Minister looks ahead to new ports, extra capacity, gas pipeline, and sustainability improvements to support Panama's development.
Panama’s minister for canal affairs José Ramón Icaza presented the key projects shaping the future of the Panama Canal during his keynote address at the 10th International Financial Summit, in Panama.
“Over the past 25 years, the canal has served as a model of responsible management by making a direct impact on the country’s development and playing a vital role in global maritime trade,” said Icaza, who also serves as chairman of the ACP Board of Directors.
The canal’s direct activity, along with the industries it supports, contributes 2.9% to Panama’s Gross Domestic Product, generating employment and strengthening public finances, which support the country’s social development, he said.
As part of the canal’s strategy for the future, Icaza presented a vision focused on water sustainability, expansion of logistics services, and consolidation of the canal’s value route.
Icaza mentioned, among the key projects, the construction of the Río Indio Reservoir Project, the planned construction of five ports, one of which is Corozal on the Pacific side and the other on the Atlantic side of Telfers Island. Port activity is closing on capacity limits and there is potential to increase container movements, from 2024's 9.7m teu up to 15m teu, he said.
The Panama Canal is also advancing the construction of a gas pipeline to take advantage of the global boom in trade in liquefied petroleum gas and other hydrocarbons, with the goal of diversifying the interoceanic waterway’s logistics and transportation businesses. The project’s value will depend on the business model defined for the pipeline, but could be between $4bn and $8bn.
