Chinese President Xi Jinping began a diplomatic tour across Latin America by virtually inaugurating Peru's Chancay port, a deep-water facility 80 kilometers from Lima, built with $1.3 billion in Chinese investment. Xi highlighted Chancay as a strategic step in the Belt and Road Initiative, envisioning it as a "21st century maritime Silk Road" and a new trade corridor connecting China and South America.
Developed by Cosco Shipping Ports, the Chancay port is expected to generate $4.5 billion annually and create 8,000 jobs. The port will also cut logistics costs for trade routes with China by 20%. This project aims to support regional exports, especially Brazilian goods transported by a future railway from Brazil to Chancay.
As China becomes the largest trade partner for many Latin American nations, the United States has expressed security concerns over potential military uses for the port, with officials speculating it could be used by the Chinese navy. However, China has denied such intentions, describing the port solely as an economic endeavor aimed at strengthening trade ties.
