Mexico's Transportation Secretary has reportedly told investors that construction of a megaport 150 miles south of the border could be postponed again because of the world economic slowdown.
The port at Punta Colonet could undermine Long Beach and Los Angeles by siphoning containers destined for the inland U.S. and by offering cheaper labor.
Luis Tellez says two U.S. banks are working with Mexico to determine if it's still possible to finance the $5 billion project, which sits about 90 miles south of Ensenada on Baja's West Coast, according to the Associated Press.
The project has been delayed at least twice in recent years as investors balked at the $5 billion price tag and grew uncertain with Mexico's political and economic stability. The country's military is involved in a brutal war with drug traffickers which claimed more than 5,500 lives in 2008.
The country is also being affected by the economic slowdown and a deflating peso.
Paul Eakins reports on Long Beach City Hall, and local and regional
politics. A newcomer to the Press-
Kris Hanson reports on the Ports of Long Beach and Los Angeles,
covering environmental issues, economic triumphs and
pitfalls and trade trends of America’s largest port.
He also writes a weekly column “On The Waterfront”,
appearing Tuesdays, and also produces an occassional video
and column titled “On The Job,” which follows the hard-working
men and women who keep Southern California’s economy humming.
Karen Robes Meeks came to work for the Press-
Is this a pipe dreasm or reality? Will it ever get built?
Hey Kris Hanson, is that hair for real? Sheesh, even the '70's are laughing.