is drawing interest from both local and foreign investors in Peru; however, progress in its land connectivity is urgently needed.
Expectations regarding Chancay Megaport's positive impact on Peru's and the region's economy are being gradually met in its first year of operations.
This colossal project, which shortens travel time by 10 to 15 days on voyages between Peru and the Asia-Pacific, has in its first 12 months provided loading and unloading services to 289 giant vessels, according to a report published in the Official Gazette El Peruano.
Moreover, it has not only reduced logistics costs in foreign trade but has also attracted the interest of investors and companies from neighboring countries and distant continents, even before its official inauguration on November 14, 2024. The event was attended by President Xi Jinping of the People's Republic of China, one of the world's most powerful economies.
Delegations from nearby countries arrived to explore the availability of land near this important logistics hub.
In response, the Ancon Industrial Park project was launched, covering 1,338 hectares of State-owned land, 715 of which will be dedicated to industrial activities.
Likewise, private investment for this industrial park is estimated at over US$1.2 billion, according to the Ministry of Production.
The price per square meter in Chancay, both in rural and urban areas, has experienced remarkable growth, in some cases rising from 50 soles (about US$14) per square meter to between US$200 and US$1,000, depending on proximity to the new megaport.
Similarly, various higher education institutions, such as the National Industrial Work Training Service (Senati) and the University of Lima, which aims to establish a technical institute in Chancay, are already moving forward with investments to expand their educational offerings through land purchases, as well as the construction of classrooms and necessary equipment.
Economic impact
The economic impact of this megaport on Peru's economy, as projected by the Ministry of Production in April 2024, was estimated at around US$4.5 billion annually, approximately 1.8% of the country's Gross Domestic Product (GDP).
In just the January–October period of 2025, the Chancay Megaport –operated by Cosco Shipping Ports Chancay Perú– handled foreign trade operations worth US$1.88 billion, according to data from the National Superintendence of Tax Administration (Sunat).
Likewise, customs duties amounted to S/821.6 million (about US$234 million) during the same period. These figures, already concrete results of its operations, are translating into higher revenues for the Peruvian State.
The Chancay Multipurpose Port Terminal (TPMC) —its official name— is the most modern in the region, being fully automated. Nonetheless, it generates 830 jobs for its operations, more than 56% of which are filled by locals.
From a macroeconomic perspective, Peru's GDP closed 2024 at US$289.2 billion, according to the World Bank, and a 3.5% growth is expected for 2025—"well above the regional average," Economy and Finance Minister Denisse Miralles stated recently.
Peruvian exports in 2024 reached US$74.6 billion. The Ministry of Foreign Trade and Tourism (Mincetur) expects them to hit US$85 billion by the end of 2025, a new record. These are promising figures that underpin the Chancay port.
Logistics hub
President Xi Jinping's remarks at the inauguration, stating that "Chancay will strongly consolidate Peru's position as a gateway connecting Asia and Latin America," help strengthen Peru's economic outlook for the coming years.
In this regard, Sunat and the General Administration of Customs of the People's Republic of China recently signed a "Roadmap" to improve digital customs communication and provide technical assistance.
However, while the new Chancay Port terminal has raised encouraging expectations in Peru, it has also sparked concerns in Chile, where investments have been announced to increase its ports' capacity.
"If Chile develops new higher-capacity ports, regional competition will undoubtedly increase, and this makes Peru take comprehensive planning and economic competitiveness around Chancay seriously," said Mario Roncal, head of the International Business and Logistics Program at the Antonio Ruiz de Montoya University (UARM).
"If Peru manages to consolidate this strategic vision, the Chancay Megaport can remain the logistics hub that the Peruvian economy needs: a key gateway to Asia, capable of competing on equal footing with other established ports and effectively integrating into the main global trade routes," Roncal emphasized.
In turn, Cosco Shipping Ports Chancay Peru Deputy General Manager Gonzalo Rios recently highlighted that "this first year confirms the vision with which the Chancay Port was conceived: to be a strategic connection point between South America and Asia, and a driver for the sustainable development of the country and its people."
Potential for growth
What is needed to fully harness Chancay Port's potential?
In response, Roncal pointed out that "progress is required on a set of strategic projects that strengthen its connectivity and productive environment."
The academician noted that the government is already promoting key infrastructure and, through the Ministry of Transportation and Communications (MTC), has announced initiatives such as the Pucallpa–Chancay Coastal Railway. It will connect the Peruvian Amazon with Brazil and converge at the port.
"It is estimated that the preparation of the pre-investment study will be launched in the fourth quarter of 2025. In addition, reviewed projects include the Serpentin–Variante Pasamayo Road, the Chancay–Chancayllo Bypass, the Oyon–Ambo Road, the Acos–Huayllay Road, and the Lima–Barranca railways, public works that will strengthen national logistics integration," he added.
Roncal noted that the Ministry of Economy and Finance (MEF) announced in March the launch of a pilot plan to implement a Special Economic Zone (SEZ) around the Chancay Port.
"This initiative aims to attract private investment through incentives such as tax and tariff exemptions, with the goal of promoting formal employment and stimulating regions with historically lagging development," he emphasized.
Roncal also pointed out that the SEZ would promote productivity, competitiveness, and innovation by enabling new economic activities and boosting exports through simplified customs procedures.
"Together, these actions—road and railway infrastructure, strengthened public services, and an investment-friendly regulatory environment—are essential to maximize the impact of the megaport and establish Chancay as an engine of economic development for Peru," he emphasized.