Panama’s logistics sector is on the verge of a major expansion. Large-scale infrastructure investments — including new port terminals, a railway to Costa Rica and ongoing Canal upgrades — are expected to push the sector from roughly 35% of GDP today to more than 50% of GDP over the next decade, making it an even more dominant engine of Panama’s economy.
This according to a recent article in La Prensa & an interview with the President of the Logistics Business Council – COEL.
Key Initiatives
Key initiatives include the Panama – Costa Rica Railway, the Panama Canal projects (Telfers & Corozal Port Development of 2.6 B. USD and a gas pipeline / energy corridor of 8 B. USD), renovation and expansion of Tocumen Airport, the Margarita Island port terminal and renovation and expansion of the Pan-American Highway. In addition, there are projects already underway, such as the 4th bridge over the Canal and Line 3 of the Panama Metro, which will improve land connections to and from the city center.
According to Angel Alberto Sanchez Chiappetto, president of Consejo Empresarial Logístico – COEL the expansion of the logistics sector will be significant, but it will also pose challenges in terms of planning & execution, in particular in terms of human resources issues.
It is estimated that approximately 125,000 professionals will be needed over the next decade for the execution of these projects and logistic sector operations. Think of civil engineers, specialists in automation, industrial safety, maintenance and environmental protection, port and naval engineers, as well as technicians in specialized welding, electromechanics and heavy machinery operation.
Moreover, for the functioning of the logistics chain, many professionals in logistics, supply chain management, digital transformation & application of new technologies (AI, sensors etc.), international trade, customs, and planning will be needed.
Opportunities for European companies
These developments present major opportunities for European companies. Not only in bidding for logistics infrastructure tenders but also in areas such as professional training, recruitment and other professional & technical services.
Reach out to us if you would like to know more and you can read the full article in La Prensa Panama