Peru trying to lure BYD auto plant with industrial park incentive

COSCO SHIPPING Ports

26/06/2024 17:45

LIMA, June 26 (Reuters) - Peru's president met with
Chinese electric vehicle maker BYD on Wednesday, inviting
executives to set up shop on the Andean nation's Pacific coast
where another Chinese firm is building a massive port to
facilitate trade between the two countries.
    President Dina Boluarte told the executives that if BYD
 002594.SZ  were to build a auto assembly plant in Peru, it
would benefit from the Chancay port under construction by Cosco
Shipping Ports  1199.HK , set to open in November, according to
a government statement.
    The president noted the government will build an industrial
park either in Chancay or in Arequipa, some 620 miles (1,000 km)
to the south just off the Pacific coast.
    "In either of those places, that's where the vehicle
assembly industry could be setting up," said Boluarte.
    China has become the largest investor in Peru in recent
years, and is the top buyer of the nation's copper. 
    "Instead of bringing copper and lithium from Peru, they
should come to Peru to set up their assembly industry," she
said, adding that the government would offer zero tariffs to
encourage more local investment.
    Peru is also weighing an agreement with China to replace the
nation's public transportation with electric models in the next
three to four years, according to the statement.

 (Reporting by Marco Aquino; Writing by Kylie Madry; Editing by
Alistair Bell)
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