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Mahesh

20/11/24 08:54 AM IST

Chancay port project in Peru

In News
  • Chinese President Xi Jinping inaugurated Peru’s Chancay Port describing it as the starting point for a “new land-sea corridor between China and Latin America”.
About Chancay Port Project
  • Located about 78 km north of the Peruvian capital of Lima, Chancay is a small fishing town with a population of around 60,000.
  • It is a natural deep-water port, however, previous feasibility studies on building up infrastructure pointed out heavy construction costs.
  • China began construction in 2019 and the China Ocean Shipping (Group) Company or COSCO now owns 60 per cent of the port, with a local company owning the rest.
  • Currently, most of Peru’s cargo to Asia and Oceania needs to transit through Central America or North America, and the throughput cannot meet the needs of foreign trade upgrades.
  • In order to reach South America, bigger cargo ships first go to ports in the United States or Mexico and their goods are offloaded onto smaller ships.
  • Chinese media also reported that the port will reduce the transportation time of goods exported from Latin America to the Asian market from 35 days to 25 days, greatly reducing logistics costs and generating jobs.
  • The port is expected to generate $4.5 billion in annual economic benefit for Peru, equivalent to 1.8 percent of the country’s GDP.
Trade items
  • Key trade items here include copper, blueberries and soybeans.
  • Crucially, Bolivia, Chile and Argentina also form the “lithium triangle” together.
  • The element is in great demand over the lithium-ion batteries used to power the growing numbers of Electric Vehicles worldwide.
  • A report from the International Energy Agency noted that more than one in three new car registrations in China was electric in 2023, compared to over one in five in Europe and one in 10 in the United States.
Source- Indian Express

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