Peru strengths its position in the global mining and infrastructure sectors

Joint statement

Japan and Peru are set to sign a joint statement later this month focused on enhancing cooperation in mineral mining technology. This agreement aims to bolster supply chains for essential minerals using cutting-edge Japanese technology.

Key points

• Japanese Prime Minister Shigeru Ishiba will visit Peru for the APEC CEO Summit 2024 on November 15-16, where he will meet with Peru’s leadership to finalize the agreement.
• The collaboration is designed to secure stable supply chains in Peru for critical minerals like copper and zinc, crucial for electric vehicle batteries and renewable energy solutions.
• A 10-year roadmap is in the works, focusing on five strategic areas: economic cooperation, resource security, energy procurement, personnel exchange, and security measures.

Japan, a resource-scarce nation, has been actively strengthening global supply chains to support its decarbonization goals. The new partnership with Peru underscores Japan’s commitment to securing vital mineral resources for future technologies.

Peru ties with China

Moreover in parallel, Peru is also deepening its trade ties with China. An updated free-trade agreement is set to be signed during President Xi Jinping’s upcoming visit to Lima, alongside 30 other cooperation agreements.
According to Nikkei the Peru and China agreement aims to: boost commerce between Peru and China by at least 50%, further solidifying China’s role as Peru’s largest trading partner. Moreover, Chinese investment interests are growing, with a focus on infrastructure and technology projects, including the $54 billion portfolio in mining and $157 billion in infrastructure projects.
The Chancay megaport by Cosco Shipping Port, a transformative project for Peru’s trade capabilities, will be virtually inaugurated by President Dina Boluarte and President Xi on November 14.

These strategic agreements highlight Peru’s expanding influence in the global mining and infrastructure sectors, positioning the country as a critical player in the global supply chain for essential minerals.