Peru PM says boost in China's investments will not prompt US 'resentment'

COSCO SHIPPING Ports

17/06/2024 21:15

By Marco Aquino
       LIMA, June 17 (Reuters) - Peru's government does not
expect an upcoming trip by President Dina Boluarte to China or
the increase in investments by Chinese firms in the Andean
nation to cause "resentment" from the U.S., Peru's prime
minister said on Monday.
    Boluarte will visit Beijing at the end of this month, with
meetings scheduled with counterpart Xi Jinping and
representatives of Chinese giants such as Huawei and BYD at a
time when Chinese investments have multiplied in recent years,
to the concern of Western nations. 
    "We do not believe that our friends... like the United
States will feel resentful because we're bringing Chinese
investments (to Peru)," Prime Minister Gustavo Adrianzen said at
a press conference.
    "We believe this is an invitation for Western capital to
arrive, including from the United States," he added.
    Boluarte is set to meet with Xi on June 28, but will first
sit down with executives from Cosco Shipping Ports  1199.HK ,
which is heading construction the vast Chancay "megaport" set to
be a hub between Asia and South America.
    Xi will attend the port's inauguration in November, when the
Asia-Pacific Economic Cooperation Forum (APEC) leaders summit
will also be held in Peru.
    The $3.5 billion Chancay port has garnered interest from
Brazil to ship exports to Asia, but has also become a poster
child for the challenge for the U.S. and Europe to combat the
rise of Chinese investments in Latin America.
     
    MORE CHINESE INVESTMENT 
    Boluarte's agenda also includes meetings with Jinzhao Mining
and infrastructure group China Railway Construction Corp.
    Adrianzen said on Monday that the decade-old proposal to
build a train line from Peru, through Bolivia and to Brazil
should be put back on the table to boost exports out of Chancay.
    Through the port, Brazil would be able to significantly cut
shipping times on key exports such as soybeans and meat which
currently travel through the Panama Canal, analysts say.
    The "Bi-Oceanic Railway" may not become reality in the short
term, the prime minister said, but could come "as the megaport
is developed" in the medium-to-long-term.
    Bolivia and Paraguay are also interested in shipping exports
out through Peru, Adrianzen said.
    Paraguayan President Santiago Pena "asked Boluarte that
(Paraguayan) exports to Asia leave from the port of Chancay"
when the two spoke in September, the prime minister said.
    China is Peru's largest trading partner, and more than a
third of Peru's $65 billion in exports last year went to China.

 (Reporting by Marco Aquino; Writing by Kylie Madry; Editing by
David Gregorio)
 ((mailto:marco.aquino@thomsonreuters.com; +511 2779553; Reuters
Messaging: rm://marco.aquino.reuters.net@thomsonreuters.com/))