By connecting continents, Peru’s new Chancay Port is set to transform trade between Latin America and Asia, making the vast Pacific Ocean feel a little smaller.
Just 80 kilometers north of Lima, the newly inaugurated Chancay Port stands as South America’s first smart and green port, a significant milestone under the Belt and Road Initiative. Once its first phase is complete, the port will reduce shipping times from Peru to China to just 23 days, cutting logistics costs by at least 20%.
Linked to the Pan-American Highway via a tunnel, goods from across Latin America can efficiently reach the port and set sail to Asia. Edgar Perez, an American-Peruvian business author, highlighted the impact, stating, “Nobody wants their avocados to spend 40 days on the road before getting to the market. This new port is going to create a seismic change in how the economic structure is going to be working for Latin America.”
In a video address during the inauguration ceremony, Chinese President Xi Jinping noted, “What we are witnessing is not only the root and blossom of the Belt and Road Initiative in Peru but also the birth of a new gateway that connects land and sea, Asia and Latin America.”
Trade between China and Latin America has surged from $12 billion in 2000 to nearly $490 billion, with expectations to surpass $500 billion in 2024. For the past decade, China has been Peru’s largest trading partner and export market. The Chancay Port is poised to become the starting point for a new land-sea corridor, further strengthening these ties.
A recent poll on “Peru’s Favorability towards China in 2024” shows that 93.6% of respondents are eager to deepen practical cooperation among China, Peru, and other Latin American countries, especially in science and technology, economy and trade, and education. There’s a collective aspiration to build a “Peruvian model” for China-Latin America relations and foster high-level cooperation among Global South nations.
As the world navigates various challenges, countries in Latin America and the Caribbean are seeking solidarity to achieve development. Researcher Keron Niles from Trinidad and Tobago emphasized the importance of diversifying partnerships, stating that to maintain stability and growth, it’s crucial to “increase our trade with other parts of the world, including our valuable partners in the Global South.”
The Chancay Port symbolizes more than just infrastructure; it represents a commitment to shared progress. As President Xi Jinping remarked at the 31st APEC Economic Leaders’ Meeting in Peru, “A man of virtue, while establishing himself and pursuing success, also works to help others establish themselves and succeed.”
No obstacle is too great when nations work together. With projects like the Chancay Port, the vast Pacific Ocean becomes less of a barrier and more of a bridge connecting communities and economies.
Reference(s):
cgtn.com
