The purpose of the port is to speed up trade between Asia and South America. The United States is concerned about this expansion of China in the region.
China is building a deep-sea port called Chancai in Peru (South America), which could open by the end of the year. The Wall Street Journal reported it.
It is known that the controlling owner of the port is the Chinese state-owned company COSCO Shipping.
The purpose of the port is to speed up trade between Asia and South America. Various goods will be delivered to the port – from blueberries to copper. The port could open new markets for Chinese electric vehicles and other exports.
China is already the leading trading partner for most South American countries.
The $3.5 billion port, financed by loans from a Chinese bank, is reportedly the first on South America’s Pacific coast to accommodate megaships thanks to its depth of more than 18 meters.
The United States is concerned about this expansion of China in the region. Former US officials say the project underscores the diplomatic void the US has left in Latin America as it has recently focused its resources elsewhere on Ukraine and the Middle East.
According to Peruvian Foreign Minister Javier Gonzalez-Olaechea, if the United States is so concerned about China’s growing presence in Peru, it should increase its own investments.
Let’s remember that last year, China and Brazil for the first time paid under a trade agreement between the two companies in national currencies without using the US dollar.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.