A Chinese group starts construction of a $ 900 million port in Panama

The Chinese group Shanghai Gorgeous will begin construction of a container port in the province of Colon, in the Caribbean of Panama, a project that requires about 900 million dollars in investment.

The act of laying the foundation stone of the project "Panama Colon Container Port" will be held in the sector Isla Margarita, in Colón, about 80 kilometers from the capital, in an official ceremony that is expected the attendance of senior executives of the group Of Chinese investment.

The project consists of the development, construction, operation and administration of the container port, which will have 12 cranes and capacity to handle 2.5 million TEUS (containers of 20 feet) per year, according to the data provided by the group.

Shanghai Gorgeous CEO of Panama, Kenneth Zhang, told Efe last April that he "expects to generate 800" jobs during the construction of the port, while other "1,000 direct jobs" will be required for its operation.

"Indicatively, these types of industries have a multiplier effect through which three indirect jobs are generated for each direct," said the top executive.

He also pointed out that on April 10 they received the resolution that approved the Container Port Environmental Impact Study (EIA), which is one of two projects totaling US $ 1.8 billion, announced in Panama Last April by Gorgeous Shanghai.

The other $ 900 million project in Colón consists of the construction, installation and operation of a thermoelectric plant that will use natural gas and the installation of a liquefied natural gas (LNG) reception and regasification terminal.

The Chinese group said that "Gas to Power Panama" is a clean, low-cost and efficient production project that will strengthen the national energy matrix with a contribution of 350 megawatts by 2020.

Panama is the first country in Latin America to set up the Chinese group, which has investments in more than 40 companies and projects from the United States to Australia and whose business strategy has focused on energy, logistics and high technology projects, According to their own data.

"There are many competitive advantages that make Panama the perfect country for the development of our projects, including a dollarized economy whose sustained growth has given rise to the coveted 'Degree of Investment' Risk rating companies, "Zhang told Efe last April.

Panama also enjoys a privileged geographic position with an expanded Canal, which carries more than 14,000 ships a year, and has managed to develop a cluster of services that is concentrated around the Canal. ) That, by interacting with each other, provide all kinds of services required for the logistics of world trade, "he added.

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