Walmart  has announced the creation of 3,000 new jobs and investments of $600 million in the Costa Rican retail sector in the next five years

The expansion planned in the Costa Rican retail sector by Walmart Central America for the coming years also includes purchasing from national suppliers for millions of dollars.

Walmart recently announced the creation of 3,000 new jobs and investments of $600 million in Costa Rica in the next five years.

This amount will be used to open stores in their different formats and expand logistical capacity to support this growth in sales points and technology.

The announcement was made within the framework of laying the first stone of the new Perishable Center in Coyol, Alajuela.

“We believe in the retail sector in Costa Rica. We have an operation that benefits the lives of millions of people, and we want to continue promoting the well-being of this country.

“For this reason, we have an ambitious investment plan for the next five years,” said Cristina Ronski, Senior Vice President and General Director of Walmart Central America, in a press release.

As for the new jobs in the Costa Rican retail sector, these will be generated in the same communities where the new stores and distribution centers will open.

“We are 100% focused on saving families money and helping them live better. To achieve this, we need to leverage our physical stores and hence the need to continue investing in them,” added Ronski.

Expansion in 2024

The expansion planned by Walmart for the coming years in the Costa Rican retail sector also includes purchasing from national suppliers for millions of dollars. This includes products it sells in the country and exports to the rest of the Central American markets.

However, it also includes its purchases through Walmart Inc. to supply other markets worldwide.

“A genuine commitment to responsible growth also accompanies our growth in the country. Therefore, we are governed by the highest standards of ethics and legality.

“Likewise, we are inclusive employers that give work opportunities to all people. We strive to promote the development and growth of our suppliers in the Costa Rican retail sector, especially small and medium-sized ones,” said the senior executive.

Ronski highlighted specific measures that demonstrate Walmart’s contribution to sustainability:

• The installation of solar panels
• The increased use of LED lighting
• The intelligent and rational use of water as well as refrigerants with a significant reduction of impact on the generation of greenhouse gases
• The establishment of alliances with third parties for the exploitation and use of waste

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Further opportunities for investment in the Costa Rican retail sector

Costa Rica, known for its rich biodiversity and stable political environment, presents a compelling opportunity for foreign investors in its retail sector. The country’s market size, consumer purchasing power, evolving preferences, and opportunities for profit-making and economic benefits for local communities contribute to a favorable investment landscape.

Market Size and Consumer Purchasing Power

Costa Rica’s retail sector benefits from a growing middle class and an increasing urban population. The country’s GDP has consistently grown, with a significant portion driven by consumer spending. Costa Rican consumers have demonstrated a willingness to spend on a diverse range of products, from essential goods to luxury items. This growth is supported by relatively high levels of literacy and employment, which bolster consumer purchasing power.

Consumer Preferences and Opportunities

Costa Rican consumers are increasingly discerning, favoring quality and brand reputation. There is a notable trend towards health and wellness products, sustainable goods, and technology-driven retail experiences. Foreign investors can tap into these preferences by introducing international brands emphasizing quality and sustainability. The rise of e-commerce and digital payment solutions also presents opportunities for investors to leverage technology to meet consumer demands efficiently.

Profit-Making Opportunities

The Costa Rican retail market offers lucrative opportunities for profit-making. The retail landscape is diverse, encompassing food and beverages, clothing, electronics, and home goods. Foreign investors can benefit from relatively lower operational costs than more developed markets while accessing a customer base with considerable purchasing power. Moreover, the government’s pro-business policies, including tax incentives for foreign investors, further enhance profitability prospects.

Economic Benefits to Local Communities

Investments in the retail sector can have substantial economic benefits for local Costa Rican communities. Foreign retail businesses often create jobs directly within stores and indirectly through supply chains. This job creation can lead to skills transfer and development, enhancing the employability of the local workforce. Additionally, foreign retailers often source products locally, supporting local producers and stimulating the domestic economy.

Enhanced Competition and Innovation

Foreign investment in Costa Rica’s retail sector can drive competition, leading to improved consumer services and products. Enhanced competition often results in lower prices, higher-quality goods, and more consumer choices. This competitive environment can stimulate innovation as businesses seek to differentiate themselves through unique product offerings, superior customer service, and advanced retail technologies.

