Jamaica Betting Big on Panama Canal Expansion
January 31, 2013 NACLA.org The expansion of the Panama Canal is to be completed in 2015. In preparation for this, Jamaica has embarked upon an ambitious program of infrastructure development to position it as a “global transshipment and logistics hub”—joining the likes of Singapore, Dubai, and Rotterdam. However, the cost to join the ranks of such global hubs is estimated to cost Jamaica anywhere between US$8 and $10 billion. While Jamaica is endowed with natural advantages, such as geographic proximity—it is the island closest to Panama and home to the world’s seventh largest natural harbor in the world—it is also saddled with a crippling amount of debt. In order to successfully complete the daunting project before the canal opens, Jamaica will have to dredge the Kingston harbour in order to ensure that the massive ships will be able to enter port, expand existing port facilities, construct a dry dock for ship repairs, establish a transshipment commodity port, a