
seat convention center and
an open-air exhibition center,
34 buildings, a parking lot
The PIMM commercial city
will be constructed in the
form of a butterfly.
designed to hold 5,000 cars,
four top class hotels and
more,” said Katz. It will have
10-meter wide streets with
separate entry and exit roads.
The layout of the PIMM site
creates the shape of a butterfly.
The four hotels form the
page  / TuEsday, DECEmber 18, 2007
Panama is the ideal
location for PIMM
“Why do we believe that there is no better place
to locate a merchandise mart of this size?” asks
Reynald Henry Katz.
In addition to its strategic geographic location, the presence of
the Panama Canal and the Colon Free Zone, the United States
dollar is the legal tender in Panama. “Panama is a dollar-based
economy. There are no visa restrictions, no quotas on textile trade,
no taxes on profits and Panama has friendly custom laws.
“This country has the unique advantage of not being in the path
of hurricanes nor is it prone to earthquakes. It is always summer in
Panama. Soft daily rainfall maintains green landscapes and keeps
the locks in the Panama Canal supplied with enough water that
allows for 24-hour operation – a continuous passage of ships soon
to include post-Panamax ships,” said Katz.
“In a comparison of the ease at which business is conducted,
the World Bank rated Panama as the topmost country in Latin
America,” Katz indicated.
“There is no doubt that Panama is the best logistics hub in
Latin America and the Caribbean. Also, as there are no taxes on
profits, no import duties for merchandise in transit and no income
tax, it will be a tax haven for showroom owners at the Panama
International Merchandise Mart,” said Katz. “The people speak
English as a second language; it is easy to do business when the
people are as friendly and helpful as the Panamanians.”
MAP of Panama showing location of PIMM
Panama is strategically located between North and South
America. “It is the ‘Cross Roads’ of the western hemisphere.
American, European and other international and Panamanian
airlines have daily flights to major cites in the United States, in
Central and South America, the Caribbean and parts of Europe,”
Katz explained.
Panama is only 50 miles wide and links both the Pacific and
Atlantic Oceans. The site of the PIMM city is 18 miles from
Panama City and 18 miles from Colon Free Zone. It is almost
midway between the Pacific and the Atlantic Ocean and close to
the shipping ports and logistics services of Colon.
Located close to Lake Gatun and with ready access to tour
facilities, the PIMM city also offers opportunities for eco-tourism
in Panama’s rain forest.
“The site for the PIMM commercial city is also not far from
the Tocumen International Airport. We will operate a fleet of 20
buses to shuttle people to and from this airport. There will also be
golf-cart shuttle services from the 5,000-car parking lot to different
parts of the PIMM city” explained Katz.
There is no specific legal statute on foreign investment in
Panama. National and foreign investors are treated equally under
the general legal regime. According to Panama’s constitution,
both are treated as nationals, although, special conditions apply to
certain activities that foreigners may engage due to considerations
of health, morality, and public safety.
antennae, while the buildings size of the lakes to include more
housing the showrooms buildings or to increase the
spaced at 50-meters (55 yards) size of buildings, but the lakes
apart will form the outline of will remain on the wings of the
the wings. Wide roads divide butterfly, lending their natural
and link all sections. Lakes, the beauty to the surroundings.”
convention center and the open- Mr. Katz indicated that all
air exhibition center form the buildings would be constructed
“beauty spots” on the wings. with “the safety regulated
The local and international distances” between them. The
restaurants will form the body fire stations and police force
with the control center at the will also be fully equipped with
tip of the butterfly’s tail. state of the art technology. The
Keeping the shape of the same is true for the medical
butterfly throughout the center. “There will also be a
construction will be a challenge. helipad for easy access to the
Katz is already thinking about best hospitals in Panama City
expanding the number of and the international airport.
showrooms to meet increasing Miami is only two- and-a-
demands. “The price for each half hours away with daily
showroom starts at $125,000 international flights. We have
and every day there are five identified the possible needs
to seven new clients wishing of our clients and are putting
to purchase showrooms in systems in place to meet those
PIMM,” said Katz. needs,” reiterated Katz.
When asked if the lakes
will survive the demand for
showrooms as construction
adapts to increasing needs.
Katz gave the assurance that
sustainable development is
the hallmark of construction
and real estate development
in Panama that his company
intends to respect.
