Panama agreed with South Korea to collaborate on the railway

Panama signed a memorandum of understanding with South Korea's Ministry of Land, Infrastructure and Transport on strategic collaboration in the development of key infrastructure in the country, reports La Prensa.

On behalf of Panama was Henry Faarup, secretary general of the Panama Railway.

According to a presidential communiqué, this agreement establishes bilateral cooperation focused on the exchange of railway policies, laws and rules with the aim of improving the rail sectors of both countries.

In addition, it seeks to strengthen Panama's technological and logistical capabilities, drawing on South Korea's extensive experience, with the aim of consolidating the country as a strategic center for multinational operations in the region.

"Panama is at a crucial stage of its development. Projects like our railway will not only connect regions within our country, but will also open up new opportunities for trade, tourism and economic growth throughout Central America," Faarup said.

Both Faarup and the Minister of Public Works, José Luis Andrade, are at the Global Conference on Infrastructure and Construction (GICC 2024), held in Seoul.

Panama offered a toast after the signing of the agreement and invited Korean companies to establish operations in the Isthmus, stressing the role of the country as a logistics hub and multinationals that connect Asia with Latin America. "Panama is ready to welcome South Korea as a key partner in economic growth and in the development of advanced infrastructure. We want to work closely with our international partners to bring the best technologies and practices to our country," Faarup said.