Peru’s ambassador to China said the country wants to move beyond exporting raw minerals and attract more Chinese investment in infrastructure.
Carlos Vasquez, Peru’s ambassador, spoke at Tsinghua University’s World Peace Forum in Beijing on Friday. He said a handful of products including copper, iron and fishmeal make up more than 90 per cent of Peru’s exports to China.
Vasquez noted that Peru benefits from high prices for these raw materials but does not control them. He described the current trade pattern as unsustainable in the long term.
Peru’s economy grew about 3 per cent last year and is projected to grow 3.6 per cent this year, supported by demand for minerals such as copper, iron and zinc. Vasquez said Peru is now seeking Chinese investment in infrastructure to diversify its economy.
