Xi Jinping welcomed in Peru for Chancay port launch

Chinese President Xi Jinping was welcomed in Lima ahead of the inauguration of the massive Chancay deep-water port, one of Beijing's most ambitious infrastructure investments in Latin America.

Peru’s president Dina Boluarte greeted her Chinese counterpart at the National Palace on the first day of the Asia-Pacific Economic Cooperation Summit, hosted by Peru and where Xi is scheduled to attend to meet with other Asia-Pacific leaders.

The China-controlled mega port, built by Cosco Shipping Ports 1199.HK and located on Peru's Pacific coast north of Lima, has already drawn $1.3 billion in Chinese investment for its first phase, with billions more expected as Beijing and Lima look to turn Chancay into a major shipping hub between Asia and South America.

"Today, the port of Chancay is becoming the new starting point of the Inca ancient road in the new era. From Chancay to Shanghai, what we are witnessing is not only the Belt and Road Initiative taking root and flourishing in Peru but also the birth of a new maritime-land corridor between Asia and Latin America and the Caribbean,” Xi Jinping said.

Also President of Peru, Dina Boluarte said; “With this mega work, we start a transformation that will solidify the country as a global logistic, technologic, industrial hub that will boost us in the Asia Pacific region.”

Xi, who is in the Andean country to attend the 31st Asia-Pacific Economic Cooperation summit, and Peruvian President Dina Boluarte participated by video link in the opening of the Chancay port, about 80 kilometers north of Lima on the Pacific Ocean, and signed a deal to widen an existing free trade agreement.

With China's demand for agricultural goods and metals from Latin America growing, Xi will participate in the Asia-Pacific Economic Cooperation Summit in Lima then head to the Group of 20 summit in Rio de Janeiro next week, where he will also make a state visit to Brazil.