The Chancay deep-water port is one of Beijing's most ambitious infrastructure investments in Latin America.
LIMA – Chinese President Xi Jinping launched a week-long diplomatic blitz of South America on Nov 14 by inaugurating a massive deep-water port in Peru, a US$1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent.
Mr Xi said that Chancay, a 15-berth, deep-water port, was the successful start of a “21st century maritime Silk Road” and part of China’s Belt and Road Initiative, its modern revival of the ancient Silk Road trading route. The China-controlled megaport was built by Cosco Shipping Ports and received US$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.
The rail project is estimated to cost US$3.5 billion, according to Mr Mario de las Casas, corporate affairs manager at Cosco Shipping Chancay Peru. Building that link is “crucial” to improve transportation of soybeans as Brazil is the top seller of the commodity to China, he said.
“In the big war between the global shipping alliances, it really positions Cosco... Chancay illustrates how China seeks secure access to resources and markets and its ever more successful fight to corner global value added,” he said.
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