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Government not overly concerned about work delays on Panama Canal

Published:Friday | February 7, 2014 | 4:36 PM

Monique Grange, Assistant News Editor – Radio



Minister of Industry, Investment and Commerce Anthony Hylton says the country need not be overly concerned about work stoppages on the expansion of the Panama Canal.




The expansion of the Panama Canal is a key plank in the government’s plans to become a part of the global value chain with the establishment of a logistics hub.



Reports this morning indicated that the consortium in charge of expanding the canal has suspended work on the $3.1 billion project, pending a response from the Panamanian authorities on its latest proposal to share $1.6 billion in cost overruns.



Minister Hylton says while the government is watching the situation closely, there’s no need for undue concern at this time.



He says the government remains focused on how quickly and effectively Jamaica is able to move to ensure the country is ready when the dispute is resolved.



The Industry, Investment and Commerce Minister says the government is sticking to the 2015 timeline to establish the logistics hub, despite the delays on the expansion of the canal.



Expansion work on the canal is said to be about 70 per cent complete.



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