China is in talks to build a railway linking Colombia's Atlantic and Pacific coasts that could create a rival to the Panama Canal.
Ships using the Panama Canal canal represents roughly 5pc of world trade. Photo: Photolibrary.com
Juan Manuel Santos, the Colombian President, said in a interview with the Financial Times: "It's a real proposal ... and it is quite advanced."
The proposed 140-mile "dry canal" is one of a series to boost transport links with Asia and improve Colombia's infrastructure, the report said, citing documents it had seen
The Panama canal represents roughly 5pc of world trade, with 13,000 to 14,000 ships passing through it every year.
"I don't want to create exaggerated expectations, but it does make a lot of sense," Mr Santos said, adding that Asia is the "new motor" of the world economy.
Citing unnamed Chinese and Colombian officials, the newspaper said talks are most advanced over a 494-mile railway and expansion of the port of Buenaventura.
The $7.6bn project is funded by the Chinese Development Bank and operated by China Railway Group.
