The Panamanian government announced a $500 million investment to modernize the Balboa and Colón ports, increasing cargo capacity and improving container handling efficiency to solidify Panama’s position as the leading logistics hub in Latin America.

This ambitious project aims to increase container handling capacity by 35% over the next three years, enabling Panama to compete with other major logistics hubs in the region, such as Miami and Cartagena.

The plan includes the construction of new cargo terminals, modernization of port handling equipment, and the implementation of advanced technology to streamline customs processes and cargo tracking. These improvements are expected to not only strengthen Panama’s position in international trade but also create over 3,000 direct and indirect jobs in the port region.

The Panamanian president emphasized that this project is part of a national strategy to boost the logistics sector, which is one of the pillars of the country’s economy. Additionally, the integration of digital systems is planned, allowing businesses to monitor the real-time transit of their goods, thereby improving the efficiency and competitiveness of Panama’s logistics services.

International shipping companies such as Maersk and MSC have shown interest in increasing their presence in Panama following this announcement, which could lead to a significant rise in operational volume and new commercial agreements.