Accumulated Chinese investments in Peru have surpassed US$31 billion since 1992, contributing to the generation of more than 16,000 direct jobs, Association of Chinese Enterprises in Peru Chairman, Wang Xing, reported.
"Chinese companies began investing in Peru in 1992. The signing of the bilateral Free Trade Agreement in 2010 boosted the flow of Chinese capital into a new phase in sectors such as mining, energy, infrastructure, and finance, with total investments exceeding US$31 billion," the officer stated.
During the business meeting titled "Achievements, Opportunities, and Challenges of Economic and Trade Cooperation between China and Peru," he said that Chinese companies in the South American country have played a key role in fostering the development of economic and trade relations between the two nations.
Major consumer of base metals
The chairman highlighted that China is the world's largest consumer of almost every base metal, including iron, copper, aluminum, lead, and zinc, accounting for more than 50% of global consumption.
In turn, Peru is the second-largest producer of copper and zinc, the third-largest producer of silver and molybdenum, as well as the fourth-largest producer of lead and tin worldwide.
Wang Xin underscored that our country is recognized as the world's largest producer of fishmeal, while China is its largest consumer.
Similarly, he said that Chinese household appliances, automobiles, mechanical equipment, and other consumer goods are well received in Peru, while agricultural products such as coffee, quinoa, and grapes from Peru are increasingly enriching the Chinese families' diets.
Infrastructure and challenges
The chairman underscored that Chinese construction companies have taken on a large number of projects to develop infrastructure in Peru, which has contributed significantly to closing gaps.
Nonetheless, Wang Xin acknowledged that, along with the achievements, there are also challenges that must be confronted.
"The international environment is complex and constantly changing, with weakening global economic growth, resurgent protectionism, unstable supply chains and geopolitical shocks, placing greater demands on our economic cooperation," he stated.
However, the chairman noted that emerging sectors such as the digital economy, green economy, clean energy, and artificial intelligence also offer a broad scenario for business cooperation between both nations.
"Peru has enormous potential for the development of hydroelectric, solar, and wind energy, while China owns advanced technologies and experience in the new energy and electric vehicle sectors, among others," Wang Xin said.
"Cooperation between the two countries in these fields will inject new vitality into our economies," he added.