“We believe in letting nature
and businesses co-exist. We will
maintain most of our design in Reynald Henry Katz shares
an effort to offer our customers a wax crayon drawing of a
the natural atmosphere of trees butterfly which he drew as a
and water. We may reduce the child in France.
page  / TuESday, DECember 18, 2007
What has prepared Reynald Henry Katz to meet the challenges of a worldwide
commercial chain of merchandise marts?
During the 1990s, Katz
was the senior advisor to the
Chinese Ministry of Internal
Trade. In Beijing, China, he
established “high-end sourcing
and retailing operations in 14
of the largest cities and 128
department stores employing
over 240,000 persons and
occupying 1 million square
feet,” said Katz.
Katz has successfully
managed and operated several
businesses over the years. From
jewelry to liquor – Katz has
seized business opportunities
in several countries such
as France, England, United
States, Suriname, Curacao and
Columbia, to mention a few.
He came to Panama in 2001.
In Panama, Katz established
and runs several successful
businesses even as he pursues
the establishment of PIMM
as well as elsewhere in the
world. In the Colon Free
Zone, he owns liquor bottling
plant, distribution center and
showroom, a transshipment
center and a shipping company
in Panama. “I make budget
priced-whisky – several brands
of its unique Panamanian
whisky; I have a transshipment
packing business in the Colon
Free Zone; and a successful
shipping business here in
Panama.”
‘What boyhood
experiences prepared Katz
for a world of commerce?
Reynald Henry Katz was
an energetic schoolboy. “As
a boy growing up in France,
Reynald Henry Katz’s home in Avignon, France.
From youthful entrepreneur to global businessman
Reynald Katz as a child in
France
Reynald Katz’s father, Ugo,
was born in Italy and moved
to France where he married
Ruth, a holocaust survivor
and Reynald’s mother. Ugo
has been in the perfume
and cosmetic industry since
Reynald’s early childhood. It
was in his father’s cosmetics
plant that Reynald learned
the business of manufacturing
cosmetics, including lipstick,
nail polish, make-up, and
perfume.
The young Katz attended the
Jesuite College, Saint Joseph
of Avignon, in France. There,
Reynald earned the highest
grades according to his father.
“He made me proud, earning
all ‘A’s. It was in school that
Reynald showed his business
acumen. He developed a
hunger for clinching a deal,
he always managed to sell
something to someone in
school,” he said.
During the Avignon Festival
in France, Reynald had a booth
where he displayed and sold
his own hand-made artisan
jewelry. “After a few years
of selling his own handmade
jewelry, Reynald had amassed
US$100,000,” Ugo Katz
stated.
“Craving a need to be
Ugo Katz and son Reynald Henry Katz speak of the life they shared in France.
I was always curious to know
more and asked questions all
the time. I made my teachers
very busy, but they were good
to me. I had good teachers. I
learned mathematics my own
way, I had my own style that
worked for me, I became very
good at numbers.” Katz has
been calculating the returns on
investment ever since.
As a 15-year-old teenager
Katz sold his own handmade
jewelry making over $30, 000
a year. By the age of 18, he had
made over $100, 000. This he
invested at the age of 19, in
a cosmetics company based
in England, selling it four
years later for $8 million. By
21, Reynald Henry Katz was
manufacturing 12 brands of
lipsticks in Italy.
At 24, Katz was the head
involved more in the family
business, he started to work
with me from the time he was
18 years,” he said. “I made
him the manager for my nail
polish filling plant. By the time
he was 19 years old, he and I
had a difference of opinion and
he decided to build his own
business.” Today, Reynald
says, he and his father are best
friends.
At the age of 19, Katz started
his own business in London
According to Reynald, after
the fall-out with his father,
he left his father’s business
and flew to London to meet
a nail polish chemist who
had discovered a new anti-
cracking nail polish formula.
“In those years, nail polish
used to crack the day after
application,” Reynald Katz
said. “This new formula was
a revolutionary invention in
the cosmetics industry. The
English chemist and I became
partners. I put all my money
in the business and took care
of the marketing aspect while
the chemist managed the
production aspects.”
Like a true entrepreneur,
young Katz recognized and
seized a golden opportunity.
“I discovered that, at that time,
the English government was
giving grants to companies
hiring employees from outer
London, if they established
plants 300 km outside the City.
