Canal expansion will bolster the region’s growth and development.
Another milestone agreement has been reached between the Panama Canal Authority and the Port of Miami - Administrator and CEO of the Panama Canal Authority (ACP), Alberto Alemán Zubieta, and Port of Miami Director, Bill Johnson, have renewed a Memorandum of Understanding (MOU) to promote trade opportunities and share best customer practices.
Prior to signing the MOU renewal, Mr. Alemán and Mr. Johnson met with local dignitaries and members of the international trade and Panamanian-American business communities to discuss the port’s 50-foot Deep Dredge project and the expansion of the Panama Canal. In its commitment to accommodate the world’s largest vessels, the Port of Miami’s Deep Dredge project will deepen the channel by 50 feet and is timed to coincide with the completion of the Panama Canal expansion project. "As Panama continues to become the logistics and maritime hub of the Americas, the renewal of our Memorandum of Understanding with the Port of Miami emphasizes our commitment to promoting regional growth and solutions for the shipping industry as we forge ahead with our historic Canal expansion," said Alemán Zubieta. “This agreement will create unlimited opportunities for the international trade industry and consumers.”
The Port of Miami is the largest container port in Florida with a $17 billion annual economic impact on the region, providing direct and indirect employment for over 180,000 jobs. With its strategic position as the closest major U.S. port to the Panama Canal, the Port of Miami will be the first port of call for the Post-Panamax vessels that will begin navigating the expanded canal in 2014. As a result of the port tunnel project, traffic flow will be improved, inefficiencies in the movement of cargo will be alleviated and economic development, safety and efficiency will be enhanced.