The Panama Canal Board of Directors and its Advisory Board concluded their XLI meeting this Wednesday, a three-day gathering dedicated to evaluating the interoceanic waterway's opportunities for growth in a rapidly transforming maritime trade environment.
"The Advisory Board's experience is invaluable in complementing the decisions we make about the Canal's future. Their vision helps us anticipate changes in global trade and ensure that the Canal remains reliable, sustainable, and competitive for future generations," stated the Minister for Canal Affairs and Chairman of the Board of Directors, Jose Ramón Icaza.
Ilya Espino de Marotta, Administrator of the Panama Canal, noted that "this has been a valuable opportunity to contrast our strategic priorities with the trends redefining global maritime trade. Our challenge is to prepare for the needs of the coming decades, and meetings like this are fundamental to achieving that."
On this occasion, the agenda included an analysis of maritime industry trends and the geopolitical context that could affect the Canal in the short and long term.
Additionally, in a joint session, representatives from the McKinsey Global Institute analyzed how the reconfiguration of supply chains and geopolitical tensions are redefining trade routes.
Created in 1990, the institute's work consists of analyzing critical global issues—such as productivity, technology, and sustainability—to guide decision-making for business leaders and public policy managers worldwide.
At this meeting, Tommy Thomsen, who has been a member of the Board for over 26 years, assumed the chairmanship of the Advisory Board, succeeding Admiral William J. Flanagan.
"It is an honor to assume the chairmanship of the Panama Canal Advisory Board. Throughout my career in the maritime industry, I have closely witnessed Panama's role in global trade, and I am convinced that the Canal has a bright future ahead," expressed Thomsen.
Flanagan, for his part, stated that he felt "proud to have been part of an Advisory Board committed to providing global perspectives to support the Canal's development. Over these years, I have learned a lesson that I carry with me: Panama is not a place, it is a passion. That passion is reflected in the people who make the Canal's operation possible every day."
Working Meeting at the Presidency
As part of the gathering, the Advisory Board and the Canal's Board of Directors participated in a working meeting led by the President of the Republic, José Raúl Mulino.
During the session, President Mulino awarded the Order of Vasco Núñez de Balboa, in the Grand Officer degree, to Admiral Flanagan, for his services to the country as chairman of the Panama Canal Advisory Board.
The ceremony was attended by the Minister for Canal Affairs, Jose Ramón Icaza; the Minister of Economy and Finance, Felipe Chapman; the Minister of Foreign Affairs, Javier Martínez-Acha; and the Minister of Commerce and Industries, Julio Moltó, as well as the Canal Administrator, Ilya Espino de Marotta, and Deputy Administrator Miguel Lorenzo.
The Panama Canal Authority established the Advisory Board in December 1999, as stipulated in Article 19 of the Organic Law (Law 19 of June 11, 1997), to act as a consultative council for the canal entity with the primary responsibility of providing guidance and recommendations to the Board of Directors and the Canal Administration.
