Not only Peru: these are the South American countries that seek to use the Chancay megaport, according to the MEF

The Ministry of Economy and Finance, José Arista Arbildo, assured that Chancay will be the largest megaport in South America and that three countries in the region are currently looking for mechanisms so that their vessels can also operate in this megaport.

The head of the MEF highlighted the opportunities opened by this project, which has financing from China, during his presentation at the Investment Opportunities in Peru conference that took place this Thursday, June 27 in the Chinese city of Shanghai.

Which countries will be able to operate in Peru’s Chancay megaport, according to the MEF?

“With this port, for sure, we are going to be the largest port in Latin America. This port is so big that the neighbors of Brazil, Colombia and Chile are already making constant trips to see how they can modify their logistics chain in order to make use of this port because it is going to reach the port of Shanghai,” said the head of the MEF.

The interest in other countries benefiting from this project is also shared by the Peruvian Government itself. According to Arista Arbildo, local authorities are managing legal avenues for foreign ships to navigate in the Chancay area.

“(The Chancay megaport) can handle the largest ships that currently exist on the market. In Peru“We are modifying all the legislation in order to allow ships of different flags to navigate and supply this port,” he explained.

Regarding Brazil, the Minister of Economy and Finance assured that the Peruvian work would allow them to export their grains, meat and other products to the world more quickly and easily.

Impact of the Chancay megaport on the Peruvian economy, according to the MEF

“This port will allow much faster growth of the Peruvian economy. And that is why in Peru we are investing in these deserts, in these large projects because the production of this area can leave Chancay, supplying all of Asia with much fresher products than what is currently consumed,” said the head of the MEF.

In this sense, with the aim of providing greater facilities for Chinese investment, the creation of a Special Economic Zone (SEZ) has been proposed. The main purpose of this initiative is to allow anyone interested in investing in this area, even from other countries, to carry out their investment projects efficiently and effectively.

In his speech, José Arista Arbildo also highlighted the importance of establishing railway connections between the main mining production centers and ports. In this sense, he made special mention of the potential of regions such as Apurimac, which houses sufficient copper reserves to supply demand for the next 100 years.

Progress to avoid double taxation between Peru and China

The head of the MEF also emphasized that Peru and China are currently negotiating to avoid double taxation. The first meeting was held in August 2023 and the second is expected to be at the end of next November. This will help make the Peruvian and Chinese markets of greater interest to both parties.

“This benefits both countries, above all it gives us the confidence that these two countries can invest together, they can advance on this long path of building the trust that we have as a country,” he explained.