MEF: private investment would have fallen 0.5% in 2022

The owner of the Ministry of Economy and Finance (MEF), Alex Contreras, took stock of economic activity during 2022 and acknowledged, in an interview with The Republic, that private investment would have registered a fall at the end of the year, although this would be moderate. It is worth mentioning that the estimate that was had was a variation of 0%.

“This year (2022), the last number I have is -0.5%It is a much more limited drop than expected, but we are still waiting for the end of the third quarter. In general, in the end it is translating into growth between 2.8% and 2.9%, which is high compared to other countries, but insufficient if we want to continue creating jobs,” the official told this outlet.

Contreras Miranda pointed out that, although the estimated figure reflects a moderate drop in investment, it must be taken into account that it is being compared with 2021, a year in which the maximum historical level was reached. However, he assured that, from his office, they have been making efforts so that during 2023 private investment grows.

“We are betting that in 2023 there may be a growth in investment, for this reason, in addition to the measures we are taking to strengthen the execution of public investment, we are also betting on the unlocking of private investment projects” he assured.

“The short-term goal is to unlock Majes, chavimochic. And in the case of Chavimochic, if we were able to unlock it in the first semester, we are talking about a year, or a year and a half later, the Palo Redondo dam could be financing and providing water to stage I, stage II, stage III. The case of Majes is also somewhat similar”, complemented the head of the MEF.

mining investment

Minister Alex Contreras also stated that he has been working with the Ministry of Culture and the Environment on an agenda so that mining projects can move forward quickly.

It is important to remember that, as part of the “Plan with punche Peru”, the MEF announced the accompaniment and unlocking of mining projects that represent US$10,555 million.

Thus, among the prioritized mining projects are: Toromocho expansion (US$2,883 million), Yanacocha Sulfides (US$2,500 million), Antamina Extension (US$1,600 million), Optimización Inmaculada (US$1,296 million), Zafranal (US$1,263 million), San Gabriel (US$422 million), Río Seco Copper Plant (US$294 million), Yampaq (US$161 million) and, Retamas UEA Expansion (US$136 million).