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China and Panama officials have been meeting in recent days to advance deals on trade and tourism, which could have a major impact on Panama’s economy and real estate markets.

Earlier this week, representatives formally began talks on a free trade agreement, which would make Panama the key player in China regional business. Minister for Trade and Industry Augusto Arosemena said Panama hopes to become “the point of entry for Chinese investments and products for the region,” according to Associated Press coverage.

China’s ambassador to Panama, Wei Qiang, made similar comments, saying Panama “could become a hub for Chinese firms, notably in manufacturing,” Reuters reports. After this initial round, discussions are expected to resume in August.

Any boost in trade with China would send ripples through the entire country. Not only would it mean an increase in the already healthy annual GDP growth, China companies have started to move more executives and families to Panama City, providing a growing group of buyers and renters for the real estate market.

Meanwhile, China and Panama are also holding talks about expanding air connections between the two countries. Air China launched direct flights this spring, but more connections can provide a significant increase in tourists.

Talks of new flights came up during the recent official visit by China’s general director of Latin America and the Caribbean, Zhao Bentang, El Capital Financiero reports. He met with several top administration officials, including Vice President and Minister of Foreign Affairs Isabel de Saint Malo de Alvarado.

Meetings are looking to “create greater opportunities in the tourist exchange between both countries and regions,” the minister of foreign affairs said.

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