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LatinNews Daily - 12 November 2018

In brief: Panama

* Panama’s public works ministry (MOP) has signed a US$1.4bn contract with Chinese consortium Consorcio Panamá Cuarto Puente (comprising China Communications Construction Company LTD and China Harbour Engineering Company LTD) for the design and construction of the fourth bridge over the Panama Canal. The announcement comes as Panama’s President Juan Carlos Varela paid a visit to China from 5-9 November to boost bilateral trade and tourism, and to attend the China International Import Expo (CIIE) in Shanghai. Accompanied by the ministers of trade & industry (Augusto Arosemena), agricultural development (Enrique Carles), deputy foreign minister (Luis Miguel Hincapié), Panama’s ambassador to China (Carlos Escobar), and the Consul of Panama in Shanghai (Nicolás Saval), President Varela also opened an agro-commercial office in Shanghai. The Panamanian government hopes that it will help boost exports to China given the country’s significant trade deficit. Panama imported US$1.34bn of goods and services from China in 2017, exporting goods worth just US$42.6m. During his visit, President Varela also met with Xuexuan Zheng, director of China Construction America, to evaluate the progress of the construction of the Amador Convention Centre, which will be the largest convention centre in the sub-region and is due to be ready in the first quarter of 2019.

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