Future Prospects for the Costa Rican retail sector

Looking forward, the Costa Rican retail sector is poised for continued growth. The increasing penetration of internet and smartphone usage is likely to boost e-commerce, providing a significant avenue for foreign retailers to explore. Additionally, as global tourism rebounds, Costa Rica’s position as a prime tourist destination will attract international visitors who contribute to retail spending. Investors can also anticipate regulatory frameworks becoming more conducive to business as the government seeks to attract foreign direct investment to sustain economic growth.

Foreign investors in Costa Rica’s retail sector stand to gain from a robust market characterized by growing consumer demand, a favorable economic environment, and significant profit-making opportunities. The industry promises attractive returns for investors and contributes to the country’s broader economic development by creating jobs, fostering local supply chains, and driving innovation. As Costa Rica continues to develop, its retail sector will remain a dynamic and promising foreign investment field, benefiting investors and the local economy.

Conclusion

In conclusion, the Costa Rican retail sector presents a robust and dynamic opportunity for foreign investors, driven by a growing middle class, increased consumer spending, and favorable economic conditions. Walmart’s significant investment and job creation initiatives underscore the sector’s substantial growth and profitability potential. As the sector evolves, it is poised to benefit from trends in consumer preferences towards quality, sustainability, and technology-enhanced retail experiences. The expansion of e-commerce and digital payment solutions further amplifies these opportunities. The Costa Rican retail sector promises lucrative returns for investors and fosters local economic development by creating jobs, enhancing skills, and supporting local suppliers. The government’s pro-business policies and tax incentives make the investment landscape even more attractive. With continued internet and smartphone usage growth, the retail sector is set to expand further, driven by both local demand and international tourism. As foreign investment fuels competition and innovation, consumers benefit from improved services, diverse product offerings, and better prices. Ultimately, the Costa Rican retail sector remains a promising and dynamic field for investment, contributing to the country’s overall economic vitality and development.

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The new agency created by the Ministry of Economy of Guatemala will have personnel and public funds to operate starting this fiscal year, according to what was recently published in the country’s official gazette.

Through ministerial agreement 295-2024, the Ministry of Economy of Guatemala (Mineco) created the National and Foreign Investment Attraction Agency, which will be attached to the Directorate of Trade and Investment Services of the Vice Ministry of Investment and Competition, which Antonio Romero leads.

The new unit has been created one hundred days after the new government assumed office and will have an assignment of the personnel and advisors required to fulfill the designated functions. The agreement does not specify the profile of the professional who will direct the agency above. This talent is required, how much their salary will be, or what the external capital goals to attract are.

What will the director of the new agency do?

The agreement mentions the powers the agency established by the Ministry of Economy of Guatemala will carry out. It highlights that its main objective is to coordinate institutional efforts to attract direct foreign investment to Guatemala to stimulate economic and social development and generate employment and opportunities for the population.

It is also highlighted that the new agency will have the power to encourage and promote investments, investment intelligence, and assistance to investors in coordination with the other directorates, bodies, and agencies of the Ministry of Economy of Guatemala.

The agency will also have a series of powers to develop, among which the following stand out:

• Develop and approve the Multiannual Investment Promotion and Attraction Strategies.
• Actively promote Guatemala internationally to attract investment, attending events related to prioritized sectors and products.
• Promote the simplification of administrative procedures related to the foreign direct investment process in the country.
• Advise potential investors regarding the development and search for investment opportunities and the procedures that must be completed to start or expand operations.
• Provide support services to investors from when they show interest in visiting the country until the evaluation, filing, and investment process.
• Provide technical assistance, professional advice, and support in attracting investment.
• Establish registration and statistical control of national and foreign investments.

The agreement does not mention anything related to the functions carried out by the National Competitiveness Program (Pronacom ), which supports the improvement of the country’s competitiveness, providing valuable information so that companies can do more and better business in Guatemala, which also serves potential investors.

