On June 13, 2017, Panama dropped Taiwan and established diplomatic relations with China. Since then, many Chinese companies have entered Panama. At present, the Panamanian Chinese Chamber of Commerce has 40 members.
China Harbour Engineering has moved its regional headquarters to Panama and taken over an expansion project of the Colon Port and a cruise terminal project. Not long ago, China Harbour also won the bid for the project of the fourth bridge over the Panama Canal. In 2017, China’s Lan Bridge Group also started the Colon Margarita port expansion project. China State Construction Engineering has successively undertaken infrastructure projects such as the Panama government’s “City of Hope” Housing Project, the Amador Convention Center, and Panama City’s San Isidro Bus Station.
China CAMC Engineering also established an overseas warehouse in the Panama Free Trade Zone in Colon. Goldwind Technology supplies equipment for the Panama wind power project and drives the export of Chinese equipment.
The Bank of China, Huawei, and Nuctech have also made considerable progress in their respective fields. At present, China Railway Engineering Corporation is conducting a feasibility study related to passenger and freight transportation.
Wei Qiang, China’s first ambassador to Panama, said that the enormous energy accumulated during the long-term relationship between China and Pakistan is to be fully released and will comprehensively be promoting cooperation in trade, investment, shipping, civil aviation, finance, agriculture, tourism, and infrastructure. The two sides signed a memorandum of understanding on jointly promoting the construction of the “Belt and Road.” Panama is the first Latin American country to sign this memorandum with China.
The Panamanian Vice Minister of Foreign Affairs Luis Miguel Hincapie said that Panama hopes to become China’s gateway to other parts of Latin America.
Source: Xinhua, December 3, 2018