Americas News
Mexican Government Pours $5B Into Port Development
The Mexican government is investing 77 billion pesos ($5 billion) into developing the country's 117 ports, JOC reports.
Twenty-five new projects have reportedly already been brought forward by President Enrique Nieto, with the projects part of an overall plan to take a more systemic approach to managing the country's ports.
“Before this administration, the government approached ports as isolated units," said Guillermo Ruiz de Teresa, general coordinator of Mexico’s ports.
The new plans will separate ports into Pacific Coast and Gulf Coast designations and take steps to equalise tariffs.
The hope is that the changes will cut down on inter-port competitiveness.
Included in the list of 25 new projects is an expansion of the Port of Veracruz to triple its current capacity over the next 25 years, the construction of deep harbour oil platforms at the Port of Altamira, and a new dock for the Port of Seybaplaya.
Ruiz de Teresa added that the changes will also lift up Mexico as a transportation hub, especially as the nation's commercial cargo volumes have grown at double the speed of Mexico's GDP.
“For years, Mexico has been seen as a crossroads for trade,” he said.
“But, we are still below our true potential.”
According to Ruiz de Teresa, Veracruz is the country's most important port despite it not being the largest or busiest.
Early last year, Bunker's Mexico Group expanded in the port when it positioned its barge Pacifica II there.