The Ministry of Economy of Guatemala seeks to diversify the nation’s economic base

“The diversification and strengthening of the Guatemalan economy require a solid strategy to attract foreign direct investment in key sectors such as agribusiness, food and beverages, light manufacturing, construction industry, tourism, medical devices, pharmaceutical industry, biotechnology, communication technology, electrical, electronic, clothing and textiles sector (nearshoring). These sectors represent not only investment opportunities but also the possibility of generating employment and promoting innovation, thus contributing to the sustainable progress of our nation,” Vice Minister Romero declared in a recent statement.

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Investment Opportunities in Guatemala Across the sectors targeted by the Ministry of Economy of Guatemala

Guatemala, the largest economy in Central America, presents diverse investment opportunities across several sectors. Its strategic location, favorable trade agreements, and growing economy make it an attractive destination for investors. Below, we explore investment opportunities in agribusiness, food and beverage, light manufacturing, construction, tourism, medical devices, pharmaceutical manufacturing, electrical and electronics manufacturing, and the clothing and textile sector.

Agribusiness

Guatemala’s agribusiness sector is a cornerstone of its economy, with opportunities from traditional crops to innovative agricultural technologies. Key investment areas include:

• Coffee and Sugar Production: Guatemala is renowned for its high-quality coffee and sugar, with significant export potential.
• High-Value Crops: Investing in cultivating non-traditional crops like avocados, berries, and macadamia nuts, gaining international market traction.
• Agro-Processing: Opportunities exist to develop value-added products such as packaged fruits, juices, and other processed food items.
• Sustainable Agriculture: With increasing global demand for organic and sustainably produced food, there’s potential for organic farming and eco-friendly agricultural practices.Food and Beverage

The food and beverage industry in Guatemala offers substantial growth prospects:

• Local Brands Expansion: Investment in expanding local food brands to meet growing domestic demand.
• Export-Oriented Production: Setting up production units focused on exporting Guatemalan specialty products like chocolate and rum.
• Innovation in Food Technology: Investing in food tech startups focusing on healthier, more sustainable food options. Light Manufacturing

Light manufacturing is an emerging sector with growth opportunities:

• Consumer Goods: Production of consumer electronics, household goods, and personal care products.
• Automotive Parts: Manufacturing components for the automotive industry, leveraging Guatemala’s proximity to major markets like Mexico and the United States.
  Construction

The construction sector is poised for growth due to increasing urbanization and infrastructure development:

Residential and Commercial Projects: Investment in housing projects, shopping malls, and office spaces.

• Infrastructure Development: Opportunities in public infrastructure projects, including roads, bridges, and public transportation systems.
• Green Building Technologies: Promoting sustainable construction practices and materials.Tourism

Tourism is a vital sector with vast untapped potential:

• Eco-Tourism and Adventure Tourism: Investing in eco-friendly resorts, adventure parks, and guided tours.
• Cultural and Historical Tourism: Developing heritage sites, museums, and cultural festivals to attract international tourists.
• Luxury and Wellness Tourism: Establishing luxury resorts and wellness retreats catering to high-end tourists
  
  Medical Devices

The medical device sector offers significant investment opportunities due to the growing healthcare needs:

• Manufacturing and Assembly: Establishing facilities for the production and assembly of medical devices.
• R&D Centers: Investing in research and development to innovate new medical technologies and devices.
• Export Markets: Targeting export opportunities within the Central American region and beyond.
  Pharmaceutical Manufacturing

Pharmaceutical manufacturing is another promising sector:

• Generic Medicines: Production of generic pharmaceuticals to cater to both domestic and international markets.
• Biopharmaceuticals: Investing in the development and production of biologics and biosimilars.
• Pharma Supply Chain: Enhancing supply chain logistics to improve the distribution of pharmaceutical products.Electrical and Electronics Manufacturing

Electrical and electronics manufacturing is a growing industry with potential for expansion:

• Consumer Electronics: Manufacturing consumer electronics like smartphones, appliances, and other gadgets.
• Component Manufacturing: Producing circuit boards, semiconductors, and other electronic parts.
• Renewable Energy Technologies: Investing in producing solar panels, batteries, and other renewable energy equipment.
  Clothing and Textile Sector

The clothing and textile sector remains a strong pillar of Guatemala’s economy:

• Apparel Manufacturing: Establishing garment manufacturing units to serve local and international markets.
• Textile Production: Investment in textile mills and fabric production facilities.
• Sustainable Fashion: Promoting sustainable and ethical fashion practices is increasingly in demand globally.

