Puerto Vallarta, Mexico - According to Miguel Angel García Beltrán, General Director of the Port Authority (API), the long-anticipated modernization and expansion of Puerto Vallarta's maritime terminal will be completed in no more than two years.

Beltrán said that President Enrique Peña Nieto has been committed to the two most important works of the comprehensive development of Vallarta's cruise ship port - a passenger terminal and the largest and most modern aquarium in Mexico - since the beginning of his administration and that now, following the bidding process, API Vallarta has finally chosen the investors for the two projects.

According to Beltrán, $120 million pesos will be invested in the new passenger terminal, which will be located in front of the existing port offices; and $170 million pesos will be invested in the aquarium, which will be located behind the craft market.

The passenger terminal, which will include commercial and complementary tourist services, was derived from a national bidding contest that was published on December 3, 2015, and the contract was awarded to the Shorex Excursions Company on March 18, 2016.

The contract for the second part of the comprehensive modernization and expansion plan, the aquarium, was also awarded on March 18th. The winner was Blaue Life company, which will be in charge of this equally important investment project.

"What follows is the signing of the respective contracts, which will be on April 12, and from there we'll start the processes of developing the master plan, followed by the construction and completion of the project, which is scheduled for late 2017," said García Beltrán.

He said it is important to note that the investment projects are 100 percent privately funded, and that there will be no resources from the federal government. "So, in both cases the winners will make the investment, do the construction and operate the facilities. This is precisely why it took two years to develop the contest."

García Beltrán said that for the maritime terminal development project it is necessary and indispensable to improve the arrival of international cruises, as this will be important to the success of both projects. He added that at least 125 cruise ships a year were needed to ensure economic balance, which finally happened in 2015, when our port registered the arrival of 131 ships. This year 141 ships are scheduled to arrival in Puerto Vallarta.