Panama has become the first Latin American country to join China’s Belt and Road Initiative (BRI). Chinese President Xi Jinping and his Panamanian counterpart, Juan Carlos Varela signed more than a dozen deals earlier this week during the former’s visit to Panama.
The government of Panama gave a Chinese consortium a US$1.4 billion contract to build a bridge over the Panama Canal, a day after a visit by President Xi Jinping on Tuesday. That tour was part of China’s efforts to extend its political and economic influence in Latin America.
According to China’s state broadcaster CCTV, Xi said Sino-Panama relations had made strong progress since the official establishment of diplomatic ties, with cooperation yielding successful results in various fields.
“China-Panama cooperation carries huge potential,” he added.
The One Belt One Road (OBOR), the brainchild of Chinese President Xi Jinping, is an ambitious project that focuses on improving connectivity and cooperation among multiple countries spread across the continents of Asia, Africa and Europe.
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