Xi Jinping opens China-funded megaport in Peru
· Yahoo NewsSTORY: :: Chinese President Xi Jinping opens the Chancay deep-water port in Peru
:: The port is a $1.3 bln Beijing investment to boost its trade and influence in South America
:: November 14, 2024
:: Lima, Peru
:: Xi Jinping, President of China
"Today, the port of Chancay is becoming the new starting point of the Inca ancient road in the new era. From Chancay to Shanghai, what we are witnessing is not only the Belt and Road Initiative taking root and flourishing in Peru but also the birth of a new maritime-land corridor between Asia and Latin America and the Caribbean.”
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Xi, who is in the Andean country to attend the 31st Asia-Pacific Economic Cooperation summit, and Peruvian President Dina Boluarte participated on Thursday by video link in the opening of the Chancay port, about 80 kilometres (48 miles) north of Lima on the Pacific Ocean, and signed a deal to widen an existing free trade agreement.
The China-controlled megaport was built by Cosco Shipping Ports and received $1.3 billion in Chinese investment for its first phase. China is expected to spend billions more as Beijing and Lima work to position it as a major shipping hub between Asia and South America.
With China's demand for agricultural goods and metals from Latin America growing, Xi will participate in the APEC summit in Lima then head to the Group of 20 summit in Rio de Janeiro next week, where he will also make a state visit to Brazil.