Peru courts Chinese investment
by Brian Turner
Peru’s president, Alejandro Toledo, is currently engaged in making his country a main focus of Chinese investment in Latin America.
In a trade mission to China, this week, Mr. Toledo hopes to secure Chinese promises to invest in the development of ports, oil exploration, and airlines, as well as to make a deal on lowering tariffs.
He is likely to point out to China that his country has the largest population of Chinese immigrants in Latin America and that Peru and China have been engaged in diplomatic relations for over a century and a half.
However, Peru will have to overcome a slow start in trade with the Asian nation.
Between 2000 and 2003, Peru’s exports to China grew by 50 percent, compared to a growth of 503 percent in exports from Brazil to China, a growth of 363 percent in trade from Argentina to China, and a 238 percent growth in trade from Chile to China.
Peru’s exports to China totaled $1.2 billion in 2004 and are expected to grow to a total of $2.6 billion this year. Over half of these exports were in minerals.
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