South Korea is keen to participate in the construction of the Interoceanic Grand Canal in Nicaragua, says Son Tae Kim the nation’s ambassador in Managua.
The South Korean diplomat spoke at a Wednesday meeting of South Korean delegates with officials of the Nicaraguan Foreign Ministry. He told reporters that his country has great capacity and experience in building infrastructure and channels and therefore "has a strong interest in participating in the Nicaraguan project" says an EFE news agency report.
“For Nicaragua, the Grand Canal Interoceanic project would be a matter vital to the development of its economy and would also be of great importance to world trade," said the diplomat.
Nicaraguan government officials recently declared that countries like South Korea , Japan, Russia, Brazil and Venezuela have expressed interest in participating in the construction of the interoceanic canal that would link the Pacific with the Atlantic to boost the flow of goods and commodities globally.
The National Assembly of Nicaragua met Wednesday to approve the Interoceanic Canal Act which establishes the legal basis and which will be the dubject of a parliamentary commission, in consultation with all sectors of the country.
The government of President Daniel Ortega says that that the mega project is estimated to cost around $30 billion and its construction could last between 10 and 15 years, according to preliminary calculations.
Earlier plans for a canal showed it would carry ships bigger than those passing though Panama, and the Nicaragua waterway would not require locks.
Nicaraguans have been waiting for over 100 years for the opportunity when Panama got the nod from the US for the construction of the canal with a Nicaraguan postage stamp showing multiple volcanoes the clinching argument for many against the Nicaraguan alternative.