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Washington Times PIMM

Washington Times PIMM

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Published by Reynald Katz

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Published by: Reynald Katz on Mar 29, 2008
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11/18/2010

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A S
peciAl
i
nternAtionAl
r
eport
p
repAred
 
by
The Washington Times 
A
dvertiSing
d
epArtment
page
/ Tuesday,
 DECEmbEr 18, 2007 
Identifying a businessopportunity and seizing themoment to make billionsof dollars is the conceptthat drove Reynald HenryKatz to create reportedly thelargest merchandise mart inthe world, the only one of itskind in Latin America and theCaribbean. Investors lookingfor a safe place to investtheir money with fast returns,manufacturers looking for an easy penetration into theLatin market and companiesseeking trading partnershipsare expected to converge onthe Panama InternationalMerchandise Mart (PIMM).Katz declared, “The PIMMwill be more like a commercialcity involving an estimated566 million Latin Americanconsumers, internationalmanufacturers and worldwideinvestors.“There will be 6,800showrooms in the 34 buildingson the 530 hectares (1,302acres) of land close to thesecond largest free zone inthe world – the Colon Free
Zone – beneting fromthe most efcient logistics
center in Latin America.Manufacturers from all over the world can showcase their  products permanently herewhere local and internationalwholesale buyers, especiallyLatin American businesses,can place their order at PIMMwithout entering the UnitedStates of America or the home ports of manufacturers.”In PIMM city, Panama, thevision is to have exclusivecountry pavilions whosemanufacturers and businessescan showcase their products.“Embassies have expressedthe interest to have country-
specic pavilions. We are
looking forward to having aglobal commercial city righthere in Panama where thewhole of Latin America cantrade with commercial worldleaders without leaving their continent!”Katz is on the verge of realizing this dream asconstruction starts in January2008 with a completion date projected for 2009. This project will cost an estimated$1 billion. “PIMM will tradean estimated $35 billion ayear. The cost of a showroomstarts at $125,000 and eachshowroom is estimated tohave an annual return oninvestment of $2 million per showroom,” said Katz.“This will be a city of commerce. The PIMM citywill have all the facilitiesthat a commercial city needs.There will be three-, four-, and
ve-star international hotels,
10 local and internationalrestaurants, 10 fast-food,
 police and re stations,
medical centers, parking for 
5,000 cars, 1,000 ofce spacesin 10 ofce buildings, 200
 public rest rooms, electrical power plants, wireless Internetservices, recreational centersand condominium buildings, just to mention a few of thefacilities,” Katz said.He has sold over 800showrooms and has alreadymade plans to expand intoFrance where his son, Kevin,was born and now lives.The French PIMM will beestablished and operated byKevin. In addition, plans arealready afoot to establishanother PIMM in New Jersey.The long-term plan includes building similar commercialcities at an estimated $1 billion in South Africa,Russia, Vietnam, India, China,Malaysia, Australia, Belgium,the United States of America,Brazil and Mexico.
Reecting on the rst
time the idea of PIMM wasconceived, Reynald Katzrecalls his experience whiletrying to rent a showroom atthe Colon Free Zone.“They told me there were2,500 companies vying for the single and only availableshowroom, and the best bid willwin! That is when I decided
Panama International Merchandise Mart promisesto be a global commercial city – the PIMM City
Project Highlights
• Total investment - $1 billion (est.)• Annual ROI /showroom: $2 million (TotalPIMM trade: $35 billion/year)• Market: Over 566 million consumers fromLatin America/Caribbean• Total number of showrooms: 6,800• Completion date: 2009• Cost for purchase of one showroom: Starts at
$125,000 (nancing available).
• Income tax: 0 percent• Location: Colon Province, close to the ColonFree Zone and the Panama Canal.
Kevin Katz share a moment with his father, ReynaldKatz. Kevin is spearheading the establishment of PIMM’soperations in France.
The design of this
commercial city ows into a buttery form. “The PIMM‘Buttery’ will be famous, justlike the ‘Dubai Palm’ already
is,” said Reynald Henry Katz.
Butteries have always
fascinated Reynald HenryKatz, even as a boy in France.His crayon drawings of 
 butteries still adorn his family
home.“PIMM being developed
in the form of a buttery is
appropriate, for Panama isthe home of a large number 
of species of butteries,” said
Katz. The name Panama is aCarib Indian word meaning
“abundance of butteries.”
