{"id":24157,"date":"2006-06-14T14:24:43","date_gmt":"2006-06-14T14:24:43","guid":{"rendered":"https:\/\/pancanal.com\/en\/?p=24157"},"modified":"2021-09-10T14:24:56","modified_gmt":"2021-09-10T14:24:56","slug":"cosco-ceo-endorses-panama-canal-expansion","status":"publish","type":"post","link":"https:\/\/pancanal.com\/en\/cosco-ceo-endorses-panama-canal-expansion\/","title":{"rendered":"COSCO CEO Endorses Panama Canal Expansion"},"content":{"rendered":"

Panama City, Panama June 14, 2006 \u2013\u00a0<\/strong>Captain Wei Jiafu, President and CEO of China Ocean Shipping Company (COSCO), recently endorsed the potential Panama Canal expansion, citing that a more modern, competitive, 21st century Canal will benefit the global economy and world trade.<\/p>\n

Nearly five percent of total world trade transits the Panama Canal.\u00a0 Of this trade, 88 percent flows between the United States and Asia.\u00a0 In a speech given in Panama last month, Captain Wei stated that with the rapid development of China\u2019s economy, the Panama Canal becomes more important as a vital link for China to import and export goods to and from the East Coast of the United States, the Caribbean and the East Coast of South America.<\/p>\n

\u201cI fully support this expansion plan. I believe that the expansion of the Canal will enable more ships to utilize the Panama Canal. \u00a0It will not only strengthen Panama financially by bringing considerable revenues, promote development of Panama\u2019s maritime industry, and ensure Panama\u2019s position as the regional maritime center, but it will also benefit the growth of regional and world trade,\u201d said Captain Wei.<\/p>\n

Captain Wei stated the Canal is possibly at its most critical point in its history, he indicated four major developments as compelling reasons for expansion\u00a0namely:<\/p>\n