Peru to US investors: “We must act” to counter China’s port dominance | economy

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Chinese state-owned shipping company Cosco Shipping will open the US$1.3 billion Sankei port later this year, which is expected to significantly disrupt South America’s trade with Asia. Now, Peruvian officials are using Sankey’s example to promote the country’s potential as a regional business hub.

It will be a port that can be a counterweight to China’s Sankei project“, said Alfredo FerreroPeruvian Ambassador to the United States in an interview after a presentation to executives in New York.

read more: A study is being prepared to define the future of the planned Corio megaport in Arequipa

The port of Sankey has worried US officials who have been outspoken critics of huge Chinese investments in Latin America. Peru believes that the Chinese president Xi Jinping Visit the country for Chanke’s inauguration at the Asia-Pacific Economic Cooperation (APEC) summit. And besides Sanke, Chinese companies have made several investments in Peru.

China owns 100% of Lima’s electricity and many copper mining projects. China has the largest port in South America“, said Ferrero. “Objectively, that is the situation and America realizes it. But awareness alone is not enough.”.

Initial plan

Ferrero was Peru’s trade minister, and a free trade agreement with the United States is still in effect. Earlier this year he was appointed ambassador to the US and started attracting new investment.

A new port project called Corio, nearly 700 miles south of Sanke. It is south of Calavo, which operates DB World and ABM terminals. The Corío region is also nearby Matarani Port, which is already a major copper export hub. The Peruvian Ports Authority recently announced the completion of a study to determine what cargo demand will be at Corío.

read more: Sanke, With megaports but no urban growth: What’s to come

Ferrero knows that Korea It is in very early stages. But he insists the project is possible because of its proximity to Chile, Argentina and Bolivia, countries seeking to increase lithium production to satisfy the electric vehicle industry.

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The messenger tries to promote it Goryeo Port Project In America and attract private investors. “The idea is that the US government invites interested parties to invest“, said.

That doesn’t mean Peru is only inviting Americans to Corío, but Ferrero hopes the country’s investors will read it. “I believe it’s from the US, but it can be from any country you like.”.

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