Xi's Megaport Moves: China's Deep Dive into South America's Economy

Chinese President Xi Jinping has inaugurated the Chancay deep-water port in Peru, marking a $1.3 billion investment by China. This project is part of China's Belt and Road Initiative, aimed at enhancing trade across South America. The port is expected to boost regional trade and reduce logistics costs.

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.)