The Ministry of the Economy of Guatemala is pivotal in shaping the country’s investment landscape by establishing the National and Foreign Investment Attraction Agency. By targeting key sectors such as agribusiness, food and beverages, light manufacturing, construction, tourism, medical devices, pharmaceutical manufacturing, electrical and electronics manufacturing, and the clothing and textile sector, the Ministry aims to stimulate economic growth, create employment opportunities, and foster innovation. This strategic initiative underscores Guatemala’s commitment to enhancing its competitive edge and attracting national and international investors. As the agency begins its operations, it is poised to unlock the full potential of Guatemala’s diverse economic sectors, paving the way for sustainable development and prosperity.

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Peruvian agricultural exports are a vital driver in accumulating the country’s foreign currency reserves, significantly contributing to the country’s economic stability and growth. Peru’s unique geography and climate enable the cultivation of a diverse range of high-value crops that are in demand in the global market. The primary Peruvian agricultural exports include coffee, asparagus, grapes, avocados, and blueberries, each thriving in specific regions and contributing substantial export revenue.

Coffee: High-Altitude Excellence

Coffee is one of Peru’s most significant agricultural exports, cultivated mainly in the high-altitude regions of the Andes, particularly in departments like Junín, Cajamarca, and San Martín. The Peruvian coffee industry benefits from the labor-intensive nature of coffee farming, which is well-supported by local communities skilled in traditional farming methods. In 2023, coffee exports generated around $700 million, driven by the global demand for specialty and organic coffee varieties that Peru is known for.

Asparagus: Coastal Cultivation

Asparagus is another major export crop, with Peru being one of the top asparagus exporters in the world. The coastal regions of La Libertad, Ica, and Lima provide the ideal arid conditions for asparagus cultivation. The labor force in these areas is adept at harvesting and processing asparagus for export, ensuring high standards and competitive pricing. 2023 asparagus exports brought in approximately $500 million, highlighting its importance to Peru’s agricultural export portfolio.

Grapes: Climatic Advantage

Grapes are predominantly grown in the Ica and Piura regions, where the climate is conducive to producing high-quality table grapes. The grape industry in Peru has seen rapid growth, with significant investments in modern agricultural techniques and infrastructure. The availability of skilled labor in these regions ensures that the grapes meet international quality standards. Grape exports were valued at around $1.2 billion in 2023, making them one of the top contributors to Peru’s foreign currency reserves from agricultural exports.

Avocados: Year-Round Supply

Avocados, particularly the Hass variety, have become a key export crop for Peru, with major growing areas located in the coastal regions of La Libertad, Lima, and Ica, as well as in the Andean regions of Ayacucho and Huancavelica. The Peruvian avocado industry benefits from a year-round growing season and a labor force experienced in the cultivation and packaging processes. In 2023, avocado exports reached $850 million, reflecting their increasing popularity in international markets, especially Europe and the United States.

Blueberries: Rapid Expansion

Blueberries are a relatively recent but rapidly expanding export for Peru. The coastal regions of La Libertad, Lambayeque, and Ancash offer ideal growing conditions for blueberries, with the industry benefiting from significant technological investments and efficient labor practices. Blueberry exports were valued at $1.4 billion in 2023, showcasing the crop’s rise to prominence in Peru’s agricultural export sector.

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Skilled Labor: The Foundation of Success

The availability of labor to produce these crops is a critical factor in their success as export commodities. Peru’s agricultural workforce is diverse and adaptable, with many regions having a long history of farming that provides a strong foundation of traditional knowledge and skills. The Peruvian government and private sector have also invested in agricultural training programs and technological advancements to enhance productivity and quality. This investment in human capital ensures that Peru can meet the rigorous standards demanded by international markets, thereby maintaining its competitive edge.

Economic Impact: Beyond the Farms

Each major crop contributes significantly to Peru’s foreign currency reserves through direct export revenues and by fostering related industries such as packaging, transportation, and logistics. The economic impact of Peruvian agricultural exports extends beyond the farms, supporting a wide range of ancillary services and creating employment opportunities across the country.

