Peru was first destination for Chilean investments during last quarter

Peru was the main destination for investments from neighboring Chile during the first quarter of this year, according to the The Santiago Chamber of Commerce.

In total, investment from Chilean businesses in Peru totaled $697.2 million last quarter, representing 40 percent of Chilean investments abroad, the chamber was quoted saying by RPP radio station. Most of the funds were invested in Peru’s retail sector.

Chilean retail investors in Peru include the department store Ripley and Parque Arauco, which reached an agreement with Graña y Montero construction firm to purchase the Larcomar shopping center in Lima’s Miraflores district for $36 million, daily Gestión previously reported.

Brazil was the second source of Chilean investments last quarter with $557.7 million, about 32 percent of the country’s total. Colombia followed with 23 percent of investments at $400.8 million and Argentina was in fourth spot with $87.1 million.

Since 1990, Peru has received $8.5 billion in investments from Chile, representing about 18.5 percent of Chile’s total investments abroad. Peru was behind Argentina, which has received $17 billion in investments from Chile during the last two decades, and tied with Brazil which also received about $8.5 billion. Colombia was fourth with $4 billion.

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