PANAMA CITY - Business representatives from Panama and the coastal city Qingdao in East China agreed here Tuesday to increase the exchange of information and other cooperation.

The two sides signed a memorandum of understanding on cooperation during a meeting in Panama's capital.

Head of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), Gabriel Barletta, and head of a delegation of the Qingdao chamber of commerce, Xu Jian, signed the document.

Barletta said the visit by the Qingdao business delegation is "important" due to the dynamism seen in the development of Panama-China relations since the Central American country and China established a diplomatic relationship last June.

Barletta added that a Panamanian business delegation will visit Qingdao in April.

Panama is seeking investment in sectors including tourism, infrastructure construction, agriculture and financial services, where Chinese enterprises have "great experience," he said.

Barletta said ports and logistics are crucial for Panama's economy, and that the cooperation between Panama City and Qingdao will be "very important."