Perú and China strengthen their relationship as strategic partners in various bilateral aspects
Various aspects related to commercial cooperation between Peru and China were highlighted during an event at the Peruvian Congress. The meeting, led by congresswoman Silvia Monteza Facho and with the participation of Chinese Ambassador Song Yang, emphasized the longstanding cultural and economic exchange between the two countries.
Chinese brands lead the Peruvian automotive market with a 20.1% market share: Changan stands out as the leader.
Chinese brands are making significant strides in the Peruvian automotive market, capturing a 20.1% share of light vehicle sales between January and May 2023. Leading the pack is Changan, which has emerged as the standout player, selling 3,957 units during this period and commanding a 5.4% market share. Notably, Changan has witnessed an impressive growth of +64.5% compared to the previous year.Chinese brands are making significant strides in the Peruvian automotive market, capturing a 20.1% share of light vehicle sales between January and May 2023. Leading the pack is Changan, which has emerged as the standout player, selling 3,957 units during this period and commanding a 5.4% market share. Notably, Changan has witnessed an impressive growth of +64.5% compared to the previous year.
Peru to expand its presence in the Chinese agricultural market
The Minister of Agricultural Development and Irrigation, Nelly Paredes del Catillo, held a meeting with her Chinese counterpart, Tan Renjian, the Minister of Agriculture and Rural Affairs of the People’s Republic of China. During the meeting, they discussed matters of mutual interest and emphasized the need to strengthen the trade ties between the two countries.
Peru is awarded for its tourism promotion actions in China
Peru’s efforts to promote tourism in China were recognized at the Chinese Tourist Welcome (CTW) awards ceremony held in Guangzhou. The country received the gold award in the “Internet-Media” category for its successful initiatives to attract Chinese tourists with high purchasing power, particularly through digital platforms.
Chancay: The Chinese port that could change Peru’s economic outlook and challenge Chile
The construction of Chancay, China’s first port in Latin America, in Peru by the state-owned shipping company Cosco Shipping is a significant development designed to establish a major logistics hub in the region. With a substantial investment of over US$3 billion, the port is expected to be operational by the second half of 2024 and is anticipated to have a profound impact on the Peruvian economy.
Chinese company Sinohydro under scrutiny for bribe payments in Latin American projects
The Chinese company Sinohydro is currently under investigation for alleged corruption in Ecuador, specifically related to the Coca Codo Sinclair project. It has been discovered that the company made bribe payments totaling US$76 million, which were subsequently deposited in accounts in Panama and distributed among various individuals, Ecuadorian companies, and foreign companies in tax havens.
Peru to optimize the FTA with China
The Minister of Foreign Trade and Tourism of Peru, Juan Carlos Mathews, has announced that the fifth round of negotiations for the optimization of the Free Trade Agreement (FTA) between Peru and China will take place in Beijing from May 30 to June 2. While acknowledging the significant growth in the trade relationship between the two countries, Mathews highlighted the need to address certain areas that are not specified in the current agreement, such as electronic commerce.
China strengthens its influence in Latin America through the energy sector
China is increasing its influence in the energy sector in Latin America, with Chile, Brazil, and Peru being the countries where its presence is concentrated in the power distribution market. According to data from Boston University, since 2000, Chinese development banks have financed nearly $10 billion in power generation and distribution projects in the region.
Enel Peru is acquired by state-owned China Southern Power Grid
Enel, the Italian electricity company, has reached an agreement to sell all the shares it holds in Enel Distribución Perú, which represents 83.15% of its share capital, as well as all the shares of Enel X Perú, accounting for 100% of its share capital, to China Southern Power Grid International.