The PIMM commercial citywill be built on 530 hectares(1302 acres) of land borderedwith tropical rainforest.“PIMM will boast a 10, 000seat convention center andan open-air exhibition center,34 buildings, a parking lotdesigned to hold 5,000 cars,four top class hotels andmore,” said Katz. It will have10-meter wide streets withseparate entry and exit roads.The layout of the PIMM site
creates the shape of a buttery.
The four hotels form theantennae, while the buildingshousing the showroomsspaced at 50-meters (55 yards)apart will form the outline of 
the wings. Wide roads divide
and link all sections. Lakes, theconvention center and the open-air exhibition center form the“beauty spots” on the wings.The local and internationalrestaurants will form the bodywith the control center at the
tip of the buttery’s tail.
Keeping the shape of the
 buttery throughout the
construction will be a challenge.Katz is already thinking aboutexpanding the number of showrooms to meet increasingdemands. “The price for eachshowroom starts at $125,000
and every day there are ve
to seven new clients wishingto purchase showrooms inPIMM,” said Katz.
When asked if the lakes
will survive the demand for showrooms as constructionadapts to increasing needs.Katz gave the assurance thatsustainable development isthe hallmark of constructionand real estate developmentin Panama that his companyintends to respect.
“We believe in letting natureand businesses co-exist. We will
maintain most of our design inan effort to offer our customersthe natural atmosphere of trees
and water. We may reduce the
size of the lakes to include more buildings or to increase thesize of buildings, but the lakeswill remain on the wings of the
 buttery, lending their natural
 beauty to the surroundings.”Mr. Katz indicated that all buildings would be constructedwith “the safety regulateddistances” between them. The
re stations and police force
will also be fully equipped withstate of the art technology. Thesame is true for the medicalcenter. “There will also be ahelipad for easy access to the best hospitals in Panama Cityand the international airport.Miami is only two- and-a-half hours away with daily
international ights. We haveidentied the possible needs
of our clients and are puttingsystems in place to meet thoseneeds,” reiterated Katz.
Katz builds the PIMM in the shape of a buttery
Reynald Henry Katz sharesa wax crayon drawing of a
buttery which he drew as a
child in France.A section of the layout of the commercial city showing the
placement of two of the international hotels, ofce buildings,
showrooms, and the parking lot designed for 5000 cars.The PIMM commercial citywill be constructed in the
form of a buttery.
“Why do we believe that there is no better place
to locate a merchandise mart of this size?” asksReynald Henry Katz.
In addition to its strategic geographic location, the presence of the Panama Canal and the Colon Free Zone, the United Statesdollar is the legal tender in Panama. “Panama is a dollar-basedeconomy. There are no visa restrictions, no quotas on textile trade,
no taxes on prots and Panama has friendly custom laws.
“This country has the unique advantage of not being in the pathof hurricanes nor is it prone to earthquakes. It is always summer inPanama. Soft daily rainfall maintains green landscapes and keepsthe locks in the Panama Canal supplied with enough water thatallows for 24-hour operation – a continuous passage of ships soonto 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 inLatin America and the Caribbean. Also, as there are no taxes on
 prots, no import duties for merchandise in transit and no income
tax, it will be a tax haven for showroom owners at the PanamaInternational 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.”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 ights 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 Pacic and
Atlantic Oceans. The site of the PIMM city is 18 miles fromPanama City and 18 miles from Colon Free Zone. It is almost
midway between the Pacic 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 eet of 20
 buses to shuttle people to and from this airport. There will also begolf-cart shuttle services from the 5,000-car parking lot to different parts of the PIMM city” explained Katz.
There is no specic 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 tocertain activities that foreigners may engage due to considerationsof health, morality, and public safety.
MAP of Panama showing location of PIMM
Panama is the ideallocation for PIMM
that this was an opportunity tocreate additional showrooms – there was a ready market justwaiting to be tapped!“The companies on thewaiting list would have their space, I would have a new business, the Colon Free Zonewould be serving an evenlarger clientele and everyonewould make millions!”The site for PIMM is between the Colon Free
Zone and Panama’s Tocumen
International Airport. Accessroads are being built to link to anew freeway which is planned
to alleviate the current trafcdifculties as commuters
compete with the 3,000container trucks making their daily runs. A helipad is also planned to provide additionaltransportation options.“PIMM will have fully
equipped re stations, a security
force and a medical center.There will also be a helipadfor easy access to the TocumenInternational Airport. Miamiis only two-and-a-half hoursaway with daily international
ights,” said Katz.
