Peru Approves Prior Consultation Regulations

Peru’s government published on Tuesday regulations that govern the “Prior Consultation Law,” new legislation that is intended to improve dialogue with indigenous communities that are affected by development projects, especially mining and energy projects.

The regulations, which were published in the official newspaper El Peruano, point out that the seven-stage consultation process should take approximately 120 days. Government entities will be responsible for carrying out the consultation, which indigenous groups can choose to do in their native languages or in Spanish.

The Prior Consultation Law (Law 29785) was enacted in September last year by President Ollanta Humala during a ceremony in the jungle town of Bagua, a gesture Read more…

Humala: Peru To Start Development Of Southern Andean Gas Pipeline

President Ollanta Humala, dressed in a south Amazon-style tunic or cushma and a feathered headdress, announced in the Cusco town of Quillabamba the plans to begin construction of the Southern Andean Gas Pipeline.

The pipeline, which will be more than 1,000 kilometers long, is to transport gas from the Camisea fields in the Amazonian jungle in southeastern Peru to the cities in the southern departments of Cusco, Puno and Arequipa in the Andean highlands and Moquegua and Tacna on the coast.

Humala, who took office last July, said during a televised ceremony that the pipeline will provide significant development to southern Peru.

“This is a massive, but real, project. A project that is going to change not only life Read more…

Peru’s Business Confidence Increases To 12 Month High

Business confidence in Peru reached its highest level in 12 months, daily Gestion reported, citing the Central Bank’s latest survey on macroeconomic expectations.

Sixty percent of respondents said they are optimistic about the economy, compared to 57 percent in January and 56 percent in December.

The survey found that 61 percent of businesses expect sales to increase this year, Read more…

Peru Exports Rise 21 Percent In January

Peruvian exports increased 21 percent in January to $3.59 billion, compared to the same month in 2011, according to preliminary data from trade group ComexPeru.

Comex said that the increase was largely due to a 23 percent rise in exports from primary products, which totaled $2.78 billion in the month.

Fishing exports rose 252 percent to $279.8 million in January from $79.4 million, Read more…

Peru Gov’t Says Will Address Concerns In Prior Consultation Law

Peru’s Deputy Intercultural Minister, Ivan Lanegra, said Monday that the government will guarantee that the final text of the Prior Consultation Law will deal with concerns and take into account proposals made by indigenous communities, state news agency Andina said.

The Prior Consultation Law was enacted by President Ollanta Humala during a ceremony in the jungle town of Bagua, a gesture in recognition of the protests in 2009 that led to the death of 24 policemen and 10 indigenous people in a confrontation that analysts say could have been avoided if a prior consultation Read more…

Peru’s GDP Increases 6.92 Percent In 2011

Peru’s economy grew by 6.92 percent in 2011, compared to 8.8 percent in the previous year, the national institute of statistics and information said.

Peru’s gross domestic product has grown for 28 consecutive months and it has expanded for the past 13 years, state news agency Andina reported.

In December, Peru’s GDP expanded by 5.96 percent, which was higher than many Read more…

China Finishes 2011 As Peru’s Main Exports Market

China closed 2011 as Peru’s top destination for exports, a year that saw a record in the value of the Andean nation’s shipments abroad, the government said Tuesday.

In 2011, Peruvian exports totalled $45.7 billion, up 28 percent from 2010, Foreign Trade and Tourism Minister Jose Luis Silva said, according to state news agency Andina.

Traditional exports increased 27 percent to $35.6 billion, while non-traditional Read more…

Scotiabank: Private Sector Investments To Rise 8% In 2012

Private sector investments in Peru are expected to grow eight percent in 2012 amid uncertainty in the global economy, Scotiabank Peru said, according to state news agency Andina.

Scotiabank said that companies are planning “relatively aggressive” investment plans in 2012 and 2013 in a number of sectors, including retail, banks, construction and real estate, as well as mining and hydrocarbons.

Scotiabank said that while social conflicts could affect some mining investment plans, it does not seem to be affecting the sector in general. The latest project to be Read more…

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 Read more…

CAF Looking To Provide Financing For Southern Pipeline

The Andean Development Corporation, CAF, is interested in providing some of the financing for the Southern Andean Gas Pipeline, which will be operated by Kuntur Transportadora de Gas, owned by Odebrecht of Brazil and Conduit Capital Partners of New York.

CAF’s representative in Peru, Ricardo Campins, said the Ministry of Economy and Finance has asked the regional organization to be the financial advisor of state-owned Petroperu in the project.

Petroperu is seeking a minority stake in the pipeline, which has been declared of national interest by parliament due to its potential development boost for Read more…

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