\"From Chancay to Shanghai\" has become a rallying cry in Peru as the Chancay Port, a flagship project of the Belt and Road Initiative (BRI), celebrated its grand opening on Thursday. This $1.3 billion mega project is set to transform regional trade by accommodating the world's largest cargo ships and significantly reducing shipping times.
The first phase of the Chancay Port will slash sea shipping time from Peru to China to just 23 days, cutting logistics costs by at least 20 percent. Featuring four berths with a maximum depth of 17.8 meters, the port can host ultra-large container ships with a capacity of 18,000 twenty-foot equivalent units (TEUs). Designed to handle an annual throughput of one million TEUs in the near term and scaling up to 1.5 million TEUs in the long term, Chancay Port is poised to become a crucial hub for trade between Latin America and Asia.
In a signed article published in the Peruvian media outlet El Peruano, President Xi Jinping highlighted the economic benefits of the project, stating that the Chancay Port is expected to generate $4.5 billion in yearly revenues for Peru and create over 8,000 direct jobs. Both President Xi and Peru's President Dina Boluarte attended the opening ceremony via video link, underscoring the significance of this partnership.
\"From Chancay to Shanghai, what we are witnessing is not only the root and blossom of the Belt and Road Initiative in Peru, but also the birth of a new gateway that connects land and sea, Asia and Latin America,\" President Xi remarked during his address at the ceremony.
President Xi arrived in Peru earlier on Thursday to participate in a state visit and attend the 31st APEC Economic Leaders' Meeting, marking his sixth visit to the continent since 2013. The opening of Chancay Port symbolizes a major step forward in strengthening economic ties and fostering sustainable growth between Peru and China.
Reference(s):
From Chancay to Shanghai: Transforming Latin America's trade future
cgtn.com
