Peru highlights investment opportunities in Shanghai

Peru highlighted its economic strengths and investment potential at the "Peru Opportunities" promotion event in Shanghai on June 20, with a particular focus on the strategic importance of the Chancay-China shipping corridor.

The event, held at the Hongqiao Import Commodity Exhibition and Trading Center, underscored the robust and enduring partnership between Peru and China.

David Gamarra, the consul general of Peru in Shanghai, emphasized the deep-rooted friendship, noting that friendship between the two countries dates back 176 years, beginning with the arrival of Chinese immigrants in Peru, adding that Chinese cuisine, known locally as "chifa," is prevalent even in remote areas of Peru.

Bilateral trade between the two nations reached $39.76 billion in 2024, marking a 10.9 percent year-on-year increase. China has been Peru's top trading partner and export destination for 11 consecutive years.

Xu Kai, deputy director of the Foreign Affairs Office of the Shanghai Municipal People's Government, highlighted that the Chancay Port, jointly launched last year, has reduced shipping time to just 23 days.

"Shanghai is becoming the top choice for more and more Peruvian businesses and products entering the Chinese market," he said, adding that "we look forward to using Chancay Port as a strategic anchor to bring more high-quality Latin American products into China via Shanghai".

COSCO Shipping introduced two new direct shipping routes, WSA3 and WSA5, both featuring Chancay as a key port of call.

Chen Xiaochen, a representative from COSCO Shipping Lines Co Ltd, noted the significance of the direct return route from Chancay to China, which significantly cuts down transit time for time-sensitive goods.

"COSCO's new services have significantly shortened the delivery time between the two countries—by at least 10 days—creating a significant competitive edge in shipping efficiency," he said.

Bernardo Munoz, commercial counselor of the Peruvian consulate in Shanghai, emphasized Peru's macroeconomic stability and investment appeal.

Expanding on Peru's economic strengths, he pointed to two decades of consistent GDP growth coupled with a low inflation rate, further highlighting the nation's substantial foreign reserves, sufficient to cover its national debt.

He also pointed out that Peru's agricultural sector has seen remarkable achievements in the past 25 years, becoming a major exporter of various agricultural products such as avocados and grapes.

Munoz also highlighted that 70 percent of Peru's mining project portfolio focuses on copper, a key raw material for China's new energy industries. He envisioned Peru becoming a local manufacturing base, leveraging Chinese technology to export to the region, calling it "a win-win".

The event also featured cultural showcases, Peruvian product tastings, and the signing of letters of intent for collaborative initiatives, such as participations in the Shanghai International Sister Cities Hub and the 2025 "Taste of China" Global Green Coffee Beans Competition.

Zhang Yifan and Luo Bin contributed to this story.