Company Formation
Business Relations Between Peru and Asia
Published dateJuly 16, 2018
Last updateAugust 10, 2023
Reading time2 minutes
In the last decade, Peru’s increased political and economic relations with Asia have been accelerated by the various trade agreements. A huge amount (approx. 90%) of Peru´s exports are covered by Free Trade Agreements.
In the last decade, Peru’s increased political and economic relations with Asia have been accelerated by the various trade agreements. A huge amount (approx. 90%) of Peru´s exports are covered by Free Trade Agreements. In addition, Peru is a member of the Asia Pacific Economic Cooperation(APEC) which is a forum to promote economic cooperation and to expand trade and economic growth with 21 member economies who make up half of the world´s GDP. Moreover, Peru is a member of other interregional organizations with East Asian countries. These include the Forum for East Asia and Latin American Cooperation (FEALAC) and the Pacific Economic Cooperation Council (PECC).
Peru-Asia Relations – Recent Investments in Peru
Peru´s economy has evolved substantially over the past decades and the country is now an extremely attractive region for investment. Despite the positive change, Peru still faces many economic problems i.e poor quality of public services throughout the country and underdeveloped infrastructure.
Peru has a comprehensive reconstruction plan which has been prepared in coordination with municipalities and regional governments of the country. Examples of the plan include an upgrade of 7500km of highways. The reconstruction plan aims to invigorate local economies and ensure the continued economic growth of the country as a whole.
Moreover, the Peruvian government has begun initiatives such as StartUp Peru with the objective to promote the emergence and consolidation of local Peruvian companies.
Business Opportunities in Peru
It’s known that Peru is one of the countries with a high number of business opportunities in a range of sectors for example mining, financial technology, tourism etc.
In regards to mining, the Peruvian government is promoting investment in this sector, allowing for continued economic growth through increases in exports and increased employment of local staff. Peru is a leader in mining at a regional and global level, although only 2% of its territory is occupied by mining activities.
The agricultural sector plays an important role in the Peruvian economy. Recently, the ‘Super Food Peru’ brand was launched in Beijing. Superfoods Peru is drawing attention to develop and explore more business opportunities in Asia. Peru has emerged to be one of the key fresh fruit exporters to China and is about to become one of the principal suppliers to Japan, Korea, Thailand, Indonesia and Singapore.
¿Interested In Learning About Peru?
Doing business in the Peruvian culture can be slightly complicated, especially for foreigners who have limited knowledge of local law and business culture.
At Biz Latin Hub, we have a team of local experts, that can help you when doing business in Peru and can provide personalized business advice. Contact our Country Coordinator and see how we can assist your business plans in Peru.
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