China – Peru: Xi Jinping, Dina Boluarte Inaugurated Chancay Megaport
China's leader: “A pathway to shared happiness and prosperity is opening up”
The future marine megaport of Chancay in Peru will be the starting point of a sea-land corridor between China, other Asian countries, and all of Latin America. The new transportation corridor will open the way to shared prosperity for Peru and all other countries in the Latin America and Caribbean region. Chinese President Xi Jinping said this during the opening ceremony of the major seaport of Chancay in Peru, where he is on a state visit.
The Chinese President emphasized that “this project represents another success of China-Peru cooperation under China’s global Belt and Road Initiative (BRI), commonly known as the New Silk Road, combining the great Inca Road with the 21st century maritime silk road.” Addressing Peruvian President Dina Boluarte, the Chinese leader emphasized Beijing’s willingness to “work together with Peru to take the holistic strategic partnership to a new level for the benefit of both peoples.”
The construction site of the future Chancay Port, now 80% complete, is a huge infrastructure project that the Peruvian government wanted to inaugurate on the occasion of the Asia-Pacific Economic Cooperation Organization (APEC) summit taking place in Lima on November 15 and 16. The construction work was entrusted to the Chinese-Peruvian consortium Cosco Shipping Ports Chancay Peru, in which the Chinese Cosco Shipping Corporation owns the Chinese part equal to 60% of the capital.
According to the Bloomberg news agency, the work “promises to truly become a critical hub for international maritime trade.” The port is expected to reduce Pacific Ocean crossing time by at least ten days, diverting much of the commodity flow from ports in Mexico or California to the USA. The megaport will be able to accommodate cargo ships with a capacity of up to 18,000 containers (some of the largest currently in operation) thanks to a draft of 16.5 meters. The airport will have four terminals with fully automatic service facilities, built on the basis of the most modern engineering solutions, equipped with innovative artificial intelligence systems.
Finally, the international rating agency Moody’s estimates that the Chancay port could guarantee Peru’s gross domestic product growth of 0.2 to 0.5%.
