Panama's port authority is launching a new maritime strategy to consolidate the country as an international logistics hub, the entity's administrator Fernando Solorza told BNamericas.

"We are mainly looking to add value to Panama's port sector by establishing logistics as a pillar in the supply chain," he said.

In addition, the initiative seeks to link the maritime industry to other areas, such as educational, customs and migratory entities.

"There are ample business and investment opportunities, as we will invest nearly US$2bn in the coming years to expand port facilities. Undoubtedly, investment will come from the private sector," Solorza said.

BILL MODIFICATIONS

AMP is currently fine tuning the details of a bill containing the proposal, which will be sent to the cabinet council after approval from its board of directors.

"The bill seeks to modify the port sector's goals for the next decade, focusing on logistics and integrating other state entities and productive activities in maritime clusters [into the logistics process]," Solorza stated.

"The AMP has been working on these matters since 2004, but part of this plan is based on a policy created by the prior presidential administration in 2002," Solorza said.

"We want to bring this document up to date so that the current administration can leave a specific guideline for the maritime sector as its legacy," he added.

ADVANTAGES

In addition, the initiative plans to use the Panama Canal as a platform to offer a wide range of logistics services.

"Panama is so much more than the canal. We can offer a wide range of collateral services, such as container and bulk cargo terminals, cruise ship activities, fuel storage, repairs, etc," Solorza said.

When asked about competition from other countries in the region, such as Mexico, Solorza said: "Each region of the American continent has its own competitive advantages, and we believe the Panama Canal expansion opens up a vast field of new and better opportunities."

"Every nation needs to use its advantages and we were handed an opportunity. Panama is growing very fast, over 10% annually. There is no doubt the country is benefitting from the canal expansion. The housing and tourist boom we are currently experiencing is a result of that," he added.