The biggest business agreement between Panama and China, the container port at the Atlantic entrance of the Panama Canal, is gradually coming alive with a 30 percent work progress.
In only 9 months, this site has absorbed close to $310 million in investments (of a total 1.1 billion). The officials have taken a tour around the area to observe the advances on the project.
This project includes the construction, operation and management of 2.5 million containers annually, besides general cargo. It will also receive three docks, two of them with a capacity to service NeoPanamax mega vessels of up to 365 meters long, 49 meters wide and 15 in depth.
The construction inaugurated in June of last year. Mr. Ye Cheng, the president of the private group China Landbridge Group (CLG), to which belongs to Puerto de Contenedores Panama-Colon (PPCP is the acronym in English). This complex project will greatly enhance Panama’s competitiveness in logistics and transportation as well as connect ports in Asia, Oceania and highly improve maritime cooperation between many nations.
China and Panama announced the beginning of diplomatic relations last June 12, at the same time breaking up the previous pact with Taiwan.
Since that day there was an increasing number of high level contracts and agreements in several industries, many of which were signed during a recent visit of Panamanian President Juan Carlos Varela to China.
Like we previously mentioned the capital investments of Chinese business will be made into the study and construction of a passenger and cargo train line between Panama City and David and some other incentives as well.
