No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveKoreans, Brazilians Eye Investment at Monkey Point

Koreans, Brazilians Eye Investment at Monkey Point

MANAGUA – Virgilio Silva, executive president of the National Port Authority (EPN), announced this week that a group of Korean businessmen will soon be visiting Nicaragua to look into investment opportunities in a deep-water port at Monkey Point, in the South Atlantic Autonomous Region (RAAS).

Silva said that the Koreans are part of a group of 160 businesses that operate ports, and “we are going to see if we can formalize the dream of the EPN and the desire of President Daniel Ortega to construct a deep-water port in the southern Atlantic.”

Silva said the investment would be $350 million for the port. A group of Brazilians and the Iranians have also expressed interest in investing in the port in the past.

Silva also said that Nicaragua will be trying to sell the port idea during an April 15 summit of port operators in Brazil, and that the government is already trying to generate interest in the Monkey Point port idea on the Internet and in industry magazines.

He stressed the importance of the project for Nicaragua because, “We are missing out on $150 million a year [in trade] because the majority of local cargo is shipped out of Puerto Cortes in Honduras and Puerto Limón, in Costa Rica.”

The Central American Commission of Maritime Transport (COCATRAM) has also offered to support Nicaragua in building the port at Monkey Point. COCATRAM already has experience in these types of projects in Chile and Perú.

 

Trending Now

Costa Rica Extradites David Ochy to Panama for Alleged Money Laundering

Costa Rican authorities have extradited David Ochy, a former Panamanian presidential candidate, to Panama, where he faces charges of money laundering tied to the...

Fishing, Wildlife, and History in Costa Rica’s Barra del Colorado

Costa Rica’s Barra del Colorado is a magical and charming town. It’s one of the country’s hidden gems, best known for its world-class sport...

Obesity in Costa Rica: A Growing Health Crisis After 35 Years of Change

Recent studies claim that about one-third of adults in Costa Rica are considered obese and another third overweight. Which means about two-thirds of adults...

When Will Poás Volcano National Park Reopen? Here’s What We Know

Although Poás Volcano has entered a more stable phase and the alert level has been lowered to green, the national park will remain closed...

Costa Rica Introduces New ₡500 Coin: Old One No Longer Valid

Visitors to Costa Rica this month should be aware of an important change to the country’s currency. As of Tuesday, July 1, the old...

Chiquita Brands Leaves Panama Amid Protests, Talks Underway to Resume

Laid-off workers from the U.S.-based banana company Chiquita Brands said on Monday that they are hoping for the company’s return to Panama, after it...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica