Trade data from Peruvian government or international trade organizations

China's $3.5B Chancay Port in Peru: A Belt and Road Milestone

Nov 24, 2024, 03:00 AM

China has inaugurated its first Latin American port in Chancay, Peru, marking a significant milestone in its Belt and Road Initiative. The $3.5 billion megaport, part of China's broader diplomatic and economic strategy, aims to enhance trade connectivity between Asia and Latin America. The port's development has sparked discussions on its geopolitical implications, with some viewing it as a strategic move by China to expand its influence in the region. Peruvian President Dina Boluarte has described the port as a 'tremendous economic and technological opportunity' for Peru, highlighting its potential to transform the country's economy. This comes amidst China's diplomatic efforts, including participation in the G-20 and a meeting with Argentine President-elect Javier Milei, showcasing China's growing influence in Latin America. However, Peru has agreed to a prior restraint on any criticism of Beijing or praise for Taiwan as part of the deal.