Reynald Henry Katz, founder and CEO of PanamaInternational Merchandise Mart.
 In PIMM city, Panama, the visionis to have exclusivecountry pavilions whosemanufacturers and businesses can showcasetheir products.
“The commercial city of PIMM promisesits clients a world-class trading center.Its geographic positioning close to thePanama Canal and the Colon Free Zone,the innovative business concept and thegreat talent of my employees, partners, bankers and investors will make thePIMM the merchandise mart successof the century, entering the history of Panama and Latin America and with its global expansion – theworld!” Reynald Henry Katz, founder and CEO.
The PIMM commercial city will have 6800 showrooms in the 34 buildings on 530 hectares of land. Manufacturers from allover the world will showcase their products for local and international wholesale buyers to access.
 
A S
peciAl
i
nternAtionAl
r
eport
p
repAred
 
by
The Washington Times 
A
dvertiSing
d
epArtment
page
/ Tuesday,
 DECEmbEr 18, 2007 
What has prepared Reynald Henry Katz to meet the challenges of a worldwidecommercial chain of merchandise marts?
During the 1990s, Katzwas the senior advisor to theChinese Ministry of InternalTrade. In Beijing, China, heestablished “high-end sourcingand retailing operations in 14of the largest cities and 128department stores employingover 240,000 persons andoccupying 1 million squarefeet,” said Katz.Katz has successfullymanaged and operated several businesses over the years. From jewelry to liquor – Katz hasseized business opportunitiesin several countries suchas France, England, UnitedStates, Suriname, Curacao andColumbia, to mention a few.He came to Panama in 2001.In Panama, Katz establishedand runs several successful businesses even as he pursuesthe establishment of PIMMas well as elsewhere in theworld. In the Colon FreeZone, he owns liquor bottling plant, distribution center andshowroom, a transshipmentcenter and a shipping companyin Panama. “I make budget priced-whisky – several brandsof its unique Panamanianwhisky; I have a transshipment packing business in the ColonFree Zone; and a successfulshipping business here inPanama.”
‘What boyhoodexperiences prepared Katzfor a world of commerce?
Reynald Henry Katz wasan energetic schoolboy. “Asa boy growing up in France,I was always curious to knowmore and asked questions allthe time. I made my teachersvery busy, but they were goodto me. I had good teachers. Ilearned mathematics my ownway, I had my own style thatworked for me, I became verygood at numbers.” Katz has been calculating the returns oninvestment ever since.As a 15-year-old teenager Katz sold his own handmade jewelry making over $30, 000a year. By the age of 18, he hadmade over $100, 000. This heinvested at the age of 19, ina cosmetics company basedin England, selling it four years later for $8 million. By21, Reynald Henry Katz wasmanufacturing 12 brands of lipsticks in Italy.At 24, Katz was the headcosmetic buyer for a MiddleEastern country and movedto Miami when he was 30 andopened a budget price perfumecompany. This he successfullysold in 1996. Now Katz is manufacturinghis own brands of whisky madein Panama – John Bow, Magic,
Sir Edwin’s, Golden Dollar,
and Black King – exporting toColombia and controlling 16 percent of that liquor market.Katz was born in 1955 inAvignon, France. He holdsdual citizenship in both Franceand the United States. Hecompleted high school and post-secondary education inMontpellier, France. He recalls
signicant inuences on his
 business skills: “I spent myyoung adult years in Franceand spent every summer atsummer camp in California.
The major inuence on my
career was my father workingconstantly to distribute his own brand of shampoos.”
His best friend’s father ran
an insurance company in SanFrancisco and young Katz wastremendously impressed by themany businesses that had to beinsured. Cargo insurance was particularly enlightening. “Istudied everything I could and
followed the big companies’
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 theachievement of his son over the years and especially in thisnew endeavor. The senior Katzsays that the success of his sonwas due to the personality traitshe possessed even as a child.“His perseverance and visionhave guided him to acquirewhatever he sets his mindto do. He has always beencreative. As a child he made acable car to travel to the top of the cliff close to our home. Myson is a hard worker, he never stops, he continues until hesucceeds in whatever he setsout to do, just the way he hadenvisaged,” said Ugo Katz.Ugo Katz describes his
son’s childhood: “As a child in
France, Reynald was always playing among the shepherdsin the valley near our home,sharing his sandwiches withthe shepherds and bringingthem water. He even learnedtheir unique language theycalled Provencal.”The senior Katz is proud of the help his son will be givingto Panamanians.“My son, Reynald HenryKatz, will create 31, 000 jobs,contributing over $441 millionto the economy of Panama,making so many Panamaniansfamilies happy and prosperousthat he will become a legendin Panama. His main focusis always getting every jobdone just right. It was never about money. He never thoughabout how much money will be made. Doing the job rightis the important thing!” Thesenior Katz added that thisquality trait in his son is what brings him success, “He isalways working to make thingshappen just the way he wantsthem to happen.”
