Chinese Foreign Minister Wang Yi said China’s new embassy in Panama City would promote mutually beneficial cooperation and achieve common development for China and Panama, during the building's inauguration in Panama on Sunday.

Panamanian President Juan Carlos Varela and Vice President and Foreign Minister Isabel de Saint Malo also attended the event.

Wang said that history would show that the establishment of diplomatic relations with China was the right strategic choice.

Wang also sent a message to Chinese nationals living in Panama that the embassy would become a new home for them and provide better services for Chinese investors.

Wang also confirmed that Valera would visit China later this year at the invitation of President Xi Jinping, adding that China is looking forward to welcoming him.

Varela said after that after the establishment of diplomatic relations, both sides have already managed huge achievements, saying that geographical distance would not affect friendly contact between the two countries.

Wang and Varela also attended the inauguration ceremony of the Confucius Institute at Panama University. Wang said the opening should encourage more cultural and people-to-people exchanges.

Varela reiterated Panama’s commitment to the One China principle and expressed his support for the Belt and Road Initiative.

Wang arrived in Panama City on Saturday for his first official visit and was received by President Varela and Vice President Saint Malo in the Palace of Las Garzas.

His visit followed the establishment of diplomatic relations between the two sides in summer after Panama severed links with Taiwan.