Panama port starts construction work to increase capacity

Updated 2017-06-09 11:12:15 Global Times

Panama's largest port, which was purchased by a China-based company, started construction of its expansion phase on Wednesday.

Margarita Island Port, Panama's largest port, was purchased by China's Landbridge Group Co last year. State-owned China Communication Construction Corp (CCCC), the world's largest company in the infrastructure and engineering sector, is doing the construction work.

The Port is on Panama Canal's Atlantic side, and situated in the country's Colón Free Trade Zone.

It handles more than billion in trade annually, playing a pivotal role in the transport of goods from the Atlantic to the Pacific, according to a report of the US-based trumpet.com.

Four new specialized berths will be added for containers at the port when the expansion is completed, taking capacity to 5 million 20-foot equivalent units per year and meeting current and future demand.

The Port will become the "throat" of key shipping lanes, bridging China and North America as well as South America, Ye Cheng, chairman at Landbridge Group Co, told the Global Times on Thursday.

It will create at least 2,000 jobs in Panama - 800 for the construction period and 1,200 when the new capacity enters service, Ye added.

In recent years, the number of Chinese companies present in Panama has been growing mainly in the infrastructure sector, such as the construction of roads and water utilities, said Wang Weihua, permanent representative of China's Office of Commercial Development in Panama.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 16 2017 01:48:39

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 16 2017 01:48:39

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 16 2017 01:48:39

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords