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Panama Canal passes 10-year milestone

Panama Canal passes 10-year milestone

Panama City: President Ricardo Martinelli symbolically hoisted the Panamanian flag (pictured) at a special ceremony held to mark a decade of national stewardship for the Panama Canal at year end. The canal, a vital trade artery for world trade including that between Asia and the east coast of the Americas, has enjoyed significant growth 'by nearly every measure; during that period according to the Panama Canal Authority (ACP).
President Martinelli highlighted how the Canal has been managed in a safe, reliable and efficient manner during the past 10 years. He added that "the Canal is a matter of pride not only for Panamanians, but also for the international community."

"Through trade booms and economic recession, the ACP has steadfastly provided excellent service to our customers and world trade," added ACP Chairman and Minister for Canal Affairs Romulo Roux. "After the handover in 1999 and shifting our business model from a profit-neutral utility to a market-oriented business model, we never lost sight of our vision and responsibility to global trade. I believe that has been a key tenet of the Canal's success."

ACP Administrator/CEO Alberto Alemán Zubieta provided a forward-looking vision. "We continue to break new ground with the expansion, the largest project since the Canal's original construction, and we are on track for a 2014 completion," he said. "An expanded Canal will open new doors for world trade and growth. And our fundamental mission is clear: the business of the Canal is to provide customers with safe, reliable and efficient service. We take this role seriously and look forward to years of service to come."  [05/01/10]