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Economy | July 20, 2011 [ 12:05 ]

U.S could double investments in Peru to $3.2 billion

LivinginPeru.com

Peruvian ambassador to the United States, Luis Valdivieso, has said that the U.S could double the flow of investments in Peru to $3.2 billion dollars annually, over the next five years.

“In the past two years, the rate of flow of U.S. investment in Peru was $1.6 billion dollars annually, and this could increase to $3.2 billion easily with intense promotion of investment," said Valdivieso, in an article published in Andina.

He mentioned that many U.S. companies already had projects underway; some already in the development stage, while others were waiting for the new government, in order to start.

"In the past, the average flow of U.S. investment in Peru has been less than 800 million per year and in 2009 it dropped significantly because of the international financial crisis, but now we are seeing these major investments return," he told Andina.

He said U.S. businesses are very interested in developing projects in Peru not only traditional and key sectors, such as mining, but also in the software industry, services, call centers, accounting and other productive sectors.

"In addition, the new Forestry Law will enable the development of the sector. We only export $300 million a year in wood, when in fact we have a potential of $3 billion to $3.5 billion, for a well-structured industry that respects the rights of indigenous people and the environment," he said.

Valdivieso also said there were good prospects for growth of Peruvian exports to the U.S. this year, which could increase by 27 percent.

He also commented that Peruvian investments in the U.S. also increased significantly, not only with the opening of new restaurants, but also in other sectors such as construction materials.

"Today there is a cement factory in Arizona that already has Peruvian investment. It is also interesting to see the number of Peruvians who are in positions in major U.S. companies, there is even a family that owns a newspaper in Washington," he said.

Valdivieso also noted that in the last two years Peruvian investments in the U.S. did not fall below $350 million.

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