I applied for this grant and got
the funds to build this new plant
for research and development
of cosmetics.
“I was 19 when I was
awarded the US$1,000,000
grant in London and was
able to get the manufacturing
facility free of charge. In two
cosmetic buyer for a Middle
Eastern country and moved
to Miami when he was 30 and
opened a budget price perfume
company. This he successfully
sold in 1996.
Now Katz is manufacturing
his own brands of whisky made
in Panama – John Bow, Magic,
Sir Edwin’s, Golden Dollar,
and Black King – exporting to
Colombia and controlling 16
percent of that liquor market.
Katz was born in 1955 in
Avignon, France. He holds
dual citizenship in both France
and the United States. He
completed high school and
post-secondary education in
Montpellier, France. He recalls
significant influences on his
business skills: “I spent my
young adult years in France
and spent every summer at
summer camp in California.
The major influence on my
career was my father working
constantly to distribute his own
brand of shampoos.”
His best friend’s father ran
an insurance company in San
Francisco and young Katz was
tremendously impressed by the
many businesses that had to be
insured. Cargo insurance was
particularly enlightening. “I
studied everything I could and
followed the big companies’
years, I was able to conquer
80 percent of the worldwide
nail polish market, and two
years later my main vendor,
Imperial Chemistry Industry,
(ICI) bought the business for
US$8,000,000. My partner and
I received US$4,000,000 each.
It was a great opportunity and
I grasped it.”
While Reynald Katz was
marketing his products, he was
traveling the world. Traveling
through South America and
Central America he fell in love
with Panama, yet left and went
back to France. “At that time I
was living life in the fast lane.
Returning to Paris I bought
everything my heart desired
from a multimillion dollar
house, to several sports cars.”
Even though the young Katz
was thought to be a shrewd
businessman, it never occurred
to him that he was supposed to
pay taxes in France. “The tax
bill came after I had bought
my cars and houses, and I had
to sell most of it to pay my tax
bills plus the inevitable fines.”
Katz said that his experience
with the revenue department
of France made him return to
business. “I went to Italy to
open a cosmetics business, this
time it was the manufacturing
of lipsticks. I developed
a way to sell the cheapest
lipstick on the market. I did
the manufacturing of the
product, the raw material, and
the marketing, and still got
the cheapest product on the
market.
“I was the pioneer in the field
of offering a cheap, attractive
quality cosmetic product in
Europe. At that time, China
was not manufacturing cheap
cosmetics so I filled the gap.
A Special International Report Prepared by The Washington Times Advertising Department
trading policies and practices.
Soon I started in the trading
business myself,” said Katz.
Reynald Katz’s father,
Italian-born Ugo Katz,
expressed his pleasure in the
achievement of his son over
the years and especially in this
new endeavor. The senior Katz
says that the success of his son
was due to the personality traits
he possessed even as a child.
“His perseverance and vision
have guided him to acquire
whatever he sets his mind
to do. He has always been
creative. As a child he made a
The high rises in Panama City are indicative of Panama’s economic growth in the
construction and real estate sectors, the banking sector, and the maritime logistics sector.
My export markets also
included the Middle Eastern
countries.
Katz added the Middle East
to his cosmetics market
“I soon discovered that
the Middle East was a virgin
cosmetics market, ready for
conquering. It was relatively
easy for me because I could
learn their language easily.
I was fluent in Italian,
English, and French. I soon
learnt Arabic, Spanish, and
Chinese.”
Katz lived for six years in
the Middle East developing
this market. “I became the
Cosmetic Head Buyer for
one of the governments in
the region,” he said. “I was
in the Middle East during the
Iraq-Iran war. I was at the
hotel when the first bombings
arrived and this became the
reason I left the region.”
America’s perfume industry
attracted Katz
Katz discovered that there
was a boom in the perfume
industry in the United States
in 1986. “All the main brands
were establishing themselves
in the perfume business,” he
noted. “Every day there was
a new brand of perfume, so I
went to check this emerging
market. I soon discovered that
there was a need of a budget,
attractive, quality fragrance.
So I created my own line of
budget priced perfumes. I
installed my plant in the City
of Miami.”
By 1996, Katz had
successfully established his
products and sold his plant to a
major American company.
