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New Panama President Juan Carlos Varela has been busy in Europe promoting Panama business. And he has a powerful message to deliver.

Speaking in Madrid this week, President Varela predicted that Panama will spend $35 billion on infrastructure, including transportation, energy, water treatment, health and tourism projects. That’s a huge number and makes it very clear that his administration is dedicated to investing in the continued development of Panama as a leader in Latin America.

President Varela, the former vice president of Panama, was elected in May. And while many may disagree about his policies, his election was widely seen internationally as a sign that Panama’s democracy is working efficiently. He defeated the preferred candidate of former Pres. Martinelli’s, providing evidence that Panama would not be controlled by one ruling party.

President Varela’s background is as an entrepreneur and he was educated at the Georgia Institute of Technology in the United States. And since entering the office he has emphasized his willingness to spend money on infrastructure projects to improve Panama’s foundation for both citizens and business.

On a long list of projects, President Varela’s administration has already moved forward quickly with the second phase of the Metro in Panama City and highway projects that will directly benefit Punta Pacifica.

During his trip to Spain, the President also committed to an early 2016 completion for the Panama Canal expansion, which has faced delays due to a variety of reasons, including disputes with contractors. The project will miss the widely-used 2015 completion date, but the President made it clear the issues have been a minor hiccup, not a lingering problem for the $6 billion project.

Spain’s Sacyr is one of the primary contractors on the Canal expansion and Spanish companies are playing a key role in Panama’s growth. More than 400 Spanish companies are operating in Panama, with a total investment of $3.5 billion, making Spain the second-largest investor in the isthmus nation, Spanish Development Minister Ana Pastor told a conference during President Varela’s visit.

President Varela used the visit to encourage more Spanish companies to bid on future projects, promising that Panama’s future construction projects will characterized by transparency and adherence to legal procedures.

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.