CHANCAY, Peru — Located just 40 miles from Peru’s capital city of Lima, the new “megaport” of Chancay, funded by Chinese company Cosco Shipping, is expected to transform the country’s economy. The first phase of this $3.5 billion port will be completed in November 2024, after two years of construction.
Chinese influence and integration in Peruvian culture is not a new concept. Lima is home to a two-block Chinatown, known as Barrio-Chino, and Chinese-Peruvian restaurants (aka “Chifas”) are found on nearly every street. Even Wong, Peru’s most popular grocery store chain, was founded by Chinese immigrants in 1942.
Despite Peru’s good relationship with China, critics worry that Chancay Port will give China too much of a foothold. Once completed, Chancay will be the biggest port in Peru and all of South America, and Cosco Shipping’s 60% ownership will give China a significant influence over trade in a new continent.
But nothing’s stopping other countries from investing in Peru. In fact, according to Maria Rosa Villalobos Rodriguez, economy editor at El Comercio—Peru’s oldest and most prominent newspaper—more investment is what Peruvians want. “If you’re worried about Chinese investment in Peru, then come and invest with us,” she said. “We’re wide open to welcome anybody who wants to put money in our country.”