Minister for Canal Affairs José Ramón Icaza presented an overview of the interoceanic passageway, the contributions the Panama Canal has afforded the country, and the key projects shaping the future of the waterway during his keynote address at the 10th International Financial Summit. His presentation entitled, “The Panama Canal: 25 Years Under Panamanian Administration and Its Global Impact,” offered a comprehensive look at the role the canal has played in global trade and national development.
As he reflected on the historic handover of the Panama Canal to Panama in 2000, Icaza highlighted major achievements made including completing the expansion Project in 2016, on-going maintenance of the infrastructure, and sustained investments that have ensured the availability of a reliable, safe, and competitive service.
“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.
Icaza also noted that daily transits great by 30% during the past second trimester compared to the same period last year. This growth reflects a rise in average daily transits from 25.5 to 33, which increased net revenues by $219 million. This 13% year-over-year growth reflects the result of effective and strategic management of the Canal's operations.
Additionally, Icaza highlighted the Panama Canal's contribution to the national economy. The canal's direct activity, along with the industries it supports, contributes 2.9% to Panama's Gross Domestic Product. Further, it generates employment and strengthens public finances, which support the country's social developement.
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 proposition. Among the key projects mentioned, were the construction of the Río Indio Reservoir Project, the installation of a gas pipeline between the Atlantic and Pacific, and the development of an intermodal logistics hub that will expand the canal's role as a regional platform.
The minister's participation took place as part of a diverse agenda that brought together regional leaders and international experts such as Director of Grupo Pharos (Spain) Marcos Urarte, former Canal Administrator Alberto Alemán Zubieta, and President and CEO of the American Bankers Association Rob Nichols.
The event also featured a panel of Latin American bank presidents and representatives from global financial institutions and companies such as Mastercard and Visa.
Source: Panama Canal Authority