Chinese President Xi Jinping attends a grand welcome ceremony hosted by Peruvian President Dina Boluarte in Lima, Peru, Nov. 14, 2024. Xi on Thursday held talks with Boluarte in Lima. (Xinhua/Xie Huanchi)

* China is ready to work with Peru to build a new land-sea corridor between China and Latin America with the Chancay Port as a starting point, Xi said. 

* As a flagship BRI project, the Chancay Port will enhance trade efficiency between Peru and Asia, cutting shipping times to China to 23 days and reducing logistics costs by at least 20 percent. 

Visiting Chinese President Xi Jinping inaugurated a mega-port with Peruvian President Dina Boluarte here on Thursday, marking a milestone in China-Peru cooperation under the Belt and Road Initiative (BRI).

The two heads of state also issued a joint statement on deepening the comprehensive strategic partnership on the same day, expressing readiness to jointly explore new opportunities for cooperation under the framework of the BRI to achieve mutual benefit and win-win results, and promote sustainable development of the two countries.

China is ready to work with Peru to build a new land-sea corridor between China and Latin America with the Chancay Port as a starting point, Xi said.

He made the remarks in his talks with Boluarte, adding that the corridor, which will connect the Inca Trail with the 21st Century Maritime Silk Road, will open up a road of common prosperity and happiness for Peru and other Latin American and Caribbean countries.

EXPANDING OPPORTUNITIES

As a flagship BRI project, the Chancay Port will enhance trade efficiency between Peru and Asia, cutting shipping times to China to 23 days and reducing logistics costs by at least 20 percent.

Situated approximately 80 kilometers north of the capital Lima on the Pacific coast and directly connected to the Pan-American Highway, a network of roads stretching across the Americas, the deepwater port is also poised to become a pivotal logistics hub between Latin America and Asia.

The Chancay Port will strongly consolidate Peru's position as a gateway that connects land and sea, Asia and Latin America, Xi said when attending the opening ceremony of the Chancay Port via video link with Boluarte.

Xi noted that this connection means more than just the BRI taking root in Peru. From Chancay to Shanghai, we are witnessing the birth of a new Asia-Latin America land-sea corridor, he said.

This photo taken on Nov. 14, 2024 shows a view of Chancay Port in Peru. (Xinhua/Li Mengxin)

Projections indicate that the Chancay Port will generate 4.5 billion U.S. dollars in yearly revenues for Peru and create over 8,000 direct jobs.

Chinese enterprises have overcome difficulties and completed the first phase of the Chancay Port project, fully demonstrating China's determination to engage in long-term strategic cooperation with Peru, Xi said, stressing China's willingness to work with Peru to fully leverage the location advantage of the Chancay Port.

Peruvian officials and experts see the Chancay Port as a step toward redefining South America's role in global trade, making it easier for Peru and neighboring countries to export goods across the Pacific.

This new port will encourage trade between Peru, Chile, Argentina, Brazil, and other Latin American countries with Asian countries, including China, said President of the Congress of Peru Eduardo Salhuana, adding that it promises economic growth for Latin America's agriculture, mining, and manufacturing industries.

The Brazilian government has already expressed a keen interest in the Chancay Port, which it views as a vital link to Asian markets.

Peruvian President Boluarte said at the inauguration ceremony that this Peru-China BRI project marks a crucial step toward Peru's goal of becoming an international center for shipping and trade.

The port will help Peru establish itself as a crucial gateway connecting Latin America and Asia and bolster integration and prosperity across Latin America, she said.

DEEPENING PARTNERSHIP

China and Peru should improve and upgrade practical cooperation and continuously elevate their comprehensive strategic partnership to new heights to better benefit the two peoples, Xi said Thursday during talks with Boluarte.

Xi noted that this was his third visit to Peru and the third time he had met with Boluarte in a year.

He described China-Peru ties as a model of solidarity and cooperation among countries of different sizes, systems, and cultures, as the two ancient civilizations are endowed with wisdom and broad vision from their profound historical legacies, allowing them to clearly see the development direction of history, align with the trends of the times, and always adhere to equality, mutual respect, mutual trust and mutual learning.

Since establishing bilateral diplomatic relations 53 years ago, trade and investment cooperation between the two sides has proliferated.

Xi called on the two sides to sum up experience, improve and upgrade practical cooperation and elevate the China-Peru comprehensive strategic partnership to new heights, so as to better benefit the two peoples.

He also urged the two sides to align their development strategies, intensify the potential for cooperation, create a new pattern of practical cooperation, strengthen trade and investment in parallel as "two wheels" driving both countries forward, advance traditional and emerging industries in parallel as "two wings" propelling them upward, and promote the integration of industrial and supply chains.

Chinese President Xi Jinping attends a grand welcome ceremony hosted by Peruvian President Dina Boluarte in Lima, Peru, Nov. 14, 2024. (Xinhua/Li Muzi)

Since 2009, China has been Brazil's largest trading partner. Data from China's Ministry of Agriculture and Rural Affairs has shown that Brazil continued to be China's largest source of agricultural imports in 2023.

China is willing to further expand the import of high-quality specialty agricultural products from Peru, encourage competent Chinese enterprises to invest in Peru, and make due contributions to local development, Xi said.

Both sides should enhance cooperation in traditional areas such as minerals and energy, infrastructure, and transportation and communications, while also expanding cooperation in emerging sectors like digital economy, artificial intelligence, green shipping, electric vehicles, and the photovoltaic industry, he said, adding that China stands ready to encourage Chinese enterprises to participate in Peru's infrastructure construction, promoting "hard connectivity" through infrastructure and "soft connectivity" through smart customs.

Boluarte, for her part, warmly welcomed Xi's visit. She echoed Xi by saying that China has long been Peru's most important trading partner, and cooperation in various fields has achieved fruitful results especially since the two sides carried out Belt and Road cooperation.

Boluarte noted that Xi's visit will surely become an important milestone in bilateral relations, open up a new chapter in the comprehensive strategic partnership between Peru and China, enable the two peoples to jointly build and enjoy a lasting and more prosperous future, and promote the building of a community with a shared future between the two countries.

The two sides also issued a joint statement on Thursday, welcoming the signing of a protocol on upgrading the bilateral free trade agreement and expressing readiness to cooperate on large-scale infrastructure projects in accordance with their respective national laws.

China and Peru are willing to incorporate projects in such emerging areas as the circular economy, sustainable agriculture, industrial and supply chains, digital economy investment and green development into bilateral cooperation, said the statement.