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President of Liberty Latin America congratulates Panama for the consolidation law

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  • Tue, 02/05/2019 - 15:23
President of Liberty Latin America congratulates Panama for the consolidation law
  • EFE

The telecommunications giant Liberty Latin America congratulated Panama for the law of market consolidation of this activity, because it is a "very positive" step and would look "with interest" on the possible sale of Telefonica's subsidiaries in the region, said its chief executive on Tuesday.

The CEO of Liberty Latin America, Balan Nair, supported this vision in a press conference in the Panamanian capital, comparing it with the behavior of the US markets and China.

"In the United States there are four operators with 350 million inhabitants, China has more than one billion people and only two operators, in Panama with four million people there are four operators fighting a bit of the market, it may not make much sense", reflected Nair, whose company owns 49% of the shares of Cable and Wireless Panama (CWP), the country's largest company in the country.

The other 49 percent belongs to the Panamanian State and 2 percent to its workers since the National Telecommunications Institute (INTEL) was privatized in 1995.

"It's a big step forward, it ensures that the investment is made quietly" in a stable market, he said.

In Panama, CWP, Telefónica (Spain), Digicel (Jamaica) and Claro (Mexico) operate.

The executive president of Liberty Latin America urged that "the law of market consolidation be applied in its full sense" by state institutions, to get the most of it for the benefit of society.

When he was asked about the possible interest of his company and others in the industry to buy the subsidiaries that Telefónica has in Panama, Costa Rica and Nicaragua, Nair did not confirm or deny this version, however, he added that "if there is a sale in Central America, we would consider it without a doubt".

On the other hand, confirmed that at the end of this year will open in Panama its Operations Center for Latin America, which calculates start with 500 employees.

"We chose Panama, between several cities, because it is the gateway to the continent and the two oceans, for its political and economic stability, it is a digital hub in Latin America, it has seven submarine digital fiber cables", he explained.

"Respect for intellectual property", he added, is another of the strengths they valued.

He added that they also decided on the Central American country because they have found "available talent, universities and smart people, we do not intend to bring in external personnel but to develop local talent".

From Panama it will attend various activities of its business in Chile, the Caribbean and Costa Rica, "with the best possible talent, to provide the best services, putting the customer first", he added.

Regarding the expansion of the Chinese telecommunications industry, the executive of Liberty Latin America said that "we are not afraid of its actions, our business is adding value" and emphasized that "we continue studying possibilities" because "we are happy with the results in Panama".

He explained that in 2018 the company made more than 700 million dollars in investments and assured that this year "will not be less", although he did not specify figures.

Regarding the advancement of technology, he considered that after the Tokyo 2020 Olympic Games "the use of the 5G network will be seen more" a greater development of the internet and its relationship with daily life and "in five years, what we have today will look old-fashioned", he predicted. 

Source-EFE

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