El Salvador presents possible business opportunities to Port Manatee

For the past several months, representatives from many Central and South American countries have presented investment opportunities to the Manatee County Port Authority, including Colombia, Guatemala and Chile. On Thursday, it was El Salvador’s turn.

Connie Palomo Flores, executive director of the Salvadoran American Chamber of Commerce of Florida, said El Salvador creates many products, including textiles, coffee, medical devices and aeronautics, the latter of which she said saw a 20 percent annual growth.

According to the World Bank Group, which looks at financial data, El Salvador’s GDP has steadily grown since 2009, from $20.7 billion to $26.8 billion.

When asked if the country would be open to receiving imports from the U.S., she said the offer was “bilateral.”

“By expanding trade with El Salvador and other countries throughout Latin America and beyond, Port Manatee looks to further augment its role as a vital economic engine for greater Manatee County,” port authority chairwoman Vanessa Baugh said in a press release.

Jose Matto, the president and chairman of the Hispanic Commerce Coalition, said Florida was the “gateway to the Americas.” While partnerships have grown in Europe, with the entryway being Poland, sights have been set to Africa. Matto called it the “best big market to grow in.”

Port Manatee’s budget for the 2017-18 fiscal year was also approved unanimously by the Manatee County Port Authority.

The port expects to make more than $12 million and spend more than $8 million in the next year.

This is an increase of just under $1 million for revenue and about $400,000 for expenses compared to the previous fiscal year. From pineapples to petroleum, about half of the port’s income comes from waterborne revenue.

In other business, the port authority:

• Unanimously approved an extension of Vulcan Construction Materials, LLC’s lease at the port for five more years.
• Unanimously approved of the Berth 7 addendum, allowing $85,100 for additional work.
• Unanimously approved the port’s state and federal asks, including $200,000 from the state’s General Fund for a study of storm water retention capacity and mitigation, $100,000 from the state’s General Fund for monitoring tools in order to measure the seagrass and bivalve growth near the port and asking the U.S. Congress to keep Homeland Security’s Port Security Grant at $100 million.

This story was originally published August 17, 2017 at 4:03 PM with the headline "El Salvador presents possible business opportunities to Port Manatee."