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Sunday, June 16 2019 @ 11:34 AM UTC

Panama Canal expansion to create many jobs

Canal Expansion PANAMA CITY, May 2 (Xinhua) -- The Panama Canal expansion project could generate between 150,000 and 250,000 new jobs in the two decades to come, the Panama Canal Authority (ACP) said on Tuesday. Panamanian President Martin Torrijos announced in late April a 5.25-billion-U.S. dollar plan for widening the canal by adding a third system of locks to handle larger ships. The construction work will generate between 35,000 and 40,000 jobs by itself, according to ACP studies, with 7,000 workers taking part in the most active period of construction work, which runs from 2009 to 2011. Rodolfo Sabonge, ACP head of planning and marketing, said the work would create between 10 percent and 15 percent more employment in the Panamanian economy. It was estimated that about 1.5 million Panamanians would have jobs in 2025 if the canal is not expanded, while between 1.65 and 1.75 million would be employed that same year if the canal work goes ahead. The greatest increase in employment in the medium and long term will depend on the growth of economic activity in Panama, boosted by services -- the sector of the economy that is most immediately affected by Canal traffic.
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