DP World, Panama talk trade development

DUBAI: Panama President Juan Carlos Varela and DP World Chairman and CEO Sultan Ahmad Bin Sulayem discussed diversifying Panama’s economy through trade infrastructure development on Wednesday.

Varela toured DP World’s Jebel Ali Port and Free Zone as part of his visit.

“Panama’s economic growth within the last decade has been among the highest in the world. Major contributors have been the Panama Canal and its expansion, the resulting global logistics hub potential and the country’s economic diversification,” Bin Sulayem said in a statement on Thursday.

“We’ve experienced a similar growth story with the development of the Jebel Ali Port and Free Zone coupled with the development of trade infrastructure such as the Dubai Logistics Corridor and the continued drive of our leaders to develop trade and business. We’re keen to share this experience with governments from around the world and to build successful partnerships for the benefit of all,” he added.

DP World’s existing operations in Latin America include a 50-year concession in Ecuador, investing over $1 billion in developing maritime trade infrastructure, with plans to develop a logistics zone to create a regional trading hub in Posorja.

It also operates DP World Santos in Brazil, the busiest container port in the region, DP World Callao in Peru, DP World Caucedo in the Dominican Republic and a terminal in Buenos Aires, Argentina.

Dubai’s non-oil trade with Latin American countries has increased significantly in recent years, amounting to more than $35 billion between 2010 and 2016. Meanwhile, Dubai’s trade with Panama exceeded $20.6 million in 2017.