Will Peru’s Chinese-built megaport be a ‘win-win’?

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Chinese President Xi Jinping inaugurated the Chancay megaport in Peru on November 14, 2024. It is a significant project under Beijing’s Belt and Road Initiative that aims to enhance trade links between Asia and South America. The port is jointly funded by China’s Cosco Shipping and Peru’s Volcan mining company. It has a capacity for 1 million containers and 6 million tonnes of cargo annually and can reduce shipping times across the Pacific from 45 to about 20 days. While it promises economic opportunities and job creation, Chancay locals have expressed concern about the environmental impact and insufficient infrastructure. Experts have also cast doubt over whether Peru can capitalise on the new “gateway to Asia” by developing the nation’s capability to handle imports of hi-tech products from China.

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