Contecon Guayaquil S.A. (CGSA), International Container Terminal Services, Inc.’s (ICTSI) subsidiary in Ecuador, has released a statement saying it signed an $18 million investment contract with the Ecuadorian state to develop the Port of Guayaquil.
CGSA added that beyond the contract, CGSA plans to increase the total investment amount to $30 million as part of its commitment to enable and promote Ecuador’s foreign trade. The $18 Million investment will boost the port’s capacity to handle neopanamax vessels–to be carried out in three stages.
“This is a decisive complement to the joint commitment we have made to achieve great objectives in pursuit of the development of this sector,” announced José Antonio Contreras, CGSA General Manager, who signed the contract together with Gabriel Martínez, Ecuador’s Minister of Transportation and Public Works.
In 2018, CGSA spearheaded the creation of the Logistics Community of the Port of Guayaquil, which provided supply chain stakeholders with a platform for stronger collaboration.
CGSA followed through by launching the first transport insurance program for Ecuador’s banana trade in 2019 to protect growers and the industry. Banana is the country’s main export product after petroleum.
According to mb.com.ph, CGSA has been operating at the Port of Guayaquil since 2007 under a 20-year concession.