World News
China's President Xi Opens New Port in Peru
Monday November 18, 2024
Chinese President Xi Jinping has visited Peru to open a large new deepwater port.
The Chinese president inaugurated the new Chancay port in Peru on Thursday, news agency Reuters reported.
The port is slated to generate $4.5 billion in annual revenues, create 8,000 direct jobs and reduce logistics costs on the Peru-China route by 20%.
The port was built by Cosco Shipping Ports, and received $1.3 billion of Chinese investment in its first phase, according to the report.
A new railway is expected to be built from neighbouring Brazil to take Brazilian exports including soybeans and iron ore to the new port. Brazil is the top seller of soybeans to China.
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