Katz lived for six years in
China
“While I lived in Miami,
cable car to travel to the top of
the cliff close to our home. My
son is a hard worker, he never
stops, he continues until he
succeeds in whatever he sets
out to do, just the way he had
envisaged,” said Ugo Katz.
Ugo Katz describes his
son’s childhood: “As a child in
France, Reynald was always
playing among the shepherds
in the valley near our home,
sharing his sandwiches with
the shepherds and bringing
them water. He even learned
their unique language they
called Provencal.”
I was approached by the
US on special request from
the Chinese to develop the
perfume area for the new
concept of malls the Chinese
government was expanding,”
he explained. “I had just sold
my plant, so I thought it could
be a good opportunity to learn
about business in China.”
“This was the time I was
appointed as the senior advisor
for the Ministry of Internal
Trade Cosmetic Division,
linking China with American
cosmetics manufacturers.”
After living in China for six
years, Katz returned to Miami
in 1998.
Katz developed Internet
duty-free e-commerce
“I was amazed by the
potential of the Internet
business and the magnitude of
the new market the Internet was
creating. I developed the first
Internet duty-free e-commerce
business, and I was invited to
the Cannes Duty Free Show
as a speaker to present my
new concept of selling duty-
free goods over the Internet.
This was a proud moment. I
received a standing ovation in
front of 3,000 people.
“However, it was a sad
moment for me when I was
about to go public, and the
Internet ecommerce business
crashed. The public offering
had to be withdrawn and the
project was cancelled,” said
Katz.
After Internet ecommerce
business crashed, Katz moved
to Panama
As part of global sourcing,
Katz had discovered the
geopolitical advantages of
Panama. So not to be put down
by the Internet crash, he moved
The senior Katz is proud of
the help his son will be giving
to Panamanians.
“My son, Reynald Henry
Katz, will create 31, 000 jobs,
contributing over $441 million
to the economy of Panama,
making so many Panamanians
families happy and prosperous
that he will become a legend
in Panama. His main focus
is always getting every job
done just right. It was never
about money. He never though
about how much money will
City where Reynald Henry
Katz was born and spent his
early days. Avignon, France.
be made. Doing the job right
is the important thing!” The
senior Katz added that this
quality trait in his son is what
brings him success, “He is
always working to make things
happen just the way he wants
them to happen.”
to Panama.
“I decided to move to
Panama. This has been my
dream since 1974 when I was
19 years old. I purchased a
distribution liquor company
at the Colon Free Zone. It
was then that I began to work
in Latin American markets
such as Colombia, Ecuador,
Nicaragua, etc.
“Here, I again realized
there was a need for a budget-
priced product, this time liquor
brands, and so I started to
produce my own brands in
Panama. Today, I hold 16% of
the entire Colombian market.”
It was when Katz decided
to look for a showroom for his
different brands of liquor at
the Colon Free Zone, that he
discovered there were 2,500
other companies waiting for the
only two available. Katz seized
the opportunity, researched
the options, and laid the
groundwork for the creation
of the Panama International
Merchandise Mart (PIMM)
with its 6800 showrooms, a
convention center, hotels, and
more. The PIMM city was
born.
A Special International Report Prepared by The Washington Times Advertising Department page  / TuEsday, DECEmber 18, 2007

Spain’s H.Top Hotels and

Resorts Group invests
in five-star hotel in the
PIMM city
Top officials of the H.Top Hotels and
Resorts Group of Catalonia, Spain,
have pledged to invest $50 million
in a five-star hotel to be constructed
by PIMM, with the completion date
expected to be 2010. This 300-room
hotel will be equipped and operated
by the Spanish company.
Visiting the location for the
commercial city of PIMM, H. Top
Hotel executives examined how their
hotel will fit into the PIMM Butterfly.
This five-star hotel will be located at
the top of the butterfly holding the
position as one of its antennae.
Giving full responsibility for its
construction to Reynald Katz, the
Director General of the International
Division of the H.Top Hotels
and Resorts Group, José Caselles
Pomares, expressed confidence
that this hotel will be the best hotel
in PIMM city. Katz said that he is
honored by the confidence placed in
his ability to achieve the construction
standards of the five-star hotel and is
sure that H.Top Hotels
and Resorts will be
satisfied by the work
of the Panamanian
contractors.
