Chinese President Xi Jinping commenced a significant diplomatic tour of South America with the inauguration of the Chancay port in Peru. Valued at $1.3 billion, this deep-water port is a strategic Chinese investment to bolster trade and influence across the continent.
Participating via video link, Xi hailed the 15-berth Chancay port as a crucial element of China’s Belt and Road Initiative, marking the modern resurgence of the ancient Silk Road. Xi expressed China’s commitment to collaborating with Peru in establishing a new trade corridor connecting Asia to Latin America.
According to reports, Chancay will generate substantial economic benefits, including $4.5 billion in annual revenues and over 8,000 jobs. The port’s development, spearheaded by Cosco Shipping Ports, emphasizes China’s ongoing efforts to access resources and markets, despite rising geopolitical tensions.
(With inputs from agencies.)
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Publish date : 2024-11-14 13:29:00
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