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| Peruvian Vice Minister of Foreign Affairs Ignacio Higueras Hare speaks during the third Seminar on Business and Investment in Peru at the Four Seasons Hotel Seoul in central Seoul, April 17. Korea Times photo by Kwon Mee-yoo |
By Kwon Mee-yoo
The Embassy of Peru held a seminar lasts week introducing business and investment opportunities in Peru with a highlight on the mining sector, on the occasion of Peruvian Vice Minister of Foreign Affairs Ignacio Higueras Hare's visit to Korea.
Paul Duclos, newly appointed ambassador of Peru to Korea, said the third Seminar on Business and Investment in Peru was held in response to the growing interest of Korean public and private entities in Peru as a business destination during the event at a hotel in Seoul, April 17.
Duclos said measures such as the Korea-Peru Free Trade Agreement and Comprehensive Strategic Partnership allowed the two countries to see increases in bilateral trade and the presence of Korean companies in Peru.
The seminar is in commemoration of the 60th anniversary of diplomatic ties between Korea and Peru.
The ambassador introduced Vice Minister Higueras who visited Korea to hold meetings with high-level officials and "intensify opportunity for joint action in the political, economic and science and technology fields."
"Those meetings will surely provide a renewed dynamism to our excellent relationship," Duclos said.
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| Peruvian Vice Minister of Foreign Affairs Ignacio Higueras Hare speaks during the seventh Meeting of the Korea-Peru High-level Policy Consultations at the Ministry of Foreign Affairs in central Seoul, April 18. Yonhap |
Peru's attractiveness as an investment destination lies in its solid macroeconomic foundations and prudent economic and regulatory management maintained through successive democratic governments.
Despite the pandemic, Peru's economy returned to pre-pandemic levels in just one year, with a growth rate of 13.6 percent in 2021, leading economic growth in the region. Peru also boasts national fiscal solvency and significant international reserves, legal stability of foreign capital and great investment opportunities.
Higueras outlined Peru's economic growth and stability over the last 30 years, and emphasized the country's commitment to economic openness during the seminar.
The vice minister highlighted Korea's important role in Peru's economy as its fourth-largest trading partner and third-largest export destination.
He emphasized the potential investment opportunities in Peru's infrastructure sector such as electricity, telecommunications and transportation, as well as the country's rich mineral resources, including being the world's second-largest producer of copper.
Despite Peru's vast mineral reserves, only a small percentage is being exploited, with many mining projects waiting to be developed. Peru offers a stable and open regulatory environment for mining investment and is continuously improving its business climate.
The vice minister showcased a map of Peru's mining projects in 2023 and cited the Korea Zinc Company's investment in the Pachapaqui Expansion as an example.
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| Second Vice Foreign Minister Lee Do-hoon, rights, and Peruvian Vice Minister of Foreign Affairs Ignacio Higueras Hare sign the Korea-Peru aviation agreement at the Ministry of Foreign Affairs in central Seoul, April 18. Yonhap |
According to the vice minister, Peru has shown steady growth in its GDP, which is one of the highest among Latin American countries, growing 13.1 percent from 2007 to 2022.
He also presented the "Con Punche Peru" program, aimed at revitalizing investments and creating employment opportunities to enhance Peru's regional economies.
"(This is) an important investment from the government programs that affects families at the regional and national level. It is a special program called 'Con Punche Peru,' which has invested or is going to invest $1.5 billion wanting to continue this expansion of the economy and generate hopefully 130,000 new jobs," Higueras said.
Higueras also took part in Korea-Peru High-level Policy Consultations with his Korean counterpart Lee Do-hoon and signed an aviation agreement to enhance trade and travel, April 18.
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