The Panama-Korea Association was established in 2012 with the purpose of promoting and strengthening commercial, academic, cultural and friendship links between both countries.

[5] In June 2010, South Korean President Lee Myung-bak visited Panama.

Later, in October, he received his Panamanian counterpart Ricardo Martinelli at Cheong Wa Dae for summit talks.

[1] In 2021, Panama's exports to South Korea amounted to $380 million.

South Korea is the third largest export partner of Panama.