In less than a year of operations, four new vessel strings have been added to offer the country’s import/export industries more connections to overseas markets.
Speaking at the port inauguration ceremony, APM Terminals chief commercial officer, Henrik Lundgaard Pedersen said that “every country wants access to a competitive port – and we are proud to design our new container terminal around the country’s growth needs and Guatemalan businesses. APM Terminals Quetzal will play a strategic role in Guatemala’s economic future and competitiveness in world markets.”
APM Terminals Quetzal, located on Guatemala’s Pacific coast, is an 85%/15% joint venture between APM Terminals and The IFC - World Bank. APM Terminals has plans for an additional $145M to be invested over a 19 year period. As part of the company’s community outreach efforts, APM Terminals Quetzal will cooperate with the municipality of San José on community projects, representing an investment of $500,000 a year in projects that will be evaluated jointly.
Trade accounts for 25.9% of Guatemala’s economy and most of Guatemala’s economic development is concentrated along the Pacific coast. As the country’s newest Pacific gateway port, APM Terminals Quetzal is ensuring exports of sugar, fruits and vegetables, coffee, grains, fertilisers, fish, cotton, textiles and tobacco which represent half of Guatemala’s exports are successfully handled to the highest quality standards.
Guatemala is the largest populated Central American country with 16.5m people. The IMF has projected an annual economic growth rate of 3.2% for 2017 and 3.5% in 2018.
Guatemalan ports handled a combined 1.57m teu in 2016, coming in second place after Panama and the ports of Colon and Balboa with 6.5m teu in 2016, and ahead of Costa Rica with 1.34m teu.
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