Peru pitches $39 billion in projects to Korean firms as new government courts foreign capital

Peru is courting Korean companies to invest in rail and infrastructure projects worth about $39 billion, as the country’s new government seeks foreign capital following years of political turmoil.

The Embassy of Peru in Korea presented the projects at its sixth investment seminar in Jung District, central Seoul, on Tuesday. The event brought together nearly 40 representatives from Korean government agencies, public institutions, companies and business associations.

Senior representatives from Korean companies — including Dohwa Engineering, HD Hyundai Heavy Industries, Hyundai Rotem, LIG Defense & Aerospace, Posco International, Korea Zinc and LS MnM — and the trade, industry and defense sectors attended the event. Officials from Korea’s Ministry of Foreign Affairs were also present.

During the seminar, ProInversión, Peru’s state-run investment promotion agency, introduced a portfolio of 85 projects and six contract addenda worth a combined $39 billion.

The portfolio prominently featured rail projects involving lines 3, 4 and 7 of the Lima Metro and planned railway links between Lima and Ica; Andahuaylas and Marcona; and Lima and Barranca. Participants were also briefed on the main mechanisms available for private investment in Peru.

Peruvian Ambassador to Korea Paul Duclos said that Peru is “committed to positioning itself as a competitive and reliable destination for Korean investment,” according to the embassy’s press release. He also highlighted investment opportunities tied to priority projects under the new administration and a new framework for privately managed special economic zones.

President Keiko Fujimori has led the new administration since taking office on July 28 after winning the June 7 presidential runoff by 49,641 votes. Fujimori is Peru’s ninth president in a decade, following years of rapid turnover in the country’s leadership.

The seminar also marked the launch of the Korea-Peru Business and Friendship Association. Cho June-hyuck, a former Korean ambassador to Peru and current vice president of Dohwa Engineering, said that the association would expand existing commercial ties, bring new Korean companies into the Peruvian market and encourage technology exchange and industrial cooperation.

Choi Jun-ho, the director-general for Latin American and Caribbean Affairs at Korea’s Foreign Ministry, also welcomed the launch, highlighting its potential to strengthen bilateral relations.

BY SHIN WOO-JIN [[email protected]]