The European Union (EU) will enhance the economic ties with Panama during a leading official's visit to Panama, the EU statement said Wednesday.

As part of the EU's effort to strengthen economic relations with Central and Latin American countries, European Commission Vice President Antonio Tajani will lead a Mission for Growth to Panama on Thursday.

He will be accompanied by a large business delegation composed of 32 companies, five European business associations representing 11 EU Member States.

During his visit to Panama, Tajani will hold discussions with his counterparts.

This visit will allow concrete discussions on industrial cooperation, as well as consolidating EU-Panama cooperation in strategic areas and encouraging the presence and development of EU firms in Central America, the statement said.

Panama is an upper-middle income country with GDP per capita among the highest in the Latin America and the Caribbean region.

The EU is Panama's main trading partner after the United States. 10 percent of Panama's imports come from the EU, while 22 percent of national exports go to the EU. In addition, Panama is the first beneficiary of European investment at the regional level and the EU is the largest investor in Panama.