China Opens Major Deepwater Port in Peru as Part of Belt and Road Initiative
A new deepwater port, Chancay, has been inaugurated in Peru by Chinese President Xi Jinping and Peruvian President Dina Boluarte. Marked as a key component of China’s Belt and Road Initiative, the port, with a $3.5 billion investment, is predominantly owned by China’s Cosco Shipping Ports. The facility is expected to significantly enhance trade logistics, reducing shipping times to China from around 40 to 23 days. As Peru strengthens ties with China, questions regarding exclusive port rights have emerged, reflecting mixed sentiments about foreign investment in the region.