President Ollanta Humala said that Peru aims to streamline bureaucratic processes that have held up private sector investment projects, financial daily Gestion reported.
Humala, who was in Colombia for the Pacific Alliance summit, said the government is looking to bolster the confidence of bureaucrats who tend to hold up permits over missing details that are often of minor importance.
“The traditional bureaucrat is looking for the perfect because he doesn’t want to be punished for signing a document,” said Humala. “The politician wants what is good. That is where we need to find a balance.”
“Currently, many projects are tied up because a bureaucrat in his office points out that a request lacks a certain requirement, such as a photocopy,” the Peruvian president added.
Minister of Economy and Finance Luis Miguel Castilla said the government is working on legislation to speed up documentary processes for permits for investors.
Delays in permits are often cited by the private sector as one of the main challenges for developing a project in Peru.
The announcement to speed up investments, which have driven Peru’s economic growth during the past decade, comes as the Andean country’s economy is cooling. After years of expanding at robust rates, Peru’s gross domestic product grew 4.8 percent in the first quarter, its lowest rate of growth since the global financial crisis in 2009.
