China’s state-owned shipping company Cosco is seeking at least a 20 per cent stake in a $2.3 billion port development project at the Panama Canal.
According to Reuters, the investment is linked to a plan by a local Panamanian firm, which aims to construct port facilities on both the Atlantic and Pacific sides of the canal.
The project reportedly includes a RoRo terminal, container handling infrastructure, and logistics services.
Panama’s maritime authority has allegedly approved the project, pending final government review.
Reuters revealed that a Cosco representative told the Financial Times (FT) the company is still evaluating the opportunity.
The development comes amid heightened US scrutiny of Chinese involvement in critical infrastructure in the Americas.
In April, Cosco Shipping rejected US allegations of misconduct in China’s shipbuilding and logistics sectors, as well as the measures introduced to limit China’s influence in the industry.
