The Peruvian port of Chancay, which will be inaugurated next Thursday under the watchful eye of Chinese President Xi Jinping, will become the jewel in the crown of the New Silk Road in South America, an infrastructure that represents the tip of the iceberg of investments by the Asian giant in Peru, also the scene of the APEC summit.
The coastal city of Chancay, north of Limawill become the new axis of regional trade this month since the infrastructure built by the Chinese state company Cosco Shipping, with a investment of 1.3 billion of dollars, will attract the largest container ships and will reduce the sea journey to China by 12 days.
“The Asia-Pacific region is the most dynamic in the worldthere is more than 60% of world GDPthen this will definitely have a very positive impact,” the president of the Exporters Association (Adex), Julio Pérez Alván, told EFE.
He added that the inauguration of the Port of Chancay has to become “something concrete” like the job creation in the northern corridor of Lima, which will extend to Ancón, where a new industrial park is being built.
Export takeoff due to prices
Pérez Alván recalled that China is Peru’s main trading partner and the country to which 353 micro and small companies export, with a total of 386 productswhich contributes to a “double effect” that is the creation of employment and the formalization of the economy.
ADEX projects that Peru’s total exports will grow this year between 14% and 15%largely due to the increase in the international price of metals, which is a “quite important” percentageremarked the manager.
In a report until last September, the export union indicated that the Peruvian trade balance closed with a surplus of 13,632 million dollars, with exports for 53,651 million dollars and imports for 40,019 million dollars.
For its part, the Foreign Trade Society of Peru (Comex) specified that sales of goods to China totaled 14.26 billion dollars until July last, while purchases amounted to 8,238 million dollars.
Greater investments in mining
In addition, China’s investments in Peru rose to 38.8 billion dollars between 2001 and 2023with main interest in mining (43%), fishing (21%), electricity generation and distribution (13%), finance (9%), oil and gas (9%) and finally ports (4 %).
Precisely, this week, Zijin Mining, one of China’s largest gold and copper producersannounced that it had obtained the necessary authorizations to operate the La Arena gold mine, in northern Peru, for 245 million dollars.
The largest mining investment is centered in Las Bambas, a copper mine located in the southern department of Apurímac of the MMG company (controlled by the state-owned China Minmetals Corporation), which contributes 1% to the Peruvian GDP.
Since 2010, Peru has had in force a free trade agreement with Chinawhich now seeks to optimize direct transportation, telecommunications and railway issues, precisely within the framework of the APEC summit that begins this Sunday in Lima.
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