Government to invest US$3 billion in maritime projects
The Government of Trinidad and Tobago has committed US$3 billion to maritime projects aimed at creating a climate of continued trade and investment.
The construction of a transshipment port at La Brea, South Trinidad estimated to cost US$1.7 billion and a maintenance ship repair facility at a cost of US$1.2 billion, just off Sea Lots at the gateway to the capital Port-of-Spain, was announced by Trade Minister, Vasant Bharath, at a conference a week ago.
Both projects are carded to begin in 2014, and will be subject to Cabinet approval in three weeks.
The transshipment port at La Brea will be the newest addition to the Caribbean transshipment triangle which include our existing port of Freeport in Pt. Lisas, Puerto Caucedo in The Dominican Republic, the San Juan port in Puerto Rico, the port of Kingston in Jamaica, the Cartagena port in Columbia, and the ports of Colon and Balboa in Panama.
Earmarked as one of the sectors for growth by the government of Trinidad and Tobago, already international investors have capitalized on the opportunity. Last year, world drybulk cargo leader, Oldendorff Carriers
invested US$45 million in a new transshipment hub at Pt. Lisas, Trinidad to move iron ore from Brazil to China and the Middle East.
Scott Jones, CEO of Oldendorff Carriers Trinidad told investTT
last October, that Trinidad was chosen primarily for its labour pool, its strategic location below the hurricane belt as well as its proximity to Brazil and the Amazon River where iron ore is loaded onto medium-sized ships.
Jones also credited invesTT for the project’s quick start; it took just six months from interest and investment to operation.
According to a report
by the Inter-American Development Bank titled, "The Benefits of Logistics Investments: Opportunities for Latin America and the Caribbean," published in April 2012, the region’s ports have seen remarkable growth of containerised traffic with the development and expansion of port infrastructure.In Mexico for example, notable growth took place on the Pacific Coast, particularly at the ports of Manzanillo and Lazaro Cardenas.