Presidents Xi Jinping of China and Dina Boluarte of Peru led the launch of a $1.3bn port that will give Cosco a South American hub.
China Cosco Shipping owns 60% of Chancay Port, which was built as part of the Belt and Road Initiative to extend China’s reach through logistics infrastructure investments.
Previously guaranteed exclusive access by Peru that was later rescinded, China’s largest shipping company is expected to remain the key user of the port.
