Shipping界 News: At the 10th International Finance Summit held in Panama, José Ramón Icaza, Minister of Canal Affairs, delivered a keynote speech introducing key projects shaping the future of the Panama Canal.
Specifically, on July 3, at the 10th International Finance Summit, the Minister of Canal Affairs delivered a keynote speech titled “The Panama Canal: 25 Years Under Panamanian Management and Its Global Impact,” providing a comprehensive overview of the canal’s role in global trade and national development.
Reflecting on the historic handover of the Panama Canal to Panama in 2000, the Minister highlighted major achievements, including the completion of the expansion project in 2016, ongoing infrastructure maintenance, and sustained investments to ensure reliable, safe, and competitive services.
He stated, “Over the past 25 years, the Panama Canal has been a model of responsible management, directly impacting the nation’s development and playing a crucial role in global maritime trade.”
He noted that daily transits have increased by 30%, rising from 25.5 vessels to 33 vessels compared to the same period last year.
Additionally, he emphasized the canal’s contribution to the national economy. The direct activities of the Panama Canal and its supported industries account for 2.9% of Panama’s GDP. It also generates employment, strengthens public finances, and supports the country’s social development.
As part of the canal’s future strategy, he outlined a vision focused on water sustainability, expanding logistics services, and consolidating the canal’s value proposition. Key projects mentioned include the construction of the Río Indio reservoir, the installation of a natural gas pipeline between the Atlantic and Pacific, and the development of multimodal logistics hubs to enhance the canal’s role as a regional platform.
He revealed that Panama plans to build five ports, including Corozal on the Pacific side and Telfers Island on the Atlantic side. He noted that ports are nearing capacity limits, with container throughput potentially increasing from 9.7 million TEUs in 2024 to 15 million TEUs.
