MEXICO CITY - Mexico said on Monday it had awarded a $771 million port terminal concession to Philippines' port operator International Container Terminal Services Inc (ICTSI).

ICTSI, one of Asia's main port companies, will invest in Mexico's top port, Manzanillo on the Pacific, to build and operate docks with a capacity to handle 2 million containers a year, the communications and transport ministry said in a statement.

Manzanillo moves 46% of Mexico's container flows and the government is eager to see the port expand to handle growing traffic from Asia.

ICTSI beat Spanish, Chilean and Mexican investors for the contract.