Peru Sees $50 Billion In Investments Over Next Three Years

Peru is expecting to see investments of $50 billion over the next three years, Economy Minister Luis Miguel Castilla said in Spain last week.

In a statement, Castilla, who was in Spain with President Ollanta Humala on an official visit, said Peru is on a “sustainable path of growth,” and called for Spanish companies to invest in the Andean country.

“Spain is our main partner,” Castilla said. “In direct investment we have stock of $4.5 billion from companies that provide jobs and we hope this improves.”

Castilla said that Spanish investors are interested in Peru’s hydrocarbons, hotel, and telecommunications sectors, as well as investing in the development of a petrochemical hub in southern Peru. He said there is “a lot of appetite” to invest in the Andean country.

Leading Spanish companies in Peru include Telefonica, BBVA Continental, Repsol, Endesa and the Fierro Group.

President Humala’s delegation continued from Spain to Davos, Switzerland for the World Economic Forum, where they met not only with Swiss investors but also with businesses from China, Singapore and the United States that see Peru as an attractive market amid the international crisis, Castilla said.

At the same time, in Lima, Cabinet Chief Oscar Valdes met with representatives from ratings agency Standard & Poor’s.

Valdes said the government’s is looking at ways to attract private investments and that its goal is to maintain annual economic growth of 5.5 percent. “For that, we will need to increase public investment by 30 percent,” Valdes said.

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