China and Peru are set to inaugurate the mega port of Chancay

Photo: Mega port of Chancay. Source: Flickr

The President of the People鈥檚 Republic of China, Xi Jinping, confirmed his participation in the Asia-Pacific Economic Cooperation (APEC) Presidential Summit in Peru during the last quarter of 2024, as announced by the Peruvian Foreign Minister Javier Gonzalez-Olaechea. 

Xi Jinping will also attend the inauguration of the Chancay Multipurpose Port Terminal in Peru, highlighting the importance of this infrastructure in the Chancay-Shanghai route, which is expected to reduce transit to the Asian continent by up to ten days.

Gonzalez-Olaechea highlighted that the Asia-Pacific region is a dynamic economic center and one of the most important investment and trade flow areas in the world. The Foreign Minister affirmed that Xi Jinping, in addition to participating in the summit, will be present at the inauguration of the mega-port of Chancay.

The Minister of Foreign Affairs highlighted Peru’s strategic relevance in hosting the APEC Forum for the third time in its history, seeking to position itself as the logistics, port and trade hub of Latin America. The port of Chancay, with almost a 50% completion rate as of October 2023, is scheduled to be inaugurated in November 2024, coinciding with the APEC summit.

Cosco Shipping’s public affairs manager, Mario de las Casas Vizquerra, estimated that the port will serve as a statement for APEC leaders. Peru, by once again hosting the APEC Forum, seeks to strengthen economic and trade cooperation with the 21 economies of the Asia-Pacific region, which include China, the United States, Japan and other prominent nations. Xi Jinping’s visit underscores Peru’s strategic importance in the context of international relations and its growing role in the global economy. 

The Chancay Megaport, with an initial investment of US$1,315 million and projected to exceed US$3,500 million, stands out as one of the main projects for 2024 in Peru. Bilateral trade between China and Peru has exceeded US$34 billion, positioning Peru as the second most important destination for Chinese investments in South America. In addition, historical ties are highlighted, such as Chinese immigration to Peru, the signing of the Free Trade Agreement in 2009 and numerous joint projects in areas such as education, transportation, health and coastal defense. The investment in the Chancay Megaport symbolizes the strengthening of these strategic and economic relations.