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 Business News | October 2006 
Mexican Firms Set to Profit from Canal Vote
 José Meléndez - El Universal
| | According to government statistics, Mexican investment in Panama totaled US$1.2 billion during the last 15 years, while trade has jumped 175 percent over the same period. |
Panama City - Following a plebiscite vote in Panama to widen the Central American nation´s canal to allow for the passage of larger container shipping vessels, a number of Mexican companies are poised to capitalize.
Panamanians voted in favor of the US$5.2 billion project on Oct. 22, and cement giant Cemex, retail company Grupo Carso and hospitality industry firm Grupo Posadas are all ready to increase operations as a result.
"If we´re talking about opportunities for Mexican companies due to the widening of the canal, without doubt there are plenty," said Salvador Becerra, a commercial counselor at Bancomext, the Mexican government agency that promotes national companies abroad. "There are Mexican providers that are already moving to take advantage."
Cemex, which is the world´s third largest cement producer and operates in 50 countries, is building a new production plant in Panama that is scheduled to begin operations in 2007.
Grupo Carso, meanwhile, owned by billionaire Carlos Slim, plans to extend its Sanborn´s retail chain to Panamanian soil, while Grupo Posadas is scheduled to build a series of hotels there.
The widening project will kick off in 2007 and conclude in 2014. It will create an estimated 40,000 direct and indirect jobs, as well as attract financial capital and investment from across the globe.
"(Panama) is on the path to become the Singapore of Latin America," said Sandy Flockhart, head of HSBC for Latin America and the Caribbean.
According to government statistics, Mexican investment in Panama totaled US$1.2 billion during the last 15 years, while trade has jumped 175 percent over the same period.
In 2005, Mexican exports to Panama were valued at US$561 million, while Panama sold Mexico US$78.4 million worth of goods.
Mexico´s principle exports to |
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