Peru eyes Chinese investment

Updated: 2011-11-21 16:14


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LIMA - The 5th China-Latin America Business Summit will generate "an area of synergies between Chinese and Latin Americans," a Peruvian business executive said Sunday.

Harry Chang, director of the Peruvian private investment promotion agency ProInversion, told Xinhua in an interview that the forum, to be held in Lima on November 21-22, will present a "major opportunity" for Peruvian companies to position themselves as attractive business partners for China.

"It's a very favorable opportunity for Peru to show its qualities as one of the emerging countries with the largest projection in the region and its commercial integration process in an increasingly globalized world," Chang said.

"Peru is more than ever an attractive destination for international capital, including investments from China," Chang said, stressing the high level of financial security in the country.

"The Peruvian economy grew 8.98 percent in 2010; it has seen more than 10 years' average growth of 6 percent, a low inflation rate between 2 and 3 percent per year, a stable exchange rate and foreign currency revenues worth about 49 billion U.S. dollars," he said.

With 13 free trade agreements, and five more expected to take effect soon and another five currently being negotiated, Peru has achieved the much desired "investment grade" qualification by international rating agencies.

The business executive also noted that China and Peru signed an agreement on promotion and mutual investment protection in 1994, and a memorandum of understanding on trade and economic relations in 2007. According to some estimate, Current Chinese investments in Peru are worth about 2.2 billion dollars, with the most capital invested in the mining, hydrocarbon and fishing sectors.

"In ProInversion, we have a record of 10 Chinese companies involved in mining, oil, wood, fishing and tourism activities, and these companies contribute to generate trust and sense of security among potential Chinese investors," Chang said.

He added that at the forum, the Peruvian government will present plans worth 7 billion dollars for concession projects in the sectors of airport infrastructure, petrochemicals, electric rail systems, oil pipe lines, tourism and electricity transmission.

The 5th China-Latin America Business Summit is sponsored by the China Council for the Promotion of International Trade and the Peruvian Foreign Ministry. At least 1,000 Chinese and Latin American officials and businessmen are expected to participate.