Chinese leader Xi Jinping is set to attend the Asia-Pacific Economic Cooperation summit in Peru this week, as China increasingly looks to Latin America for investment.
While in the country, Xi is expected to inaugurate a $1.3 billion megaport in Chancay built by Chinese state-owned Cosco Shipping.
A Peruvian official told Reuters that the port will provide “direct routes to Asia, particularly to ports in China,” adding that Peru’s “aim is to become the Singapore of Latin America.”
After the APEC meeting, Xi is expected to travel to the G20 summit in Brazil. There, some analysts have suggested Brazil’s President Luíz Inácio Lula da Silva could announce that Brazil is joining China’s Belt and Road Initiative (BRI) infrastructure investment program, which is pivoting toward issuing smaller, greener loans.
