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Peru has become Chinese firms’ preferred investment destination in LatAm

photo: Yusuke Kawasaki

Andina | 16 December 2020

Peru has become Chinese firms’ preferred investment destination in LatAm

Ambassador of the People’s Republic of China to Peru Liang Yu affirmed that China and Peru have become a community of shared future for mutual benefit, with shared profits and common development.

"This reaffirms our bilateral ties. In addition, at present, Peru has become Chinese companies’ preferred investment destination in Latin America," he said at the webinar held by the Peru-China Chamber of Commerce (Capechi) to mark 10 years since the Peru-China Free Trade Agreement (FTA) came into force.

The Asian diplomat affirmed that this trade agreement has created a more stable and transparent institutional environment for expanding two-way investments.

"The FTA between China and Peru is one of the agreements with the highest level of liberalization of goods trade that China has signed. Moreover, it is the first of a series of foreign trade agreements between China and Latin American countries," he explained.

The Chinese Ambassador stated that —before the FTA came into force— annual trade between both countries reached only US$6.4 billion.

"Despite the international financial crisis, bilateral trade saw an increase of 44%," he stressed.

China became Peru’s second largest trade partner. Since then, the bilateral trade volume has grown at an average annual rate of 10%.

"This FTA has served as a driving force for the development of economic and trade relations between China and Peru. Also, it has allowed bilateral trade to make significant progress over the last 10 years," Liang Yu emphasized.

 source: Andina