PANAMA CANAL AUTHORITY SIGNS FIRST-EVER PARTNERSHIP AGREEMENT WITH THE MISSISSIPPI STATE PORT AUTHORITY AT GULFPORT

News Release Panama Canal Authority August 6, 2010

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<DIV>TRATEGIC ALLIANCE AIMS TO INCREASE ECONOMIC
GROWTH, SPUR INTERNATIONAL TRADE AND PROMOTE THE “ALL-WATER
ROUTE”
 
<IMG style="WIDTH: 3px; HEIGHT: 6px"
hspace=12 alt="ACP-Mississippi MOU Signing 8-2-10" align=left
src="attachment.ashx?id=RgAAAABTX%2fU3uxm5SZ7rQ%2bEwXkoiBwBdi6ig%2bDnbT497s6IkiEaWAPHI3%2bpIAABdi6ig%2bDnbT497s6IkiEaWAW77MIm%2fAAAJ&attcnt=1&attid0=EAC2mzRechuAQqYs%2bcIirNec"
width=356 height=261>PANAMA
CITY, Panama, August 2, 2010 – Panama Canal Authority (ACP) Administrator/CEO
Alberto Alemán Zubieta and Mississippi State Port Authority at Gulfport (MSPA)
Executive Director/CEO Donald R. Allee launched a strategic partnership today in
Panama by signing a Memorandum of Understanding (MOU) to increase economic
growth, spur international trade and promote the<A name=OLE_LINK1></A><A
name=OLE_LINK2> “All-Water Route” (the route from Asia to the U.S. East and Gulf
Coasts via the Panama Canal).</A>

During
an official ceremony, both parties, joined by Mississippi Governor Haley
Barbour, affirmed their commitment to mutual growth and cooperation.
Renewable after five years, the first-ever ACP-MSPA agreement will allow for
joint marketing ventures, information sharing and technological
exchange.
“Today’s
MOU signing represents a great opportunity for Panama and Mississippi to build
upon our existing offerings and trade relationship through a mutually beneficial
alliance,” said Mr. Alemán Zubieta. “One of the primary tenets of the ACP is to
continually look for creative approaches to boost trade flows and provide safe,
reliable and efficient service to the international maritime community. This
agreement is one way that we can help achieve this goal.” 
 
Both
the ACP and the Port are dedicated to further increasing capacity and fostering
business development. In 2009, Panama was Mississippi’s third largest trading
partner, in terms of exports, after Canada and Mexico. 
“For
four decades, the Mississippi State Port Authority has focused on growth
prospects in the Western Hemisphere, but the expanded Panama Canal will afford
the Port of Gulfport new opportunities to be more competitive in shipping
between North America and both Asia and the West Coast of South America,” said
Mr. Allee. “This agreement between the MSPA and the ACP will provide a framework
for our two entities to work together to pursue new business opportunities that
will result from an expanded Panama Canal.”
 
The
Panama Canal is currently undergoing its historic $5.25 billion expansion
project which will double the waterway’s capacity and build a new lane of
traffic through the construction of a new set of locks. Scheduled for completion
in 2014, the project will allow more ships and the passage of longer and wider
vessels through the Canal. 
 
Receiving
$570 million in federal Community Development Block grants for restoration
projects, the MSPA continues to refurbish the Port from Hurricane Katrina
damage. Development plans include elevating the Port’s West Pier to 25 feet
above sea level, returning to pre-Katrina storage capacities and preparing for
increased operations once the Panama Canal expansion project is
completed.
 
“Maritime
commerce is vital to Mississippi’s economy, and the expansion of the Panama
Canal provides the state with considerable opportunities for increased trade and
worldwide shipping,” said Governor Barbour. “Through the partnership with
the Panama Canal Authority, the Port of Gulfport will be able to offer even more
businesses quick, affordable access to nearly three-quarters of American
consumers. Our nation’s ports are overcapacity, and the current restoration of
the Port of Gulfport will accommodate increased container traffic that will be
entering the U.S. as a result of the Panama Canal expansion.” 
 
About
the Mississippi State Port Authority at Gulfport (MSPA)
The
MSPA is an Enterprise Agency of the State of Mississippi and is responsible for
the daily operations of the Port of Gulfport. MSPA’s mission is to be a
profitable, self-sufficient Port providing world class maritime terminal service
to present and future customers and to facilitate the economic growth of
Mississippi through the promotion of international trade. 
 
About
the Panama Canal Authority (ACP)
The
ACP is the autonomous agency of the Government of Panama in charge of managing,
operating and maintaining the Panama Canal. The operation of the ACP is based on
its organic law and the regulations approved by its Board of Directors. For more
information, please refer to the ACP's Web site: <A
href="redir.aspx?C=cae63b8565034d9089964d9f9b8d9b62&URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>www.pancanal.com</A>.
You can also follow the ACP on Twitter: <A
href="redir.aspx?C=cae63b8565034d9089964d9f9b8d9b62&URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.

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