Luis Cabello, commercial counsellor, and representative of Promperú - Promotion Agency of Peru for Exports and Tourism, in Beijing Photo: Courtesy of Luis Cabello
China-proposed Belt and Road Initiative (BRI) has facilitated strategic investments in infrastructure and improved Peru's connectivity with international markets, especially with Asia, Luis Cabello, commercial counsellor, and representative of Promperú - Promotion Agency of Peru for Exports and Tourism, in Beijing, told the Global Times in an exclusive written interview on Friday.
The development of the Chancay Port in Peru, projected as a key maritime point for South America, the latest successful project of China-Peru Belt and Road cooperation, is a highlighted example of bilateral cooperation, according to Cabello.
The remarks were made against the backdrop of the top meeting between leaders of China and Peru as the Latin American country is hosting the 31st APEC Economic Leaders' Meeting in the country's capital Lima.
The Latin American country, an active participant of the BRI, has actively participated in the BRI, with cooperation yielding significant benefits that should be further strengthened, according to the Peruvian trade representative.
The BRI cooperation increased commercial competitiveness of Peru as improved infrastructure reduces transport costs and delivery times, making Peruvian products more competitive in the global market.
"It also attracts and increases investment in key sectors, supporting economic development and job creation," Cabello said. He gives the example of Chancay Port, which just marked its opening ceremony on Thursday, as the Xinhua News Agency reported.
The corridor, to connect the Inca Trail with the 21st Century Maritime Silk Road, will open up a road of common prosperity and happiness for Peru and other Latin American and Caribbean countries, Xinhua reported.
"At Promperú, we consider the Chancay Port to be a key infrastructure project for Peru, which has the potential to transform regional trade... As a multipurpose port, it will position Peru as a logistics hub to connect South America with Asia and Oceania," Cabello said.
Additionally, this project will contribute to decongesting existing ports and improving the efficiency of Peruvian foreign trade, facilitating exports, especially of value-added products, from the non-traditional sector, Cabello said.
"The focus on exports of value-added products allows Peru to diversify its offering, aligning itself with the consumption trends of the middle class in China, which values high-quality and differentiated products," he further noted.
Responding to some doubts and criticism from certain Western media targeting the port, Cabello noted that "it is important to focus on the technical and economic aspect of the project."
The port project will attract investments in sectors such as logistics and transport, generating economic growth and employment, Cabello said, noting that this development responds to the need to modernize infrastructure to facilitate international trade and increase the competitiveness of Peruvian products, benefiting both exporters and the national economy as a whole.
The port project is just an epitome of the fruitful bilateral cooperation. Under the BRI, Cabello believes the potential for expanding economic and trade cooperation is huge, particularly with the upgrading of the free trade agreement.
On Thursday, China and Peru welcomed the signing of a protocol on upgrading the bilateral free trade agreement, according to a joint statement on deepening their comprehensive strategic partnership issued Thursday, Xinhua reported.
The two countries will jointly explore new opportunities for cooperation under the framework of the BRI to achieve mutual benefit and win-win results, and promote sustainable development of the two countries, said the statement.
"At Promperú, we believe that this agreement will strengthen trade and will attract more Chinese investment to strategic sectors, driving sustainable economic growth in Peru," Cabello said.