Regional Contributions

Coffee exports, generating around $700 million, support local economies in the Andean highlands, where coffee farming is often the primary source of income for many families. With its $500 million contribution, the export of asparagus similarly drives economic activity in the coastal regions, providing jobs and supporting local businesses. With its $1.2 billion in export revenue, the grape industry has transformed regions like Ica and Piura into agricultural powerhouses, attracting domestic and foreign investment.

Avocado exports, valued at $850 million, have helped diversify the La Libertad and Ayacucho agricultural economy. In contrast, at $1.4 billion, blueberry exports have positioned Peru as a leading global supplier of this high-demand superfood. The cumulative effect of these Peruvian agricultural exports is a robust foreign currency inflow, strengthening Peru’s financial position, supporting the national budget, and allowing for greater economic resilience.

Conclusion

In conclusion, Peru’s agricultural sector is pivotal in ensuring economic security through global market integration. Cultivating high-value crops like coffee, asparagus, grapes, avocados, and blueberries contributes significantly to the country’s foreign currency reserves and is a magnet for foreign direct investment (FDI). Peru attracts investors looking to capitalize on the growing global demand for these products by showcasing its agricultural prowess and commitment to quality. The success of Peru’s agricultural exports is underpinned by a skilled and adaptable labor force supported by government initiatives and technological advancements. Furthermore, the economic impact extends beyond the farms, creating employment opportunities and fostering ancillary industries. With each major crop making substantial contributions to Peru’s foreign currency reserves, the country’s financial position is bolstered, allowing for greater economic resilience and stability. These crops’ cultivation and export drive economic growth and position Peru as a key player in the global agricultural market, attracting investment and facilitating sustainable development.

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Introduction

Bucaramanga, a city often known for its pleasant weather and vibrant culture, is rapidly emerging as a formidable player in Colombia’s burgeoning tech sector. This transformation is not just a result of strategic geographical advantages or economic reforms but also due to a well-structured educational infrastructure and a growing pool of skilled labor. In this blog post, we explore how Bucaramanga positions itself as a tech hub and the crucial role of education and skilled labor in this evolution.

Bucaramanga: A Rising Tech Hub

Nestled in the northeastern region of Colombia, Bucaramanga has traditionally been recognized for its contributions to sectors like agriculture, footwear, and textiles. However, recent years have seen a shift towards technology and innovation. The city’s strategic location, governmental support, and robust infrastructure have made it an attractive destination for tech companies and startups within the Colombian tech sector.

Economic Initiatives and Support

The Colombian government and local authorities have implemented various initiatives to foster technological growth. Incentives such as tax breaks, grants for research and development, and the establishment of tech parks and innovation hubs have been pivotal. Programs encouraging entrepreneurship, such as “Apps.co” and “Innpulsa,” provide essential support for startups, facilitating access to funding and mentorship, which are crucial for thriving within the Colombian tech sector.

The Role of Skilled Labor

A critical factor in Bucaramanga’s tech boom is the availability of a highly skilled labor force. The city’s workforce increasingly comprises young, tech-savvy individuals well-versed in modern technologies and methodologies. This talent pool directly results from the concerted efforts in educational reform and development within the region.

Higher Education Institutions supporting the Colombian tech sector

Bucaramanga boasts several esteemed higher education institutions at the forefront of producing skilled tech professionals. Institutions such as the Industrial University of Santander (UIS), Universidad Autónoma de Bucaramanga (UNAB), and the Pontifical Bolivarian University (UPB) play a crucial role. These universities offer specialized programs in computer science, software engineering, information technology, and related fields, significantly contributing to the Colombian tech sector.

Industrial University of Santander (UIS)

UIS is one of the most prominent universities in the region, known for its strong emphasis on engineering and technological research. The university’s state-of-the-art laboratories, research centers, and partnerships with international institutions ensure that students receive a comprehensive education that is both theoretical and practical.

Universidad Autónoma de Bucaramanga (UNAB)

UNAB has a robust computer science program that integrates cutting-edge technology and innovation. The university emphasizes experiential learning through internships, collaborations with tech companies, and participation in international competitions. This hands-on approach ensures graduates are job-ready and can immediately contribute to the Colombian tech sector.

