Port infrastructure growing rapidly in Panama

Manzanillo International Terminal (MIT) will launch an investment of around $270 million in its facilities and Panama International Terminal (PSA) is keen to expand its terminal.

The increase in container cargo traffic that will be generated by Super-Post Panamax ships after expansion of the Panama Canal is completed is the main reason for investors seeing the Panamanian Pacific and Altantic as the best places to expand operations.

The Atlantic side of Panama has become momentarily the most desired area for the construction and expansion of port terminals, with investments of over $1,000 million.

The port of Manzanillo International Terminal (MIT) is one center of investment in infrastructure.

Margarita Island is now the new hub port development. Here the Panama Canal Colon Port company is developing a new port with an investment of over $600 million.

United Crown Society Construction Inc. will develop the project Logistic Park (a container yard) on Margarita Island, which had its concession contract approved by the Panamanian Cabinet.

It will invest more than $105 million in this project, which will generate 800 jobs in the construction phase and more than 1,200 in operations, according to the company.

The Deputy Minister of Foreign Commerce, José Pacheco, announced that the container terminal will have three docks and will generate 3,000 indirect and about 1,500 permanent jobs once operations begin.

The president of the Panama Chamber of Shipping, Willys Delvalle, reported having knowledge that the port of Manzanillo International Terminal will launch an investment of over $270 million. According to Delvalle, there is evidence that Panama International Terminal is keen to expand its Terminal, pointing out that once Corozal terminal is developed on the Pacific, it would be very positive, and in the future could create other investments on the Pacific side.

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