China’s Cosco Shipping retains exclusivity over Peruvian megaport following law change
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The Peruvian Congress has approved an amendment to the National Port System Law that could allow the Chinese company Cosco Shipping exclusive management of the mega port of Chancay, currently in development on the Peruvian coast.
The approved amendment focuses mainly on the exclusivity of port services granted to private port holders of public use. Therefore, Cosco Shipping, owner of the private port in Chancay, would be allowed to provide port services on an exclusive basis once the port authorization is granted.
This measure was developed with the purpose of promoting port development, and addresses the current controversy faced by Cosco Shipping in the Port of Chancay, as the company was in a dispute with the National Port Authority over contract complications that did allow it to operate in the port exclusively.
In addition, the amendment to the law provides for the extension of port administration, allowing port infrastructure to be handed over to the private sector for a period of up to 30 years – and extendable for the same period. This provision provides stability and certainty to long-term investments, while encouraging private investment in the development and modernization of the country’s ports.
The chairman of the Congressional Transportation Committee, Eduardo Salhuana, emphasized that this modification was the result of a constructive dialogue with representatives of the National Port Authority, the Ministry of Transportation and Communications, and private stakeholders.
This collaboration demonstrates the commitment of the government and the private sector to work together to boost the country’s economic growth and competitiveness.
The modification approved by the Congress of the Republic represents a significant step towards the development of the Port of Chancay and the national port system as a whole. This measure reflects the Peruvian government’s commitment to promote an environment conducive to investment and economic growth, as well as to ensure efficiency and competitiveness in the port sector.
Know the main source:
| Puerto de Chancay: Congreso aprobó modificar ley sobre exclusividad de servicios en puertos privados | El Comercio (2024, abril 17) https://elcomercio.pe/economia/peru/puerto-de-chancay-congreso-aprobo-modificar-ley-sobre-exclusividad-de-servicios-en-puertos-privados-noticia/ |