From Chancay to Shanghai: A new silk road linking Asia and South America

13:00 | Lima, Apr. 2.

"From Chancay to Shanghai" is one of the most popular phrases among inhabitants in the Norte Chico (Lima region's northern area), as they observe the magnitude of the construction works at the largest mega-port project that has been developed in Peru.

The new Chancay Multipurpose Port Terminal, located in the district of the same name (Huaral province) 80 kilometers north of Metropolitan Lima, is a private investment project whose shareholders are the Chinese-owned company Cosco Shipping Ports Limited (CSPL), with a share of 60%, and Peru's Volcan Compañia Minera, with a share of 40%.

In an interview with the Official Gazette El Peruano, Cosco Shipping Ports Public Affairs Manager Mario de las Casas highlighted that the Port of Chancay will be a key maritime point for trade between South America and Asia, mainly China (Shanghai Port), because it will be a regional hub and will redistribute the cargo of Peru, Chile, Ecuador, and Colombia.

"The works are more than 40% complete, and the company is planning to start operations in the last quarter of 2024," the officer said.

"Currently, it takes between 35 and 40 days to get to Asia (China, Korea or Japan) from South America, but ships will be able to arrive in 23 days from the Port of Chancay, since the connection will be direct, also considering that Chile does not provide a direct route to Asia," he added.

Impact

The executive indicated that the construction of the Port of Chancay generates 1,300 direct jobs and around 8,000 indirect jobs due to the economic dynamics observed in the area.

The design and construction project for the Port of Chancay has been developed since April 2011. The total investment is estimated at US$3.4 billion, of which US$1.315 billion will be executed in the first stage.

"The project, which will be the most important port in South America and will function as a regional hub (logistics center), entails an initial investment of more than US$1.3 billion," De las Casas stated.

"This is the first private port for public use in Peru, which will provide a great opportunity for the country's economic growth and foreign trade, thus putting us at a competitive level," he added.

(END) DOP/CNA/WRR/JJN/RMB/MVB

Published: 4/2/2024

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From Chancay to Shanghai: A new silk road linking Asia and South America

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