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Viewing cable 08LIMA1616, PERU TRADE & INVESTMENT BRIEFS

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Reference ID Created Released Classification Origin
08LIMA1616 2008-10-03 22:12 2011-08-25 00:00 UNCLASSIFIED Embassy Lima
VZCZCXRO8390
RR RUEHAO RUEHCD RUEHGA RUEHGD RUEHGR RUEHHA RUEHHO RUEHMC RUEHMT
RUEHNG RUEHNL RUEHQU RUEHRD RUEHRG RUEHRS RUEHTM RUEHVC
DE RUEHPE #1616/01 2772212
ZNR UUUUU ZZH
R 032212Z OCT 08
FM AMEMBASSY LIMA
TO RUEHC/SECSTATE WASHDC 9400
INFO RUEHWH/WESTERN HEMISPHERIC AFFAIRS DIPL POSTS
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEHRC/DEPT OF AGRICULTURE WASHINGTON DC
RHEBAAA/DEPT OF ENERGY WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUEHC/DEPT OF INTERIOR WASHINGTON DC
RHEHAAA/NATIONAL SECURITY COUNCIL WASHINGTON DC
RUEAIIA/CIA WASHDC
UNCLAS SECTION 01 OF 02 LIMA 001616 
 
SIPDIS 
 
COMMERCE FOR 4331/MAC/WH/JLAO 
TREASURY FOR MEWENS 
USTR FOR BHARMAN AND MCARRILLO 
 
E.O. 12958: N/A 
TAGS: ETRD ECON EFIN USTR PE
 
SUBJECT: PERU TRADE & INVESTMENT BRIEFS 
 
SUMMARY 
------- 
1.  This is an update on the following trade and investment news 
from Peru: 
 
--Record Imports & Exports 
--Peru Joins OECD Declaration on Investment 
--IMF's Valdivieso Named Minister of Economy & Finance 
--Chinese Trade Negotiations & Investment Accelerating 
--Central Bank Fights Inflation 
--Japanese Business Interest 
--Chilean Investors Love Peru 
--Investment Agreement with Belgium & Luxembourg 
--Argentines Hope to Use PTPA 
--Grape Exports Double 
End Summary. 
 
Record Increases in Imports 
--------------------------- 
2.  Peru imported $2.89 billion of goods in June, $2.87 billion in 
July, and $2.61 billion in August -- all record monthly highs.  The 
huge increases included capital goods, construction materials, goods 
for consumption, and primary and intermediate goods.  Capital goods 
and construction materials accounted for almost a third of imports, 
and primary agricultural material imports were over 150% higher than 
in the same months in 2007.  Much of these goods are destined for 
production, reflecting booming investment in Peru.  Peru imported 
over $17 billion in goods during the first seven months of the year, 
a 60% increase relative to the first seven months of 2007.  The 
United States continues to be the top source country.  While Peru 
still has a positive trade balance, imports are growing at a much 
faster rate than exports. 
 
And Continued Export Records 
---------------------------- 
3.  Exports totaled $2.994 billion in July, 12.4% higher than in 
July 2007.  Traditional exports amounted to $2.334 billion (11.1% 
increase), while non-traditional goods were at $660 million (17.2% 
increase).  For the first seven months of 2007, total exports were 
$18.958 billion, a 25.7% increase with respect to the same period in 
2007.  So far this year, Peru has exported to 168 markets, with 90 
importing over $1 million.  The US leads importation of Peruvian 
goods at 18.8%, with China following (11.7%).  The Peruvian 
Exporters' Association (ADEX) noted that 60% of Peru's exports were 
through either Jorge Chavez airport or the Port of Callao (both in 
Lima area), indicating a need to create more shipping hubs. 
 
Peru Joins OECD Declaration on Investment 
----------------------------------------- 
4.  Peru became the 41st country to join the OECD's Declaration on 
International Investment and Multinational Enterprises.  This is in 
recognition of the GOP's attempts and policies to promote business 
and investment.  Subsequently, Peru was accepted as a member of the 
investment committee of the OECD, a move that Trade Minister Araoz 
believes reflects Peru's recently earned investment grade rating 
(from both Fitch and Standard & Poor's). 
 
