We operate in an era of rapidly increasing trade opportunities and heightened competition, which has created an environment that demands modern and sophisticated infrastructure in order to function more effectively, facilitate greater growth and to remain relevant in the globalized marketplace.
In the shipping industry, the positive correlation between high quality, advanced infrastructure and continued economic viability and prosperity is all too clear. It is for this reason that we applaud the recent signing of the concession agreement between the Port Authority of Jamaica (PAJ) and the French company Terminal Link/CMA CGM for operations of the Kingston Container Terminal (KCT). The company’s proposed investment of some US$ 600 million is a powerful demonstration of business confidence in Jamaica and the wider Caribbean, and reinforces the region’s strategic advantage of being located astride major trade routes.
As a formidable global brand ranked as the third-largest shipping company in the world, the presence of Terminal Link/CMA CGM in the Caribbean sends the important signal that exciting opportunities exist in the region. The company’s commitment to upgrading, expanding and operating the KCT under a 30-year concession, as well as its plan to dredge Kingston Harbor, will enable Jamaica to accommodate the mega ships that will soon transit an expanded Panama Canal. This is expected to significantly increase cargo flows through Caribbean ports that are actively seeking to achieve global transshipment hub status.