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China in Panama News

China in Panama News

By in Economy with 0 Comments

As the China-US trade dispute continued to escalate, President Varela winked at China at the Summit of the Americas last month. In a not-so-subtle nod to Beijing, he stated that countries should look to renegotiate trade agreements without generating conflict and that Panama would welcome investment from all countries.

The strategy’s clearly working well for Panama. In the latest sign of China’s growing interest in the Isthmus, the Panamanian-Chinese project to build a 450km passenger train from Panama City to Chiriqui, on the Costa Rican border, is gaining steam, pegged at an initial investment of $5 billion. The High-Level Commission of the Panama-Chiriquí Railway Project has now been launched to coordinate everything related to the feasibility study of the construction project with the Chinese government, establish intellectual property criteria and other related tasks. The commission will be attached to the Ministry of the Presidency. The railway project is part of a long-term plan to link South and North America, as China has done with the China-Europe link.

China in Panama News
(Source: La Prensa, via Ministry of the Presidency)

In other news, the Industrial and Commercial Bank of China (ICBC) — the largest financial institution in China — will open its first branch in Panama. Another vote of confidence in Panama’s financial system.

About The Author

Kent Davis, founder and Managing Director at Panama Equity real estate, has been widely quoted in publications such as Wall Street Journal, Time Magazine, The Miami Herald and the Financial Times for his unabashed views on the Panama real estate market. Panama Equity is regarded as one of the most active real estate agencies in Panama and Kent’s articles, reports, and market research projects have been syndicated by press agencies including Bloomberg and the Associated Press.   Connect with the Author via: Email | LinkedIn | Facebook | Google+

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