As a part of her trade mission to Brazil, Colombia, and Panama this week, Acting Secretary of Commerce Rebecca Blank met today with Jorge Quijano, Panama Canal Administrator, and Roberto Roy, President of the Panama Canal Board and the Panama City Subway, to discuss the Panama Canal Expansion Project and infrastructure spending related to Panama City’s Metro Rail Project. These meetings aim to strengthen longstanding U.S.-Panama ties by promoting greater cooperation between the two countries on infrastructure development.
Panama is a longstanding friend and ally to the United States, and the country’s strategic location as a major shipping route makes it an important economic partner as well. The Panama Canal currently handles five percent of the world’s trade, and approximately two-thirds of the Canal’s annual transits are bound to or from ports in the United States.
In order to allow greater container capacity, the Panama Canal Authority has decided to invest over $5 billion to expand the Canal. The expanded Canal will accommodate larger vessels that cannot transit now, introducing a new line of business that Panama projects will gradually increase annual profits to $3 billion.