As it celebrates its bicentennial, November marks a pivotal month for Peru. This year, it chairs APEC for the third time and is gearing up to host the summit of leaders from the 21 economies that make up the forum, which collectively account for nearly 60% of global GDP and 40% of the world’s population. Among the prominent attendees are the President of JP Morgan Chase, the founder of the World Economic Forum, and, of course, the leaders of the world’s two largest economies: Joe Biden and Xi Jinping. Xi will seize the occasion to expand China’s influence with the inauguration of the Chancay port, a massive investment controlled by China’s Cosco Shipping, aiming to position Peru as the leading port hub in the South Pacific.

 

The scale of this event is undeniable. Peru will use this platform to promote a vision of inclusive, sustainable, and resilient economic growth, focusing on empowering the most vulnerable and leveraging digital opportunities to drive the formal and global economy. The country will host 160 official events—with participation from over a thousand top executives, policymakers, and thought leaders—while also offering a comprehensive civic agenda and a major SME fair.

 

Peru’s ability to draw attention and gain momentum in our region as an emerging economy aiming to become the gateway for investments and trade is a testament to the effective work of its Ministry of Foreign Affairs. This strategy is supported by steady increases in foreign investment and the signing of multiple free trade agreements with major powers such as China, the United States, and Japan, solidifying the APEC region’s dominance with 66% of total goods trade (Gob.pe 2024). From a geopolitical standpoint, this highlights Beijing’s strategy to expand its influence, as China has surpassed the United States as the leading trading partner in South America, increasing trade with Latin America thirty-five-fold over the past two decades (The Economist, 2024).

 

While Chile has been a key destination for Chinese investment—particularly in the energy transition and lithium sectors—it now faces the significant challenge of remaining competitive. The imminent launch of the Peruvian port could intensify competition for our port network, especially for San Antonio and Valparaíso, which are struggling to secure investments needed to modernize their infrastructure.

 

Peru’s determined integration into the Asia-Pacific region sends a clear message to Chile: staying competitive requires strategic infrastructure investments, faster execution of key projects, and a consistent and aligned international positioning between the public and private sectors to fully seize all available opportunities.

 

Mónica Retamal F.
Executive Director, Kodea NGO