Peru & China Discuss Economic Cooperation, BRICS

Peruvian President Dina Boluarte arrives in Beijing to meet with President Xi Jinping

Dina Boluarte

The Peruvian President arrived in China at the head of a large delegation of ministers and businessmen for a summit with Chinese President Xi Jinping. The Peruvian delegation will also hold several meetings with Chinese government officials and business leaders. The Peruvian delegation includes Foreign Minister Javier Gonzalez Olaechea, Economy Minister José Arista, Transportation Minister Raul Perez-Reyes, and Health Minister Cesar Vasquez.

Boluarte’s mission will aim to further strengthen economic and commercial cooperation with China, as well as attract investment in strategic sectors. Peru has reserves of lithium, a critical metal for the energy transition, which, however, have yet to be explored and prepared for commercial production, as Peru’s mining industry can produce currently no more than 2500 tons of lithium per year.

In this context, meetings are scheduled with top executives from technology company Huawei, electric car manufacturing giant BYD (Build Your Dream), energy and mining company Jizhao Mining, and China Railway Construction Corporation CRCC.

Boluarte will also visit the Medical Innovation Center in the city of Shanghai before returning to Beijing for a bilateral summit with Xi Jinping, during which the possibility of Peru joining the BRICS group of countries will be analyzed. Through its BRICS membership, Peru wants to boost the country’s economic growth: in April, Peru’s industrial production recorded an 11.4% year-on-year increase. The result is mainly due to the development of the fishing (+25 percent) and textile (+12 percent) industries.