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Landbridge Group's Margarita?Port Expansion Project Successfully Launched in Panama

Introduction:On the morning of June 7 in Panama, Landbridge Group officially launched its expansion project for Margarita Port.


On the morning of June 7 in Panama, Landbridge Group officially launched its expansion project for Margarita Port. Panamanian President Juan Carlos Barrera, China-Panama Trade Development Office Representative Wang Weihua, Landbridge Group Chairman Ye Cheng, CCCC Dredging Group President Kang Xuezeng, mayor of Cologne City, Minister of Environmental Protection, Minister of Industry and Commerce, Director of the Maritime Affairs Bureau, and Director of the Border Defense Agency attended the ceremony. This project is the first large-scale investment by mainland China in Panama.

Panama’s President Barrera showed his excitement in the opening ceremony. In his speech, President Barrera said: "More than 160 years ago, many workers from China participated in the construction of the Panama railway,. Today, Panama once again witnessed another historical moment. The construction of the Port of Margarita Island marks that China-Panama cooperation has entered onto a new stage. ” 

In his speech, representative Wang Weihua stated that this project is a milestone for both sides, and it plays an important role in promoting Panama’s economic development and creating job opportunities. The office will continue to support Chinese-funded enterprises and strengthen bilateral economic and trade cooperation so as to benefit the people of both countries. 

At the construction site, Ye Cheng, Chairman and President of Landbridge Group, was interviewed by Xinhua News Agency and Global Times ETC,. In the interview, Chairman Ye Cheng pointed out: “China has more than 35 million TEUs of goods transported to North and South America every year. At the same time, at least an equal number of containers are shipped back to China. After the expansion project, Margarita Port will become China’s core hub for connecting North and South America. In addition, this large-scale investment project will inject impetus into the economic development of Panama and will create at least 2,000 jobs for Panama, including 800 jobs during construction and 1,200 after operations. ” 

Located at the Atlantic entrance to the Panama Canal, Margarita Port, as one of the world’s core ports, is located in the Cologne Free Trade Zone, the largest free trade zone in the Western Hemisphere. Half a year ago, in November 2015, the group acquired the property rights of Darwin Harbour for 99 years in northern Australia for A$506 million. 

Upon completion of the expansion, Margarita Port will add four container berths and achieve an annual capacity of 5 million TEUs to meet the current and future operation and demand of the Panama Canal. 

The participants went to the construction site to hold the foundation ceremony. 

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