China's $3.6B Port in Peru Launches, Revolutionizing Latin American Trade Routes

News: China’s President Xi Jinping inaugurated Peru’s $3.6 billion Chancay Port on November 14, a pivotal Belt and Road Initiative project led by China Ocean Shipping Company (COSCO), which holds a 60% stake.

Located 78 km from Lima, the port aims to boost South America-Asia trade, cutting shipping times by 10 days and logistics costs by over 20%.

With four berths for ultra-large container ships (18,000 TEUs), it will facilitate exports like copper, lithium, and blueberries, generating $4.5 billion annually for Peru (1.8% of GDP). Strategically, the port supports lithium triangle nations crucial to the electric vehicle industry.