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China\u2019s President Xi Jinping and Peru\u2019s Dina Bouluarte celebrated the opening of the new Chancay megaport on Thursday, November 14, during an elaborate ceremony in Lima at the start of Xi\u2019s state visit to South America timed to coincide Asia-Pacific Economic Cooperation Forum 2024. The post which was developed by COSCO and majority-owned by China\u2019s state shipping company, comes with broad geo-political implications as China\u2019s largest foothold in South America.<\/p>\n
During an event attended by dignitaries from the two countries, the two presidents watched a live feed on a large video screen as the ribbon was cut marking the opening of the port which completed its first phase of construction just weeks ago. COSCO is reported to have invested $1.3 billion into the mega project which is part of a regional $3.5 billion investment to create one of the leading logistics hubs in South America. Peru has committed to large-scale investments to build the road and rail infrastructure to connect what was a remote area to the country\u2019s commercial flow.<\/p>\n
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Presentation about the port during the live stream event<\/em><\/p>\n \u00a0<\/p>\n It was noted that it is XI\u2019s third visit to Peru. He hailed the port development saying it is a successful start of a \u201c21st-century maritime Silk Road,\u201d alluding to China’s framed trading route. The Chinese government views the port as a key part of its Belt and Road Initiative and helping to expand Chinese influence over trade, especially in South America.<\/p>\n The new port is located approximately 50 miles to the north of Peru\u2019s capital Lima in an area that was historically a remote fishing community. The first phase of the port has just four berths but a depth of approximately 56 feet and a capacity to handle the new ultra-large generation of container vessels with a capacity of 18,000 TEU. The full plan for the port calls for 15 berths to be built as well as a large industrial park facility.<\/p>\n Chinese officials are calling Chancay the first smart port and green port in South America. In an article attributed to Xi, they asserted that the port will generate $4.5 billion in annual revenue for Peru and create over 8,000 jobs. COSCO holds 60 percent ownership in the port and has a 30-year concession for the port’s operation with the other 40 percent held by Peruvian mining company Volcan.<\/p>\n \u00a0<\/p>\n \u00a1Hoy es un d\u00eda hist\u00f3rico para el Per\u00fa! ???????????? Entr\u00f3 en operaci\u00f3n el puerto de Chancay, que revolucionar\u00e1 el comercio con Asia. En el marco del #APECPer\u00fa2024<\/a>, la inauguraci\u00f3n de este puerto marca un hito en la econom\u00eda del pa\u00eds, con rutas m\u00e1s r\u00e1pidas y eficientes. pic.twitter.com\/u2FLfeoh4K<\/a><\/p>\n \u2014 Ministerio de Transportes y Comunicaciones (@MTC_GobPeru) November 15, 2024<\/a>\n<\/p><\/blockquote>\n \u00a0<\/p>\n They asserted that the port is designed to create strong economic ties with China and facility improve trade between the countries. It is being pointed out that the new port helps to reduce sea time for shipping between China and Peru to 23 days. They state that it will cut logistics costs by at least 20 percent.<\/p>\n COSCO began testing at the port in mid-October directing at least five of its large containerships to the facility. They were testing the navigation and operation of the new cranes preparing for the first official vessel which is expected to depart the port next week transporting Peruvian fruit to China.\u00a0<\/p>\n One of China\u2019s newest containerships, COSCO Shipping Peru<\/em> (144,700 dwt \/ 14,100 TEU), placed in service in July was shown in the port. In addition, COSCO\u2019s containership Xin Shanghai<\/em> (111,737 dwt \/ 9,500 TEU ) was positioned as the backdrop for the ceremony with COSCO containers stacked on the dock.\u00a0<\/p>\n China is continuing to expand its investment in Peru. In March, it was announced that another Chinese construction company won the right to construct the terminal to create the country\u2019s third largest port, San Juan de Marcona. It will be located approximately 300 miles to the south of Lima and is expected to open in 2025.<\/p>\n \u00a0<\/p>\n A 3.4 billion dollar mega port China has built in Peru – China is closing in! pic.twitter.com\/hicjq9Z7nS<\/a><\/p>\n \u2014 Ashok Swain (@ashoswai) November 15, 2024<\/a>\n<\/p><\/blockquote>\n \u00a0<\/p>\n<\/div>\n \t\n
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