Mitsubishi Corporation (MC) is pleased to announce its entry into the sea port terminal business in Santa Marta, Colombia. MC joins forces with Daabon Group¹, which develops sea port terminal business activities along Colombia’s Caribbean Coast, to establish a port holding company in Santa Marta. MC will participate in the joint venture with a 25% shareholding.

 

Located on the Caribbean Sea, the Port of Santa Marta is a multi-functional terminal which mainly handles coal, fuel oil and palm oil, as well as container cargo, grain and general cargo. As the only port that has jetties with enough draft (18m) for post-Panamax vessels, Santa Marta has the third largest cargo volume in Colombia. Due to steady economic growth in Colombia and the expansion of the Panama Canal, import/export volumes at Santa Marta are expected to increase. Therefore, there are several ongoing plans to expand the capacity of the port so that Santa Marta will play an even more important role as a transportation hub.

 

Endowed with rich natural resource reserves and a convenient location straddling the Pacific Ocean and the Caribbean Sea, Colombia is regarded as an emerging country with remarkable prospects for economic growth, following on the heels of the BRICS. The Colombian government has therefore made infrastructure development a priority for sustainable economic growth. Going forward, MC intends to continue collaborating with Daabon, one of the largest business groups in Santa Marta, the capital of the Department of Magdalena, for the expansion of port terminal business activities in Colombia. Developing new business in this sector is also consistent with the Japanese government’s strategy of promoting the export of infrastructure-related industries and systems.