After a turbulent year including weeks of labour disputes, there’s good news coming out of the port of Vancouver.
Recently ranked second-last in efficiency out of 348 container ports worldwide, Vancouver has an ambitious plan to increase port capacity by 50% by 2030. A variety of infrastructure improvements will contribute to increased capacity and efficiency, including the Roberts Bank Terminal 2 Project, and roughly $1 billion in pending road and highway improvements. Combined, these initiatives will increase loading and unloading capacity and reduce delays related to trucking.
The Vancouver Port Authority claims that these investments will result in over 17,000 high-paying jobs and $100 billion in additional annual trade activity.
Vancouver’s position as the shipping gateway to the Asia-Pacific region makes it one of the world’s most strategically important ports. These ambitious improvements will only increase its importance as a hub for international commerce.
Curious how port expansion might affect your business? Talk to Canaan Group to learn more about this exciting development.