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Latin America Investment News on Viva Tropical

What Does $1,700 Billion Buy in Panama?

Article Summary:

Panama is running ahead in the race to become the world’s premier logistics hub, and is set to spend $1,700 billion in building three new logistic terminals.

Photo Credit: Capital

Original Article Text From Capital via Google Translate :

PPC Build Another Island Port Telfers

They are not two but three port projects that are on the table to build the coming years, which will involve an investment of $ 1,700 million and consolidated Panama as the main logistics hub in Latin America.

And besides port Margaret Island, which will develop a Chinese consortium at a cost of $ 700 million, and Corozal, which could be developed by the Authority of the Panama Canal (ACP) or concession by that entity to a private developer, with an estimated investment of $ 500 million and $ 1,000 million, the Panama Ports Company (PPC) reported already in stage soil survey for the construction of a port terminal in island Telfers, in the province of Colon.

Lucas Versari, CEO of PPC, speaking exclusively to financial capital, said that the construction of the new terminal, the second that the company would operate in the Atlantic, will require an investment of $ 500 million and its construction will last three to four years.

Explained that this consolidate investment Panama as one of the main ports of the world and the largest in Latin America, however, warned that the success of the Panama route and logistics hub depends on the “trust” they have the shipping lines and the “certainty “cost for companies that require their logistics services, so that the country can not afford to see disrupted port operations and transshipment of goods constantly.

“These companies expect the transfer system is Panamanian merchandise safe and reliable, and the word reliable means that in time no surprises and therefore can run what is planned as normal. That one can not operate for a certain period of time normally makes that trust is lost, especially since this implies increased costs for everyone involved and that’s what I want to avoid using the Panama route in a logistics process “he said.

Asked about this project, the Minister of Trade and Industry, Ricardo Quijano, called it “good for the country” and said that it will add to port of Isla Margarita and Corozal, which help to consolidate Panama as the main port center in Latin America, this year could reach a record in container handling when it reaches seven million TEUs (See box: Container movement).

“These investments are very important for the country because port system is already being boy to the growing demand for service from shipping companies and especially given the projected demand by the time it enters the expanded Canal operation, “said Quijano.

Another important fact is that the ACP announced that it will make available about 900 hectares port system for logistical services, which fills a major need of the Panamanian port system, as is the lack of space for cargo handling.

Xiomara Rodriguez For Professor , chancellor of the University of the Caribbean, both investment announced by PPC as expected by government authorities, is good news for Panamanians, not only because the country will have three new ports that offer thousands of high-paying jobs to Panamanians, but also because the execution of these works will be given at a time when the inter-oceanic canal expansion enters its final phase, which will help the local economy to maintain its current growth rate.

Link to Original Article:

From Capital

Latin America Investment News on Viva Tropical