SIMIC

The launching of the US$114 million project was attended by president of the Dominican Republic, Luis Abinader and DP World group chairman and CEO Sultan Ahmed bin Sulayem.

The project is part of the company's plan for growth in the Dominican Republic, with the objective of transforming the country into the principal logistics hub of the Americas.

The expansion adds 450 metres of berth, and three super post panamax and five RTG cranes have already been installed, and next month one super post panamax crane and five additional RTG cranes will be added. The expansion more than doubles the port capacity from 1.2 million TEU per year to 2.5 million TEU per year.

In the next phase of the expansion DP World plans to build a 3 million square metre economic zone for manufacturing at Caucedo to attract investment by foreign companies, reports Colchester's Seatrade Maritime News.

"Together with DP World, we want Punta Caucedo to become the logistics hub of the Americas. We know that it is an ambitious project, but it is an opportunity that will relaunch the economy and generate quality jobs, "said President Abinader.

"Investors know that there are great opportunities here and a serious and rigorous government that will work side by side to move their projects forward and generate well-being for all the Dominican people," he added.

DP World's Sultan Ahmed Bin Sulayem, commented: "For a long time in DP World we have recognised the great potential of the Dominican Republic. We're pleased that our plans to develop our business perfectly complement the vision of President Luis Abinader.

"We have already invested more $600m in Punta Caucedo, and we are committed to continuing to make long-term investments. This expansion will help to transform the Dominican Republic into the logistics hub of the Americas."