Xi inaugurates South America's first Chinese-funded port DW 11/15/2024

Chinese President Xi Jinping on Thursday inaugurated a massive deep-water port in Peru, which he called the “Maritime Silk Road of the 21st century.”

The Chancay megaport, a $1.3 billion ($1.23 billion) Chinese investment, is transforming this sleepy fishing town on the Peruvian coast and highlights China's growing influence in Latin America. It is the first port in South America financed by China.

“Considerable revenue and huge employment opportunities will be generated for Peru,” Xi said in Lima with Peruvian President Dina Boluarte.

Xi said the Chancay project would generate $4.5 billion in annual revenue, create more than 8,000 jobs and reduce logistics costs on the Peru-China route by 20 percent, in an opinion piece published in the The Peruvian newspaper.

Boluarte welcomed the opportunity presented by the launch of the port and congratulated China for playing “a major role in the growth of our economy.”

Making a breakthrough in South America

The Chancay Port, a major venture of Chinese shipping giant Cosco, aims to streamline trade between South America and Asia and marks an important milestone in China's Belt and Road Initiative, the first ship due to leave port next week.

By 2025, the port will host some of the world's largest container ships.

The megaport will also give China access to neighboring Brazil and exports such as soybeans and iron ore.

The port inauguration comes as Beijing turns its attention to resource-rich Latin America amid trade tensions with Europe and concerns about future U.S. tariffs on Chinese exports from the new administration of Donald Trump.

Meanwhile, fishermen and local residents have expressed concerns about the environmental impact and loss of traditional fishing grounds due to the port.

“Our fishing grounds no longer exist here. They destroyed them,” said Julius Caesar, a 78-year-old fisherman. “I don't blame the Chinese for trying to exploit this place. I blame our government for not protecting us.”

Xi and Biden will meet one last time

Earlier this month, Gen. Laura Richardson, former head of the U.S. Southern Command, warned that China's navy could use Chancay to gather intelligence.

Separately, the top US diplomat for Latin America, Brian Nichols, warned in Lima that Latin American countries must be vigilant about Chinese investments.
U.S. concerns over Chancay reflect a broader shift, as China expands its influence in South America to become the main trading partner for countries like Peru, a region that Washington once considered its sphere of influence.

“Chancay illustrates how China seeks to secure secure access to resources and markets and its increasingly successful struggle to capture global added value,” said Robert Evan Ellis, professor of Latin America research at the US Army. War College.

Thursday's inauguration comes as US Presidents Biden and Xi are due to hold talks in Lima on Saturday on the sidelines of an Asia-Pacific summit.

China's Global Times newspaper wrote in an editorial published Monday that the port was a “bridge for practical cooperation between China and Latin America and is in no way a tool of geopolitical competition,” calling the U.S. accusations over the potential military use of the “smear” port.

China is building a port in Peru

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ss/lo (AP, AFP, Reuters)

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