Peru inaugurates first biodiesel plant

Peru’s first biodiesel plant was inaugurated in Lima’s Lurín district on Thursday with an investment of $25 million. The general manager of the Peruvian company Heaven Petroleum Operations, Samir Abudayeh, said the plant will have an initial daily production of 120,000 gallons of biodiesel with a later production at 240,000 gallons a day, Radio Programas radio reported. “With [...]

Peru seals FTA with Canada during World Economic Forum

Peru successfully concluded a free trade agreement with Canada on Saturday as both countries look to diversify their markets ahead of fears of a possible recession in the United States. Peru’s Foreign Trade and Tourism Minister, Mercedes Aráoz, sealed the deal with her Canadian counterpart, David Emerson, during the World Economic Forum in Davos, Switzerland, where [...]

Peru’s formal employment increases in urban centers

Formal employment has grown by almost 8 percent in Peru’s urban centers from November 2006 to November 2007. According to the Labor Ministry, the retail sector had the highest formal employment growth at 10.4 percent, followed by the industrial and service sectors with growth at 8.4 and 7.8 percent respectively. Retail growth was reportedly due [...]

Foreign trade minister: Peru-Canada FTA ready by weekend

Foreign Trade and Tourism Minister Mercedes Aráoz announced that negotiations for a bilateral free trade agreement with Canada will be finalized this weekend, as part of Peru’s efforts to diversify its market. Aráoz said an agreement was nearly sealed during a Monday night video teleconference meeting, which settled in-depth and technical details, Agencia Andina reported. [...]

Peru and China begin FTA negotiations

Peru and China have begun the first round of negotiations for a free trade agreement that could be ratified by November, according to Foreign Trade and Tourism Minister Mercedes Aráoz. Agencia Andina quoted Aráoz saying that Peruvian and Chinese officials will try to reach an agreement before the 2008 Asia Pacific Economic Cooperation summit scheduled [...]

Comex Peru: Peru’s seaports hinder supply network

Out-dated infrastructure in Peru’s highly centralized seaport system is a major challenge facing the country’s supply network, according to the Foreign Commerce Society of Peru, Comex Peru. An article by Comex, which appeared in daily Gestión today, stressed the need for modernizing the ports so Peru can sustain its sizzling economic growth and become an [...]

Second bank approves loan for Peru gas project

The U.S. Export-Import Bank, Ex-Im, approved a $250 million loan for the second phase of the Camisea gas project Friday, following the lead of the Inter-American Development Bank which brushed off environmental and social concerns by approving a $400 million loan. The loan will partially fund a natural gas liquefaction plant and other infrastructure on [...]

Peru government plans training for rural communities to prepare for FTA

Over 4,000 rural communities in Peru will receive State training to alleviate economic difficulties from the free trade agreement with the United States. According to the National Program for Watershed Management and Soil Conservation (PRONAMACHCS), farmers will receive the training so they can take advantage of new opportunities provided by the FTA. PRONAMACHCS General Manager, [...]

Peru suspends Río Blanco operations ahead of environmental talks

The Peruvian government has suspended activities at the Río Blanco mining project ahead of negotiations on Oct. 29 to address environmental concerns. The mining project has been at the center of controversy between environmental NGOs and the mining industry since 2003, when it was approved by the Peruvian state. Proponents argue the mine will bring [...]