Peruvians wish upcoming APEC meeting to boost economic recovery

As Peru is preparing to host this year's APEC meeting in its capital Lima, many Peruvians are expecting the meeting to boost the country's economic recovery.

The APEC Peru 2024 will be the annual meeting of the leaders of the Asia-Pacific Economic Cooperation Forum, scheduled from Nov 10 to 16. It will be the third time for Peru to host the meeting after 2008 and 2016.

The meeting comes at a time of slow economic recovery and low employment in the South American country.

"APEC itself is very important. Sixty percent of the world economy generated by the 21 economies [of the group], and 50 percent of the world trade generated by those economies. And in that group is the biggest economy in the world, the United States, the second biggest, China, and the 4th or 5th, Japan. So first, because of that summit that's going to be held in the middle of November, the world attention will be in Peru," said Carlos Aquino Aquino Rodriguez, director of the Center for Asian Studies at the National University of San Marcos in Lima.

President Xi Jinping, among other leaders of the APEC economies, will attend the APEC Economic Leaders' Meeting in Lima and pay a state visit to Peru from Nov 13 to 17, at the invitation of Peruvian President Dina Ercilia Boluarte Zegarra.

Coinciding with the meeting, the multi-purpose port in Chancay, about 70 kilometers north of Lima, is set to launch operations this month with a direct shipping route to Shanghai, aiming to become a key hub for trade between South America and Asia.

Part of the China-proposed Belt and Road Initiative, the facility is the first in the region to have the capacity to berth some of the world's biggest cargo ships.

By greatly slashing transportation time, the new port will cut costs and make Peruvian products - from textiles and minerals to fruits and vegetables - more competitive.

"We have been very close to the U.S. for several decades. And now in these last years, of course, China has been very active in terms of participating in our trade flows and investment. The way we see it is that these two big guys set up their own policies, and we have to see and check and see what is best for Peru," said Monica Com, a partner at Macro Invest in Peru.

The progress of the port reflects the deepening economic and trade relationship between China and Peru.

At present, China is Peru's largest trade partner, largest export market, and largest source of imported goods, while Peru is China's fourth largest trade partner in Latin America. In 2023, their bilateral trade volume reached 37.691 billion U.S. dollars, representing a year-on-year growth of 0.8 percent, according to official data.

More and more youngsters in Peru are studying Chinese in order to take full advantage of the opportunities arising from the bilateral cooperation.

With so many nations situated around the Pacific, Peru wants to open its doors to the rest APEC members as it welcomes new economic possibilities.

Peruvians wish upcoming APEC meeting to boost economic recovery

Multinational corporations participating in the ongoing 7th China International Import Expo (CIIE) have commended China for its innovative opportunities and robust market demand, while showcasing their latest technological advancements at the event.

China's innovation ecosystem is attracting global businesses, as executives recognize its potential to fuel growth and drive the future of technology.

"This country was one of the first countries in the world to embrace marketplace for commerce. So marketplace is something that has been in this country for many, many years. And because of that, now you've got lots of leading innovation happening around commerce, like social commerce using digital products and technologies in a completely different way. And that's why this market is exciting for us. So for us, it's a chance to really try to take innovation to the next level. Because a lot of the basics are actually already there," said Anoop Sagoo, chief operating officer of the Asia Pacific branch of Accenture, a multinational professional services company.

"There are some sectors that we see there is a huge potential, biotech for instance. Belgium has a very strong knowledge in that sector and we know the expertise, the talents that we can find in China. So that can be a win-win solution situation for both parties," said Pascal Buffin, consul general of Belgium in Shanghai.

Other executives highlighted China's vast market potential, which has driven them to enhance their research and development efforts within the country.

"Actually, we already invested in one manufacturing site and one R&D center in Ningbo City starting five years ago. We are trying to bring more global leading vaccine development technology into China to meet this increasing market opportunity," said Feng Teng, general manager of Animal Health China, MSD, an American multinational pharmaceutical company.

"[For a] multinational business, you have to do business in China because this represents 18 percent of the world population. If you're going to be a true multinational company, you cannot ignore the 18 percent of your customers," said Gao Yong, vice president of China branch of Bayer, a German multinational pharmaceutical and biotechnology company.

Running from Tuesday to Sunday in Shanghai under the theme of "New Era, Shared Future," the 7th CIIE has attracted participants from 152 countries, regions, and international organizations to participate in its country exhibition and business exhibition.

Multinational companies at CIIE hail China for innovation, cooperation opportunities