Xi Jiping goes to Peru for APEC meeting and inaugurates megaport

The president of China, Xi Jiping, inaugurates this Thursday (14) the megaport of Chancay, in Peru, together with his Peruvian counterpart, Dina Boluarte. The first Chinese port in South America is part of the “new silk road” initiative and should benefit countries such as Peru, Chile, Colombia, Ecuador and Brazil.

Xi Jiping left Beijing this Wednesday (13) to participate in the 31st APEC Economic Leaders’ Meeting in Lima and pay a visit to the Andean country.

Located 80km north of the Peruvian capital, the deep-water port (around 18 meters), whose construction began in 2021, will initially have four berths after an investment of US$1.3 billion. The final project foresees 15 docks and a total investment of R$3.5 billion. The port will have an area of ​​141 hectares and will receive ships of up to 24 thousand containers (TEU). One million containers would arrive in the first year, estimates Cosco Shipping Ports, the concessionaire that signed a 30-year contract.

“We believe that with the port’s contribution, this Pacific region and Peru in particular can become the South American region’s main logistics center for trade,” highlighted Gonzalo Ríos, deputy general director of Cosco Shipping Ports Peru.

#Peru‘s #Chancay Port, South America-Asia ‘nerve center’, to open #APEC2024 https://t.co/DSetjoe0i8 pic.twitter.com/Dzs4DecG02

— CGTN (@CGTNOfficial) November 11, 2024

The company is a subsidiary of global shipping giant China Ocean Shipping Company (COSCO), the state-owned company behind the project.

According to Cosco Shipping Ports, the terminal will reduce the cost of transport to and from Peru, Chile, Colombia, Ecuador and Brazil, which will no longer need to use ports in Mexico and the United States for their trade with Asia.

The terminal will feature artificial intelligence technologies and will be connected to the Pan-American Highway via a 1.8km tunnel. Peru supplies raw materials and minerals to its Asian partner, while also importing consumer goods from them.