The Panama Canal Authority on Sept. 9 moved to renew its strategic partnership with the Georgia Ports Authority for three more years.

The two entities first signed a memorandum of understanding in June 2003 to conduct joint marketing efforts and share data, expansion plans, training and technology.

“This partnership is an important link for future growth, opening doors for new business opportunities and providing sustainable economic solutions for Panama and Georgia,” said Alberto Alemán Zubieta, the canal authority’s CEO.

As Georgia’s trade with Asia increases, the relationship between the Panama Canal and the Port of Savannah has grown in importance.  The canal provides the shortest transit for East Asian shippers to the U.S. East Coast.

The Savannah port is the nation’s fastest growing and fourth largest, and 42 percent of its double-digit growth in 2007 can be attributed to cargo transiting the Panama Canal.  

The renewal of the alliance comes as both entities prepare for historic expansions. 

The canal will soon begin a $5.25 billion project that will create a new lane of traffic by building new systems of locks, doubling capacity by enabling it to handle wider, longer ships. 

Currently four consortia are bidding for the contracting rights on the project, which the Panamanian authority plans to complete by 2014, the centennial of the canal’s opening.

To deal with those “post-Panamax” vessels and the growth in container traffic expected as more of them pass through the canal, the Georgia Ports Authority must deepen Savannah’s harbor from 42 to 48 feet.