City where Reynald HenryKatz was born and spent hisearly days. Avignon, France.Ugo Katz and son Reynald Henry Katz speak of the life they shared in France.Reynald Henry Katz’s home in Avignon, France.
Reynald Katz’s father, Ugo,
was born in Italy and movedto France where he marriedRuth, a holocaust survivor 
and Reynald’s mother. Ugo
has been in the perfumeand cosmetic industry since
Reynald’s early childhood. Itwas in his father’s cosmetics
 plant that Reynald learnedthe business of manufacturingcosmetics, including lipstick,nail polish, make-up, and perfume.The young Katz attended theJesuite College, Saint Josephof Avignon, in France. There,Reynald earned the highestgrades according to his father.“He made me proud, earning
all ‘A’s. It was in school that
Reynald showed his businessacumen. He developed ahunger for clinching a deal,he always managed to sellsomething to someone inschool,” he said.During the Avignon Festivalin France, Reynald had a boothwhere he displayed and soldhis own hand-made artisan jewelry. “After a few yearsof selling his own handmade jewelry, Reynald had amassedUS$100,000,” Ugo Katzstated.“Craving a need to beinvolved more in the family business, he started to work with me from the time he was18 years,” he said. “I madehim the manager for my nail
 polish lling plant. By the time
he was 19 years old, he and Ihad a difference of opinion andhe decided to build his own business.” Today, Reynaldsays, he and his father are bestfriends.At the age of 19, Katz startedhis own business in LondonAccording to Reynald, after the fall-out with his father,
he left his father’s businessand ew to London to meet
a nail polish chemist whohad discovered a new anti-cracking nail polish formula.“In those years, nail polishused to crack the day after application,” Reynald Katzsaid. “This new formula wasa revolutionary invention inthe cosmetics industry. TheEnglish chemist and I became partners. I put all my moneyin the business and took careof the marketing aspect whilethe chemist managed the production aspects.”Like a true entrepreneur,young Katz recognized andseized a golden opportunity.“I discovered that, at that time,the English government wasgiving grants to companieshiring employees from outer London, if they established plants 300 km outside the City.I applied for this grant and gotthe funds to build this new plantfor research and developmentof cosmetics.“I was 19 when I wasawarded the US$1,000,000grant in London and wasable to get the manufacturingfacility free of charge. In twoyears, I was able to conquer 80 percent of the worldwidenail polish market, and twoyears later my main vendor,Imperial Chemistry Industry,(ICI) bought the business for US$8,000,000. My partner andI received US$4,000,000 each.It was a great opportunity andI grasped it.”
While Reynald Katz was
marketing his products, he wastraveling the world. Travelingthrough South America andCentral America he fell in lovewith Panama, yet left and went back to France. “At that time Iwas living life in the fast lane.Returning to Paris I boughteverything my heart desiredfrom a multimillion dollar house, to several sports cars.”Even though the young Katzwas thought to be a shrewd businessman, it never occurredto him that he was supposed to pay taxes in France. “The tax bill came after I had boughtmy cars and houses, and I hadto sell most of it to pay my tax
 bills plus the inevitable nes.”
Katz said that his experiencewith the revenue departmentof France made him return to business. “I went to Italy toopen a cosmetics business, thistime it was the manufacturingof lipsticks. I developeda way to sell the cheapestlipstick on the market. I didthe manufacturing of the product, the raw material, andthe marketing, and still gotthe cheapest product on themarket.
“I was the pioneer in the eld
of offering a cheap, attractivequality cosmetic product inEurope. At that time, Chinawas not manufacturing cheap
cosmetics so I lled the gap.
