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Latin America Investment News on Viva Tropical

$200 Million Port Expansion for Colon, Linked to New Free Trade Agreement With U.S.

Article Summary:

Panama is set to invest $200 million in the expansion of the Port of Colon on the Caribbean coast. President Martinelli stated the expansion was a direct result of the signed Free Trade Agreement with the United States.

Original Article Text From Panama America via Google Translate :

Panama Signed a Contract of $200 million to Expand the Port of Colon

More than 200 million dollars will be invested to expand the port of Colon by the American-owned company SSA Marine, through its subsidiary Manzanillo International Terminal in Panama.

The CEO of SSA Marine / Carrix, Jon Hemingway, explained that future expansion of the port include dredging the access channel, a new dock for maneuvers, 3 new docks for Post-Panamax vessels, with the Canal expansion will begin to move the waterway, additional areas for storage of cargo and the installation of nine gantry cranes, three of which are close to arrival. New equipment for handling containers at the port are also included in the transaction.

President Martinelli, who attended the ceremonial act of the announcement, said the U.S. company’s interest is linked to the Free Trade Agreement with the United States, as the company reached an agreement with the National Government, through the Authority Panama Maritime to formalize the important processes that enable investment.

“This makes logistics platform Panama is considered a great little country and we must continue working to make this economic growth is reflected in the class most in need,” Bush said.

The President reiterated the initiative to create a sovereign fund with contributions from the Panama Canal to meet any national emergency or have a large savings to invest in the country.

Link to Original Article:

From Panama America

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