Amid rapid economic growth, Panama’s government has prioritized infrastructure development to create a sustainable future. Because of this, the local construction industry is experiencing a boom, with Cemento Interoceanico — the country’s only truly local cement manufacturer — finding itself competing with giants in the industry.
In the last few years, increasing demand for cement has prompted the entry of multinationals, something that has made it tough for homegrown companies.
While Cemento Interoceanico’s market share is small compared to that of its foreign rivals, it has ensured growth by providing quality products and value-added services.
“In a market dominated by multinationals, you need to innovate, focusing on creating value to customers across the country. There is no other cement grinder like us, ‘100 percent Panamanian,’” said CEO Jorge Azcarraga.
Cemento Interoceanico focuses on local projects. But to maximize its impact on the market, the company is seeking international investors, particularly from Japan, so that it can take on more projects, create additional value-added services, and cater to a more diverse clientele.
But, Cemento Interoceanico has various projects in the pipeline that will further secure its standing in the local market.
“The cement market has experienced a slowdown in the last 18 months. However, as an industry and as a company, we reinvent ourselves and seize the business for capturing new opportunities for growth. We are very confident there will be a turnaround soon,” Azcarraga said.
