Panama and China have signed 22 cooperation agreements since the two countries established diplomatic ties last June.

Representatives from the business community in Qingdao, a Chinese coastal city in Shandong province, and the Central American country of Panama have agreed to boost cooperation, as well as exchange of information. A memorandum of understanding on cooperation was signed between the two in the capital Panama City, according to Xinhua.

The document was endorsed by Gabriel Barletta, head of the Chamber of Commerce and Industries and Agriculture of Panama, and Xu Jian, head of a delegation of the Qingdao chamber of commerce.

Describing the visit by the Qingdao business delegation as being “important,” Barletta went on to praise the growing zeal witnessed between Panama and China since both countries established diplomatic ties last June. He went on to affirm that a Panamanian business delegation will visit Qingdao in April, according to Xinhua.

Barletta emphasized that the Central American country is seeking investment opportunities in areas such as tourism, construction, agriculture and financial services, sectors where Chinese businesses have “great experience.”

He also stated that Panama’s economy is heavily reliant on ports and logistics, and that engagement between Qingdao and Panama City will prove to be “very important” to the economy and development of Panama.

Also this month, the first technical meeting was convened by Panama’s government and China Railway Design Cooperation to further develop plans to build a rail line in the Central American country. The cargo and passenger railroad would link Panama City with the northwestern province of Chiriqui along the Costa Rican border.

Panama’s Foreign Affairs Ministry stated that since diplomatic relations had been established, 22 cooperation agreements have been signed between the two countries.