Mitsubishi in port play
Japanese trading house Mitsubishi Corporation has entered the terminals business in Colombia by taking a stake in Santa Marta.
Mitsubishi has taken a 25% holding in the port’s holding company having entered a venture with Daabon Group.
It explains Santa Marta is the only port in the area capable of accepting post panamax vessels and boasts the third largest cargo volume in Colombia.
“Due to steady economic growth in Colombia and the expansion of the Panama Canal, import/export volumes at Santa Marta are expected to increase,” Litsubishi said.
“Therefore, there are several ongoing plans to expand the capacity of the port so that Santa Marta will play an even more important role as a transportation hub.”
The new partners will look to develop other ports projects in the country, in a move that dovetails with Japanese government policy to promote infrastructure-related industries and systems.