Panama Congressman Luis Eduardo Quiroz (left) and Jiang Jianguo, deputy head of the Publicity Department of the Communist Party of China, exchange gifts during a meeting that precedes a "storytelling event" at the Chinese Cultural Center in Panama City, Panama, on Thursday, celebrating the one-year anniversary of the establishment of diplomatic ties between the two countries. LIU YINMENG / CHINA DAILY
Although China and Panama have enjoyed a special bond due to the immigration history, the two countries also have collaborated closely in the economic realm in recent history.
China is the second-largest client of the Panama Canal after the United States. A number of Chinese companies, including Huawei, also have established their branches in Panama, known as the "hub of the Americas".
On July 29, a group made up of China Communications Construction Co Ltd and China Harbour Engineering Co Ltd won a $1.42 billion contract to build the fourth bridge over the canal, according to Reuters.
But many people expect more economic collaboration to follow after the forging of diplomatic ties between the two nations.
"China and related countries are building an international platform of collaboration through the Belt and Road Initiative," said Jiang Jianguo, deputy head of the Publicity Department of the Communist Party of China and a keynote speaker at Thursday's event.
He said Latin America is the "indispensable participant" in the development of the Belt and Road Initiative (BRI), and Panama is the Maritime Silk Road's "natural extension" into the region.
The BRI, put forth by President Xi Jinping in 2013, seeks to create a trade and infrastructure network connecting Asian with Europe, Africa and beyond.
Panama became the first Latin American country to sign up for the initiative, followed by Antigua, Barbuda, Trinidad and Tobago, and Bolivia.
"The building of diplomatic ties between China and Panama would further enhance the logistics economy of Panama," said Leonardo Enrique Collado Trejos, an economist and professor from the University of Panama's Regional Center in Azuero.
"China is a golden opportunity in Panama's diplomatic history."
