PANAMA CITY — China and Panama have geared up for more cooperation after the two countries established diplomatic ties in June, China’s ambassador to Panama has said.

Wei Qiang, China’s first ambassador to Panama, officially presented his credentials to Panamanian President Juan Carlos Varela on Oct 25.

China and Panama have waited a long time for establishing formal ties, Wei said while attending a public event later in the day.

“Thanks to our respective comparative advantages, advantageous positions and major achievements in economic and social development, we have accumulated a lot of energy for cooperation,” he said.

“Now all the energy accumulated over the years is going to overflow, promoting highly efficient economic and trade cooperation between the two countries,” the Chinese ambassador added.

Chinese companies have been very active in Panama even before the establishment of the bilateral ties, noted the ambassador, adding that since then, bilateral exchanges have intensified.

Panama’s position as a global trade transit and financial hub makes it a natural partner for China, and the China-proposed Belt and Road Initiative aims to revitalize the world economy through greater connectivity, Wei said.

It will be worth studying the possibility of coordinating the Belt and Road Initiative with the Central American country’s development plan, Panama 2030, said the ambassador.