Pontifical Bolivarian University (UPB)

UPB’s focus on innovation and entrepreneurship is evident through its various tech incubators and innovation labs. The university encourages students to develop startups and provides the necessary resources and mentorship to transform ideas into viable businesses. This entrepreneurial spirit is a driving force behind Bucaramanga’s tech sector growth.

Technical and Vocational Training

In addition to higher education institutions, Bucaramanga has a network of technical and vocational training centers that cater to the tech industry’s needs. Institutions like SENA (National Learning Service) offer software development, network administration, and cybersecurity courses. These programs are designed to be industry-relevant, ensuring graduates possess the skills employers demand in the Colombian tech sector.

Educational Infrastructure and Industry Collaboration

The synergy between educational institutions and the tech industry is a hallmark of Bucaramanga’s success. Universities and training centers collaborate with tech companies to align curricula with industry needs, conduct joint research projects, and offer students real-world experience through internships and apprenticeships.

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Research and Development

Bucaramanga’s universities are heavily involved in research and development (R&D), often in partnership with tech companies. These collaborations result in innovations that drive the tech sector forward. For instance, research in artificial intelligence, data analytics, and software engineering at UIS has led to developing new technologies and methodologies that benefit academia and industry within the Colombian tech sector.

Industry-Academia Initiatives

Programs like “Campus Party” and hackathons organized by universities foster a culture of innovation and problem-solving. These events bring together students, professionals, and academics to collaborate on tech projects, providing a platform for networking and showcasing talent. Such initiatives enhance students’ skills and create pathways for employment in the tech sector.

Governmental and Private Sector Support

The government’s support of Bucaramanga’s tech sector cannot be overstated. Investments in infrastructure, such as high-speed internet and tech parks, complement policies promoting digital transformation and innovation. The private sector also plays a vital role, with companies investing in training programs and collaborative projects with educational institutions.

Public-Private Partnerships

Public-private partnerships (PPPs) have been instrumental in advancing Bucaramanga’s tech industry. These partnerships facilitate resource sharing, funding for research, and the establishment of innovation hubs. For example, the “Santander Innovates” initiative brings together government bodies, universities, and tech companies to drive technological advancements and entrepreneurship in the region, strengthening the Colombian tech sector.

Investment in Tech Infrastructure

Significant investments in tech infrastructure, such as the development of the Bucaramanga Technology Park, provide a conducive environment for startups and established tech firms. These facilities offer modern office spaces, high-speed connectivity, and access to research resources, making Bucaramanga an attractive location for tech ventures.

The Future of Bucaramanga’s Tech Sector

Bucaramanga’s tech sector is poised for continued growth. The city’s strategic initiatives, solid educational infrastructure, and skilled labor force create a fertile ground for innovation. As more tech companies establish operations in Bucaramanga, the demand for qualified professionals will continue to rise, further driving educational institutions to adapt and expand their offerings, bolstering the Colombian tech sector.

Challenges and Opportunities

While the future looks promising, Bucaramanga must address challenges such as ensuring continuous investment in education, bridging the gap between academia and industry, and fostering a culture of lifelong learning. Opportunities lie in expanding tech education to rural areas, promoting diversity in tech fields, and leveraging international collaborations to keep pace with global technological advancements.

Building a Sustainable Tech Ecosystem

Bucaramanga must build a holistic tech ecosystem supporting innovation, entrepreneurship, and workforce development to sustain its growth. This includes educational and industry initiatives and creating a vibrant community that attracts and retains talent. Initiatives like tech meetups, innovation festivals, and collaborative workspaces contribute to a dynamic and supportive tech community.

Conclusion

Bucaramanga’s emergence as a leader in the Colombian tech sector is a testament to the city’s strategic vision, robust educational infrastructure, and skilled labor force. The city’s commitment to fostering a culture of innovation and collaboration between academia and industry has laid a strong foundation for sustained growth. As Bucaramanga continues to attract tech companies and nurture talent, it stands poised to become a prominent player in the global tech landscape, driving economic development and technological advancement in Colombia and beyond.

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Meeting financial commitments, recovering political stability, and complete legal trust and certainty are essential for attracting investments in infrastructure in Peru, indicated the global law firm DLA Piper.

Investment in infrastructure in Peru is crucial for the country’s progress because it improves citizens’ quality of life and strengthens the nation’s economy. For the present year, Peru expects to achieve 3% growth in its gross domestic product (GDP), according to the Ministry of Economy and Finance (MEF).

To meet this goal, investment in infrastructure in Peru is essential since several projects in the country’s portfolio are being promoted. One is the New San Juan de Marcona Port Terminal (US$ 405 million), and another is the Peripheral Road Ring (US$ 3.4 billion), significantly impacting Peru’s economic development.

In addition, it is anticipated that several important projects will be awarded this year: the Huancayo – Huancavelica Railway (US$ 394 million), the Longitudinal de la Sierra Section 4 (US$ 1,2 billion), 15 electricity sector projects valued at US$ 900 million, and the Puerto Maldonado Wastewater Treatment Plant (WWTP) with an investment of US$ 98 million, among others.

The Port of Chancay will be operational by year’s end

According to Cosco Shipping, the Chancay port mega-project will be inaugurated in November of 2024, driving the economy. Even Lima Airport Partners (LAP) commented that in December, the new infrastructure of the Jorge Chávez International Airport will be in operation.

Included among other recent investments in infrastructure in Peru are the following projects:

• Lima Metro Expansion: The Lima Metro has been undergoing expansion to alleviate traffic congestion in the capital city. Additional lines and stations were being constructed to enhance public transportation.
• Chavimochic Irrigation Project: This project aimed to expand irrigation infrastructure in the northern coastal region of Peru, facilitating agricultural development and water management.
• Southern Peru Highway: Efforts were ongoing to improve the road network in southern Peru, connecting remote communities and enhancing transportation efficiency.
• Renewable Energy Projects: Peru has been investing in renewable energy infrastructure, including wind and solar farms, to diversify its energy sources and reduce dependency on fossil fuels.
• Ports and Airports: Upgrades to ports and airports, such as the expansion of the Port of Callao and improvements to Jorge Chávez International Airport in Lima, were also underway to accommodate increasing trade and tourism demands.

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Investments in infrastructure in Peru are of critical importance

According to Carlos Núñez, partner at DLA Piper, Peru is an attractive country to invest in infrastructure projects.

“In the last year, some prolonged public infrastructure projects have been gradually reactivated, and projects that were pending in the pipeline for a long time have been relaunched. Even this year, some important awards have already been made,” Núñez said.

However, he also pointed out that this trend must be sustained, not circumstantial. He highlighted that the Peruvian Government has fulfilled its long-term payment commitments in co-financed Public-Private Partnership (PPP) projects, which should make it possible to finance new public infrastructure works despite political uncertainties and, in some cases, the lack of a reliable legal framework in the country.

He added that continuing to meet the financial commitments made, recovering political stability, and complete legal trust are extremely important given the new investments in infrastructure in Peru that are necessary to make in the country.

In this context, DLA Piper, a global firm with a presence in more than 40 countries, was the organizer of Peru’s Investment Summit 2024. This event brought together various Peruvian and foreign organizations and individuals interested in the country’s economy to debate the topic of “Infrastructure for development: challenges and opportunities for investment in Peru.” The event was held on April 25^th.

Peru is at a critical point in its development

In conclusion, Peru stands at a critical juncture in its journey toward economic advancement, with investments in infrastructure poised to play a pivotal role in shaping its trajectory. The commitment shown by the Peruvian government to meeting its financial obligations and fostering a conducive environment for investment underscores the nation’s determination to propel its infrastructure sector forward. As Carlos Núñez of DLA Piper highlighted, sustaining this momentum is imperative, ensuring that progress in infrastructure development remains robust and enduring. Against a backdrop of global uncertainties and evolving political landscapes, maintaining trust and stability within the legal framework becomes paramount to attracting the necessary investments in infrastructure in Peru. The recent Investment Summit 2024, organized by DLA Piper, serves as a testament to the collective efforts to unlock the full potential of Peru’s infrastructure landscape, offering a platform for dialogue and collaboration among stakeholders. With a diverse portfolio of projects spanning transportation, energy, and urban development, Peru is primed to harness the transformative power of infrastructure investments, driving inclusive growth and enhancing the quality of life for its citizens. As the nation looks ahead to a future of sustainable development and prosperity, investments in infrastructure will continue to serve as the bedrock upon which Peru’s economic success is built, cementing its position as an attractive destination for global investors seeking opportunities in Latin America.

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Chile intends to energize investment processes in the South American country for international companies in the coming months. This effort to promote foreign direct investments in Chile  is being undertaken so that the country’s economic potential can be translated into a genuine offer to demonstrate the great value of the Andean nation as a reliable and lucrative “trading partner.”

Corfo is Chile’s industrial promotion agency

This is one of the tasks of the Production Promotion Corporation (Corfo), whose vice president, Claudio Maggi,  recently participated in the Chile Summit Europe 2024, organized at the Spanish Confederation of Business Organization’s (CEOE) headquarters in Madrid. The purpose of the meeting was to strengthen efforts to deepen the scope of economic and investment relations between Spain and Chile.

The mission of Corfo, the agency of the Government of Chile, is to promote national production and regional economic growth, which is why it is immersed in different activities such as the Chile Summit Europe 2024 to present investors with the offer of possibilities ” for investments in Chile that are quite unique.

“We need global companies to take note of opportunities in Chile and help us become a relevant actor in the task of ecological transition, to have a more sustainable industrial base,” he said in an interview with Europa Press.

In some sectors, such as natural resources such as lithium, green hydrogen, or copper, which are essential for the ecological transition, Chile aspires to achieve horizontal relationships with partners such as Spain, achieving “mutual benefit.”

Streamline project permits for investments in Chile

Chile has “a lot of legal certainty” and “robust” institutions in its favor, as highlighted by the vice president of Corfo. The country does have to, however, still resolve some issues regarding bureaucracy. The Ministry of Economy is “fully focused” on this effort.

“Altering, updating, and streamlining legislation is not easy since new requirements are added to the old ones, and there has not been a cleanup of what is redundant, among other things, due to the fragmented nature of the current bureaucracy,” commented Maggi.

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To advance in this circumstance and accelerate investments in Chile, the Government is developing new legislation to make progress related to sectoral and environmental permits. “Our great challenge now is to modernize and strengthen our public apparatus, and that with this muscle, we can accompany this increase in investments in Chile in a good way,” said the vice president of Corfo.

Another of Chile’s challenges is infrastructure, a fundamental issue to improve the country’s connectivity, with aspects such as the renewal of the maritime fleet, which is one of the sectors expected to adopt green hydrogen the earliest.

Lithium leadership

Investments in Chile, particularly in the lithium sector, can generate great prosperity for the country. The fact that this will not only benefit the investing companies is why Corfo and the Government are betting on opening the door to public and private collaboration through the National Lithium Strategy.

“We have the possibility of participating in the lithium revolution, taking global leadership,” asserted Maggi, who has encouraged companies “with knowledge in lithium operations and the lithium market” to form alliances to develop this industry and make investments in Chile.

In conclusion, Chile stands at a significant economic transformation threshold, poised to leverage its abundant natural resources and institutional robustness into a beacon of investment opportunity. The efforts to increase investments in Chile, spearheaded by entities like the Production Promotion Corporation (Corfo), reflect the Andean nation’s commitment to positioning itself as an attractive destination for foreign direct investment. By showcasing its potential across various sectors, from lithium to green hydrogen and copper, Chile aims to bolster its economy and play a pivotal role in global sustainability initiatives. Despite challenges such as bureaucratic hurdles and infrastructural needs, the Chilean Government’s proactive stance in modernizing legislation and infrastructure underscores its dedication to facilitating a conducive environment for investment. Moreover, the emphasis on public-private collaboration, exemplified by initiatives like the National Lithium Strategy, highlights Chile’s recognition of the importance of partnership in driving innovation and prosperity. As the nation continues to streamline processes and foster strategic alliances, it is well-positioned to harness the full spectrum of its economic potential, becoming not only a lucrative trading partner but also a leader in shaping the future of sustainable industry. With a clear vision and concerted efforts, Chile is poised to translate its economic aspirations into tangible growth and establish itself as a beacon of opportunity on the global stage.

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