Tuesday, 4 December 2012
Shipping Investments Create Jobs and Boost Economic Growth
Investing in port infrastructure not only prepares a country or region for economic growth in the future, it also creates thousands of jobs in the process. These new jobs help drive their current economy and lays the foundation for sustained growth in the years to follow. In the new global economy of the future, regions that are unprepared to handle the new giant Post-Panamax vessels will simply not be able to compete with the one’s who are.
What is unfolding now in Georgia, USA, illustrates some of the benefits that can be derived from directly investing into their shipping transport industry. There were 5,300 new jobs created from investments amounting to $1.8 billion. The shipping industry in Georgia currently supports more than 352,000 jobs annually and contributes to $18.5 billion in annual income. It also produces $66.9 billion in revenue and generates $2.5 billion in local and state taxes, to Georgia’s economy. With that being said, it is clear that Georgia's shipping industry is considered essential to the region, and any investment made to make it stronger and more competitive, from container cranes to shipping container investing; would certainly be welcome and justifiable.
Not to be forgotten, the opening of the Panama Canal's expansion is just on the horizon. Set to be completed in the next couple of years, and Georgia is preparing to put themselves into a position to be able to capitalize on the expected increase in trade opportunities; coming in the future. It goes without saying that world regions that fail to invest in their upgrading their ports will inevitably watch the future global economy, sail right on by.