Del Monte invests $100 million in banana jobs boost for Panama

Del Monte has entered a 20-year contract with Panama to produce bananas in the Baru district in the province of Chiriqui.

Juan Carlos Varela, the president of Panama, recently approved the deal. The initial investment by Del Monte will be $100 million.

“The area’s long history of banana cultivation and the unparalleled expertise of our production teams in Latin America gives us the confidence that this new operation will soon be an example of modern banana farming,” said Dennis Christou, vice president of marketing for Del Monte.

The business Del Monte will bring to the region is expected to create 3,000 jobs directly and more than 12,000 indirectly.

Source: The Packer