China Inaugurates Chancay Port: A Gateway for Trade in South America
China constructs a port infrastructure, in South America.
China has built a port in South America that will act as the main center for sending Chinese products to the continent and bringing resources back, to China.
China recently completed the construction of its deep water port in South America. The Chancay Port situated in Peru which serves as a crucial gateway for Chinese products to reach the region while enabling the import of valuable resources to China as well according to a report by Reuters dated Friday November 15th.Chinese President Xi Jinping graced the event with his presence during the opening ceremony as part of his diplomatic visit, across various South American nations.
The new port shortens the sea journey between Peru and China from 40 days, to 23 days.
Situated 80 kilometers away from Lima is a port jointly owned with 60 percent ownership by the state owned company Cosco Shipping Ports and the remaining 40 percent, by the Peruvian company Volcan Compañía Minera.
During its stage of operation the port is expected to process about one million containers every year and bring in roughly $ 45 billion in annual revenue for the state. Additionally, than 8 thousand individuals are projected to be employed at the port.
China is also looking to construct a railroad system that will link the port, in Peru to Brazil.
China has already put $ 1300000000 into building Chancay Port with plans to up that investment to $ 3500000000 in the future.
The agency stated that China has been significantly involved in investments in Peru starting from 2009 when the two countries entered into a trade agreement. Over the years Chinese businesses have pumped $24 billion into mining and energy ventures, in the South American country.
Recently a Chinese oil refinery made a purchase of African crude oil amidst speculations surrounding the Trump administration’s stance, on Iranian oil sanctions.This deal caught the eye of traders since smaller independent Chinese refineries usually opt for importing oil grades from Iran and Russia.
Shandor Brenner is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.
