Taiwan President Chen Shui-bian on Monday said he plans to visit Panama in September to attend the inauguration of president-elect Martin Torrijos. "I met Martin Torrijos when I attended Panama's centennial celebration in November 2003. I wish to have the chance to attend his inauguration on September 1st to personally extend my congratulations to him," Chen told a visiting Panamanian press and academic delegation led by parliamentarian Aristide de Icaza. Chen added that Taiwan-Panama ties continue to be very close, saying that last year two-way trade totaled 133 million U.S. dollars, and 60 Taiwan companies were operating in Panama, with a total investment of one billion U.S. dollars. Since the Taiwan-Panama Free Trade Agreement took effect in January, two-way trade in the last six months has hit 143 million U.S. dollars, up 163 per cent year-on-year. Taiwan's investment in Panama in the first half of 2004 has risen 563 per cent year-on-year. Panama is one of 26 countries which recognizes Taiwan, seat of the exiled Republic of China since 1949. China has been wooing Panama to switch diplomatic recognition from Taipei to Beijing and Chinese Vice Foreign Minister Zhou Wenzhong visited Panama in June, causing Taipei to worry that Taiwan-Panama ties were shaky. China is eager to win over Panama because it is the largest among Taiwan's Latin American allies and the strategic importance of the Panama Canal.
