Package of economic reforms is expected to boost economic growth and attract more small, medium and large-sized companies to the country's capital market, Peru's President Ollanta Humala said Wednesday.
Speaking at the 118th anniversary of the National Society of Industries (SNI), Humala said this group of measures represent "a new stage" of reforms implemented by his administration to speed up foreign and domestic investments.
According to the Peruvian president, the package of reforms -to be presented to the Congress in the coming days- includes changes to the tax system, promotion of investments in Peru's core mining and energy sectors, as well as the reduction of the financial burden on companies.
"The reforms will also include proposals to amend the Law on Government Procurement to streamline bureaucratic processes, encourage competition and reduce risks of fraud and corruption," the Peruvian leader said.
Likewise, Humala announced changes to the Law on Safety and Health at Work aimed at reducing informal jobs and protecting the worker's safety and health. "The adoption and success of these measures will result in the creation of employment, thus benefiting all Peruvians," the head of State noted.
Furthermore, the president explained the Andean nation's economic growth of less than 6 percent over the last years was mainly due to China's economic slowdown, weak recovery of Peru's major trading partners -such as the United States and Europe- as well as lower prices and softer demand for the country's mineral exports.