My export markets alsoincluded the Middle Easterncountries.Katz added the Middle Eastto his cosmetics market“I soon discovered thatthe Middle East was a virgincosmetics market, ready for conquering. It was relativelyeasy for me because I couldlearn their language easily.
I was uent in Italian,
English, and French. I soonlearnt Arabic, Spanish, andChinese.”Katz lived for six years inthe Middle East developingthis market. “I became theCosmetic Head Buyer for one of the governments inthe region,” he said. “I wasin the Middle East during theIraq-Iran war. I was at the
hotel when the rst bombings
arrived and this became thereason I left the region.”
America’s perfume industry
attracted KatzKatz discovered that therewas a boom in the perfumeindustry in the United Statesin 1986. “All the main brandswere establishing themselvesin the perfume business,” henoted. “Every day there wasa new brand of perfume, so Iwent to check this emergingmarket. I soon discovered thatthere was a need of a budget,attractive, quality fragrance.So I created my own line of  budget priced perfumes. Iinstalled my plant in the Cityof Miami.”By 1996, Katz hadsuccessfully established his products and sold his plant to amajor American company.Katz lived for six years inChina
“While I lived in Miami,
I was approached by theUS on special request fromthe Chinese to develop the perfume area for the newconcept of malls the Chinesegovernment was expanding,”he explained. “I had just soldmy plant, so I thought it could be a good opportunity to learnabout business in China.”“This was the time I wasappointed as the senior advisor for the Ministry of InternalTrade Cosmetic Division,linking China with Americancosmetics manufacturers.”After living in China for sixyears, Katz returned to Miamiin 1998.
Katz developed Internetduty-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 rst
Internet duty-free e-commerce business, and I was invited tothe Cannes Duty Free Showas a speaker to present mynew concept of selling duty-free goods over the Internet.This was a proud moment. Ireceived a standing ovation infront of 3,000 people.“However, it was a sadmoment for me when I wasabout to go public, and theInternet ecommerce businesscrashed. The public offeringhad to be withdrawn and the project was cancelled,” saidKatz.After Internet ecommerce business crashed, Katz movedto PanamaAs part of global sourcing,Katz had discovered thegeopolitical advantages of Panama. So not to be put down by the Internet crash, he movedto Panama.“I decided to move toPanama. This has been mydream since 1974 when I was19 years old. I purchased adistribution liquor companyat the Colon Free Zone. Itwas then that I began to work in Latin American marketssuch as Colombia, Ecuador, Nicaragua, etc.“Here, I again realizedthere was a need for a budget- priced product, this time liquor  brands, and so I started to produce my own brands inPanama. Today, I hold 16% of the entire Colombian market.”It was when Katz decidedto look for a showroom for hisdifferent brands of liquor atthe Colon Free Zone, that hediscovered there were 2,500other companies waiting for theonly two available. Katz seizedthe opportunity, researchedthe options, and laid thegroundwork for the creationof the Panama InternationalMerchandise Mart (PIMM)with its 6800 showrooms, aconvention center, hotels, andmore. The PIMM city was born.
From youthful entrepreneur to global businessman
Reynald Katz as a child inFranceThe high rises in Panama City are indicative of Panama’s economic growth in theconstruction and real estate sectors, the banking sector, and the maritime logistics sector.
 
A S
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eport
p
repAred
 
by
The Washington Times 
A
dvertiSing
d
epArtment
page
/ Tuesday,
 DECEmbEr 18, 2007 
Top ofcials of the H.Top Hotels and
Resorts Group of Catalonia, Spain,have pledged to invest $50 million
in a ve-star hotel to be constructed
 by PIMM, with the completion dateexpected to be 2010. This 300-roomhotel will be equipped and operated by the Spanish company.Visiting the location for thecommercial city of PIMM, H. TopHotel executives examined how their 
hotel will t into the PIMM Buttery.This ve-star hotel will be located atthe top of the buttery holding the
 position as one of its antennae.Giving full responsibility for itsconstruction to Reynald Katz, theDirector General of the InternationalDivision of the H.Top Hotelsand Resorts Group, José Caselles
Pomares, expressed condence
that this hotel will be the best hotelin PIMM city. Katz said that he is
honored by the condence placed in
his ability to achieve the construction
standards of the ve-star hotel and is
sure that H.Top Hotelsand Resorts will be
satised by the work 
of the Panamaniancontractors.H.Top Hotels andResorts is group of Spanish hotels famous
for providing rst-class
services that is uniquelySpanish yet meets needsof a global clientele.Director GeneralPomares indicatesthat this expansioninto Panama signals the beginningof a long fruitful relationship withPanama, the Panama InternationalMerchandise Mart and with ReynaldHenry Katz himself.
