Ports need US$500mn to compete in FTAA

Colombia's ports need US$500mn in investment to be competitive in FTAA, the free trade area of the Americas, La Republica reports. Speakers at an international ports forum in Bogota, said that although millions of dollars have been invested in the country's ports during the last 10 years, this figure falls short of what is actually required. Carlos Urriola, general manager of the Panama Canal, said that Latin American ports must ready themselves for the demands of FTAA, which could double cargo demand within its first three years. Former minister Eduardo Pizano said that Colombia's port capacity has to quadruple in the next five years to handle the expected increase in demand. "The country has to be clear that if we do not make big investments our ports are going to suffer bottlenecks," newspaper El Tiempo reports. Colombian ports can move 30 containers an hour, well below the 150 of the world's leading large ports, according to official government data. Colombian port executives at the event asked the Uribe government to revise privatization plans so that ports can obtain larger investment. In particular, they would like concession periods to be increased by 10-20 years, said the newspaper. Some 88% of Colombia's exports are transported by ship, according to El Tiempo.