China increases its presence in Latin America: inaugurates a mega-port in Chancay, Peru

China's presence in Latin America is growing steadily. The new mega-port in Chancay (Peru), financed by the Chinese government, serves as a clear ecample of how the country is expanding its influence in the region.

The project will be inaugurated by Xi Jinping, together with his Peruvian counterpart, Dina Boluarte, on November 14, during the Asia-Pacific Economic Cooperation (APEC) summit in Lima.

Located 50 miles (80 km) north of the Peruvian capital, the 60-foot deep-water port (about 18 meters) began construction in 2021. Initially, it will have four berths with an investment of $1.3 billion. The final phase of the projects envisions 15 berths and a total investment of $3.5 billion, according to AFP.

According to Cosco Shipping Ports estimates, one million containers will arrive in the first year. With 57,000 inhabitants, Chancay will be the first Chinese port in South America.

In 2019, the Chinese group acquired 60% of the Peruvian company responsible for the port, selecting it for its strategic location in the heart of South America and the significance of Peru's agro-industrial production.

The project is part of China's strategy to strengthen its alliances with Latin American countries. It is part of the "Belt and Road" plan, launched in 2013 by Xi Jinping.

Peru is not the only country committed to the plan. Other South American countries, such as Argentina, Chile, Bolivia, Brazil, Ecuador and Venezuela, also have projects under this initiative.

In fact, trade between China and Latin American countries broke an all-time record in 2023, when it surpassed $480 billion, according to the BBC.

"The new record in goods trade with China constitutes a further step in an upward trend that has been registered throughout this century," the media outlet reported.