New Minister of Economy & Finance 
--------------------------------- 
5.  Luis Valdivieso, fresh from 28 years at the IMF, has replaced 
Luis Carranza as Minister of Economy and Finance.  Valdivieso has a 
PhD and MA in Economics from Boston University and hopes to spread 
the benefits of Peru's current economic boom to all Peruvians. 
However, rising inflation and the global financial crisis have 
forced the MEF to look for ways to cut spending.  Carranza steps 
down after two years as Minister.  He leaves a legacy of foreign 
debt reduction and business-friendly policies.  Valdivieso named 
Eduardo Moron, from the Economic Department of Peru's respected 
Catholic University and a PhD from UCLA, as Vice Minister of 
Economy. 
 
Chinese Trade Negotiations 
& Investment Accelerating 
-------------------------- 
6.  The Peruvian Trade Ministry continues to move forward on its 
partial trade agreement with China, and is working hard to reduce 
the number of Chinese products excluded from the deal.  It now 
appears the agreement may not be ready in time for the APEC leaders' 
summit in November.  The Peru-China Chamber of Commerce (Capechi) 
believes that the increasing partnership between the two countries 
 
LIMA 00001616  002 OF 002 
 
 
may lead to Chinese investment of nearly $1 billion next year. 
Chinese companies have begun investing in mining and minerals, and 
through APEC there is room to grow.  Peru will have a delegation 
present at next year's China-Latin America Business Summit (in 
China). 
 
Central Bank Tries to Tame Inflation 
------------------------------------ 
7.  The Central Bank (BCRP) continues to raise its benchmark 
interest rate to fight inflation.  Ending 2007 at 5.0%, the 
gradually climbing rate reached 6.5% on September 11.  While Peru's 
GDP grew by 9% in 2007 with only 2% inflation, global oil and food 
prices, booming internal demand and increased spending by regional 
and local governments have led to a projected inflation rate of 
above 6% in 2008, with GDP growth above 9%. 
 
Japanese Could Invest $800 million 
---------------------------------- 
8.  Yoshinori Takase, President of the Peruvian-Japanese Chamber of 
Commerce and Industry, believes that Peru's economic growth, low 
inflation and natural resources continue to make it a good place for 
Japanese business and estimates that they will invest up to $800 
million in Peru this year.  Japanese stakes in Peruvian mining have 
increased recently, and Takase said that Japanese businesses 
strongly support the free trade agreement that Peru and Japan hope 
to conclude in 2009.  Peru hopes to finalize investment agreements 
with Japan and Korea in September in hopes of announcements at the 
APEC leaders' meeting in November 2008. 
 
Peru Is Top Recipient of Chilean Investment 
------------------------------------------- 
9.  Over the first half of the year, new Chilean investment in Peru 
totaled $502 million or 27% of total Chile's total foreign 
investment.  This represents an 89% increase over the same period in 
2007.  Peru receives 38% of Chilean retail investments and 78% of 
real estate and construction investments.  During the past year, 
total Chilean business investments increased 41%, reaching $1.87 
billion. 
 
Investment Agreement with Belgium & Luxembourg 
--------------------------------------------- - 
10.  On Augut 12, Peru, Belgium and Luxembourg ratified an 
Agreement for the Promotion and Reciprocal Protection of 
Investments, signed in October of 2005.  The agreement had been 
approved in Peru in 2006, Belgium in 2007, and Luxembourg in 2008. 
 
Argentina Sees PTPA Opportunities 
--------------------------------- 
11. During a recent visit to Peru, Argentine Secretary of External 
Relations Victorio Taccetti noted the potential for economic 
partnerships between Argentina and Peru.  Argentina hopes that 
through investments in Peru, Argentine businesses can gain entry 
into the U.S. market.  There are currently at least 60 Argentine 
businesses located in Peru, including the large presence of gas and 
oil company Pluspetrol. 
 
Grape Exports Double 
-------------------- 
12.  Over the first half of 2008, Peruvian grape exports increased 
by 99.3% with respect to the same period in 2007, amounting to 
$42.64 million.  PromPeru, the Peruvian trade and tourism promotion 
agency, believes that Peru has gained a comparative advantage over 
other grape exporters by launching its export campaigns earlier, 
taking advantage of the fall and winter holidays and increased 
international prices.  PromPeru estimates that the growth rate will 
continue to rise over the second half of the year. 
MCKINLEY