H.Top Hotels and
Resorts is group of
Spanish hotels famous
for providing first-class
services that is uniquely
Spanish yet meets needs
of a global clientele. The PIMM signature is soon to become a familiar sight in Panama
Director General
Pomares indicates
that this expansion
casinos, convention and exhibition currently underway, and an Initial 000,” said Katz who indicated that
into Panama signals the beginning
centers. Reynald reiterated that there Placement Offering will commence financing is available. Manufacturers
of a long fruitful relationship with
is no tax from profits in Panama and in 2009. “A private placement is also can purchase or rent showrooms, entire
Panama, the Panama International
the PIMM is estimated to involve currently underway and an IPO is pavilions, offices and condominiums.
Merchandise Mart and with Reynald
over 566 million consumers of Latin scheduled for 2009,” reiterated Katz. Katz also pointed out that the ROI per
Henry Katz himself.
America and the Caribbean. “We still have more showrooms showroom is estimated to be over $2
Other investment opportunities
Speaking about trading on the for rent or purchase. The price for a million.
in PIMM
Panama Stock Exchange, Katz showroom starts from as low as $125,
In addition to opportunities in the
indicates that a
hotel sector of PIMM, investment
private placement
opportunities exist in
offering is
concessions for restaurants,

Visiting the location for the commercial city of PIMM, H-Top Hotel executives examined
how their hotel will fit into the PIMM Butterfly. Reynald Katz, founder and CEO of Panama
International Merchandise Mart (PIMM) and Jose Caselles Pomares, Director General of the
Panama City is considered a world-class logistics center. Manufacturers and wholesalers
International Division of the H.Top Hotels and Resorts finalized the deal.
investing in PIMM will benefit from the many logistics services offered here.

Investment Opportunities
Private Placement is currently in the planning phase.
Initial Public Offering (IPO) 2009
Concessions available for: Purchasing opportunities:
• Hotels & Restaurants • Showrooms
• Casino • Offices
• Convention Center • Condominiums The PIMM Butterfly, site where the commercial city will be
located, is surrounded by nature – hills, rain forest, and the
• Exhibition Center not so distant Lake Gatun.

Katz estimates $434 million economic impact on the economy of Panama

Paul Wylie, Vice President of
Technology
Dennis Smith, Vice President
of Marketing
Reynald Henry Katz province, while the remaining whereas the warehouses in Wylie has a background in
indicated that when the 30 percent will be employed Colon employ mainly men. database and mathematics.
construction of the PIMM is from Panama City. Our office staff and sales He brings the strength of
completed in 2009, profits will Katz indicated that he will persons will also be mainly his experience to the team
be at its optimum. “When the not be competing with the women.” effort of creating, building
6,800 showrooms will be at rapidly expanding Colon The creation of PIMM is the and operating PIMM. Vice
their average sale capacity, the Free Zone, which is also result of teamwork president of marketing, Dennis
PIMM will be able to trade experiencing an increase in Reynald Katz said that Smith, foresees the next decade
approximately $35 billion demand for workers. behind the success of PIMM is as a challenging but rewarding
yearly, making the PIMM “We will not compete his team. “We share the vision experience. American-born,
the largest wholesale trading with the Colon Free Zone for of the PIMM city and through his extensive experience
zone of Latin America and the workers because PIMM does effective teamwork, we will do in Panama and the United
Caribbean,” said Katz. not offer warehouse space. We the best job possible.” States will enhance the global
It is estimated that the will employ mostly women in Canadian Paul Wylie is the marketing program envisaged
building and operation of the service sector of PIMM, vice president of technology. for PIMM.
the Panama International Chief Accountant
Merchandise Mart (PIMM)
will make a significant
contribution to the economy.
Katz said the contribution to
the economy would be mainly
through employment.
Over 31, 000 people will be
employed by PIMM during
the construction and operation
phases. These employees
will be drawn from both the
province of Colon and Panama
City. During the operational
phase, about 70 percent of the
office staff and sales persons
will be employed from
Panama City. The remaining
30 percent of the operational
personnel will be employed
from the Colon province. Executive Assistant
Over 70 percent of the
Children of Panama are benefiting from an enhanced educational program that is aimed at
service workers will be mainly preparing them for a global marketplace.
sourced from the Colon
page  / TuESday, DECember 18, 2007 A Special International Report Prepared by The Washington Times Advertising Department