Hungary will open a diplomatic mission to handle trade and consular affairs in Panama, the foreign minister said on Wednesday, ahead of talks in Panama City.

Péter Szijjártó told MTI by phone that he would meet with President Juan Carlos Varela Rodriguez, Vice President and Foreign Minister Isabel de Saint Malo de Alvarado and Trade and Industry Minister Nestor Gonzalez. A meeting was also scheduled with Archbishop Jose Domingo Ulloa Mendieta.

The foreign minister said he would sign with his partners a higher education cooperation agreement on grants for Panamanian students to study at Hungarian universities.

It is important for Hungary to set up a bridgehead in Panama, a country which is important from a strategic, security, trade and transportation point of view due to its location along the Panama Canal, Szijjártó said.

To promote bilateral economic cooperation, the government has opened a 160 million dollar credit line with Eximbank to support Hungarian businesses’ investments in Panama, he said, noting prospective cooperation primarily in water management.

On the featured photo: Panama’s Vice-President and Minister of Foreign Affairs Isabel de Saint Malo de Alvarado and Péter Szijjártó. Photo by Mitko Sztojcsev/Ministry of Foreign Affairs and Trade