November 2024 | 37 comments (37 topical, editorial, 0 hidden)

Opening Up Wilson's Back Yard In Peru (none / 0)

China megaport opens up Latin America as wary US looks on | BBC News |
Xi was in Peru for the annual meeting of the Asia-Pacific Economic Co-operation Forum (Apec). But all eyes were on Chancay and what it says about China's growing assertiveness in a region that the US has traditionally seen as its sphere of influence.
As seasoned observers see it, Washington is now paying the price for years of indifference towards its neighbours and their needs.
"The US has been absent from Latin America for so long, and China has moved in so rapidly, that things have really reconfigured in the past decade," says Monica de Bolle, senior fellow at the Peterson Institute for International Economics in Washington.

Chinese President Xi Jinping met Peruvian President Dina Boluarte on 14 November
Even before it opened, the $3.5bn (£2.75bn) project, masterminded by China's state-owned Cosco Shipping, had already turned a once-sleepy Peruvian fishing town into a logistical powerhouse set to transform the country's economy.
China's official Communist Party newspaper, the People's Daily, called it "a vindication of China-Peru win-win co-operation".
Peru's President Dina Boluarte was similarly enthusiastic, describing the megaport as a "nerve centre" that would provide "a point of connection to access the gigantic Asian market".
But the implications go far beyond the fortunes of one small Andean nation. Once Chancay is fully up and running, goods from Chile, Ecuador, Colombia and even Brazil are expected to pass through it on their way to Shanghai and other Asian ports.

It is expected to generate $4.5 billion in annual revenue for Peru and directly create more than 8,000 jobs.
The completion of Chancay Port will enable Peru to put in place a multidimensional, diverse and efficient network of connectivity spanning from coast to inland, from Peru to Latin America and farther on to the Caribbean, Xi said in the article.