Why this is important to Wisconsin businesses: The massive port project could offer business opportunities for Wisconsin companies in a variety of sectors.
A state-owned company from China, Cosco Shipping Ports, is building a huge port in Chancay, Peru that’s expected to spur a major increase in trade between China and Latin America.
Chancay—a small city on Peru’s central coast, known for fishing and agriculture—will house the first logistics center along the Pacific Ocean in Latin America.
Peru’s government says the new port will boost the economy, expand international trade, generate new commercial opportunities, and create thousands of jobs. It will also relieve some congestion at Peru’s chief seaport in Callao, just outside Lima, the nation’s capital.
The project is expected to cost $3.6 billion and involves massive infrastructure construction, including the demolition of a hill along the coast in order to build a 1.1-mile tunnel wide enough for three lanes of vehicle traffic, two cargo transportation belts, and pipes for liquids, according to BBC News Mundo.
The new Chancay port will be able to dock the largest cargo ships in the world, capable of transporting 18,000 containers, and will serve as a regional hub with links to Chile, Ecuador, and Colombia.
Peru’s leaders hope the port will attract as much as half of the $580 billion worth of trade between China and South America, according to BBC Mundo.
The project opens the door for products, services, and expert advice from Wisconsin companies in related industries.