China and Peru celebrated this week the opening of the Chancay megaport, a project developed within the framework of the Belt and Road Initiative, which seeks to strengthen collaboration between both nations and other regions of Latin America.
During his visit to Peru, Chinese President Xi Jinping was present at the inaugural event, highlighting that this infrastructure is designed to optimize trade relations between the South American country and Asia.
During the inauguration, Chinese President Xi Jinping highlighted through a video link with Peruvian President Dina Boluarte that this work goes beyond being a symbol of the implementation of the Belt and Road Initiative in Peru.
For her part, President Boluarte stressed that the project marks “significant progress towards Peru’s goal of becoming an international transport and trade hub.”
The megaport, located north of Lima on the Pacific coast, seeks to reduce shipping time to China to 23 days and reduce logistics costs by 20 percent. Currently, shipments between Peru and Asia can take up to 40 days.
The Chancay port, strategically connected to the Pan-American Highway, is emerging as a key logistics hub to strengthen trade ties between Latin America and Asia.
Raúl Pérez-Reyes, Peru’s Minister of Transport and Communications, stressed that this port, with a depth of between 16 and 18 meters, is part of the country’s strategic vision to position itself as “the Singapore of Latin America.”
Eduardo Salhuana, president of the Peruvian Congress, said in a statement that this infrastructure will boost trade between Peru and other nations in the region, such as Chile, Argentina and Brazil, with Asian markets, including China. In addition, it projects a positive impact on sectors such as agriculture, mining and manufacturing in Latin America.
According to the state agency Xinhua, the Chancay port promises to generate annual revenues of 4.5 billion dollars for Peru and more than 8,000 direct jobs, consolidating itself as a key driver for the economic development of the region.