Other investment opportunitiesin PIMM
In addition to opportunities in thehotel sector of PIMM, investmentopportunities exist inconcessions for restaurants,casinos, convention and exhibitioncenters. Reynald reiterated that there
is no tax from prots in Panama and
the PIMM is estimated to involveover 566 million consumers of LatinAmerica and the Caribbean.Speaking about trading on thePanama Stock Exchange, Katzindicates that a private placementoffering iscurrently underway, and an InitialPlacement Offering will commencein 2009. “A private placement is alsocurrently underway and an IPO isscheduled for 2009,” reiterated Katz.
“We still have more showrooms
for rent or purchase. The price for ashowroom starts from as low as $125,000,” said Katz who indicated that
nancing is available. Manufacturers
can purchase or rent showrooms, entire
 pavilions, ofces and condominiums.
Katz also pointed out that the ROI per showroom is estimated to be over $2million.
Spain’s H.Top Hotels andResorts Group invests
in ve-star hotel in the
PIMM city
Panama City is considered a world-class logistics center. Manufacturers and wholesalers
investing in PIMM will benet from the many logistics services offered here.
Visiting the location for the commercial city of PIMM, H-Top Hotel executives examined
how their hotel will t into the PIMM Buttery. Reynald Katz, founder and CEO of Panama
International Merchandise Mart (PIMM) and Jose Caselles Pomares, Director General of the
International Division of the H.Top Hotels and Resorts nalized the deal.
The PIMM signature is soon to become a familiar sight in Panama
The PIMM Buttery, site where the commercial city will be
located, is surrounded by nature – hills, rain forest, and thenot so distant Lake Gatun.
Investment Opportunities
Private Placement is currently in the planning phase.Initial Public Offering (IPO) 2009
Concessions available for:
• Hotels & Restaurants• Casino• Convention Center• Exhibition Center
Purchasing opportunities:
• Showrooms
• Ofces
• Condominiums
Reynald Henry Katzindicated that when theconstruction of the PIMM is
completed in 2009, prots will be at its optimum. “When the
6,800 showrooms will be attheir average sale capacity, thePIMM will be able to tradeapproximately $35 billionyearly, making the PIMMthe largest wholesale tradingzone of Latin America and theCaribbean,” said Katz.It is estimated that the building and operation of the Panama InternationalMerchandise Mart (PIMM)
will make a signicant
contribution to the economy.Katz said the contribution tothe economy would be mainlythrough employment.Over 31, 000 people will beemployed by PIMM duringthe construction and operation phases. These employeeswill be drawn from both the province of Colon and PanamaCity. During the operational phase, about 70 percent of the
ofce staff and sales persons
will be employed fromPanama City. The remaining30 percent of the operational personnel will be employedfrom the Colon province.Over 70 percent of theservice workers will be mainlysourced from the Colon province, while the remaining30 percent will be employedfrom Panama City.Katz indicated that he willnot be competing with therapidly expanding ColonFree Zone, which is alsoexperiencing an increase indemand for workers.
“We will not compete
with the Colon Free Zone for workers because PIMM does
not offer warehouse space. We
will employ mostly women inthe service sector of PIMM,whereas the warehouses inColon employ mainly men.
Our ofce staff and sales
 persons will also be mainlywomen.”The creation of PIMM is theresult of teamwork Reynald Katz said that behind the success of PIMM is
his team. “We share the vision
of the PIMM city and througheffective teamwork, we will dothe best job possible.”
Canadian Paul Wylie is the
vice president of technology.
Wylie has a background in
database and mathematics.He brings the strength of his experience to the teameffort of creating, buildingand operating PIMM. Vice president of marketing, DennisSmith, foresees the next decadeas a challenging but rewardingexperience. American-born,his extensive experiencein Panama and the UnitedStates will enhance the globalmarketing program envisagedfor PIMM.
Katz estimates $434 million economic impact on the economy of Panama
Dennis Smith, Vice Presidentof MarketingPaul Wylie, Vice President of TechnologyChief AccountantExecutive Assistant
Children of Panama are beneting from an enhanced educational program that is aimed at
preparing them for a global marketplace.

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