This mega project aims to optimize connectivity in South America by integrating land, rail, and air transportation systems.
In Arequipa, plans are underway to construct a new port—an ambitious megaproject with the potential to surpass the capacity of the Chancay Megaport. This new port terminal, featuring exceptional technical specifications, is designed to handle up to 100 million metric tons annually, doubling the capacity of other ports in the country. The initiative seeks to position the region as a national and international maritime trade strategic hub, enhancing its competitiveness in global markets.
The attention that the U.S. and other global investors may pay to finance this project highlights its strategic importance. Therefore, it is unsurprising that the Regional Government of Arequipa is actively promoting investment in this significant port project, which is estimated to require an investment of $7 billion. This amount covers the construction of state-of-the-art port infrastructure, storage areas, and an efficient distribution network connecting the port with South America’s leading commercial hubs.
Corio Port: The Megaproject That Could Surpass the Chancay Port Terminal
Located in the Arequipa region, Corio Port in southern Peru is set to become the largest and most advanced port terminal in the country. It stands out for its 28-meter depth, which will accommodate large-draft vessels—exceeding the capabilities of the Chancay Megaport. Its design includes a multimodal system integrating land, rail, and air transportation, enhancing connectivity with international markets and making it a vital gateway for global trade.
The project’s initial investment is estimated at over $7 billion, covering the construction of cutting-edge port infrastructure, extensive storage areas, and an efficient distribution network linking the port to major commercial centers across South America. This terminal could become a strategic export point for neighboring countries such as Brazil, Bolivia, Paraguay, and Argentina, significantly improving trade logistics for raw materials and manufactured goods.
Beyond its capacity and strategic location, the port’s development is expected to create thousands of direct and indirect jobs, significantly boosting Arequipa’s and surrounding regions’ economies. By providing advanced logistical support and reducing shipping costs for exporters, Corio Port in Southern Peru will strengthen the country’s role in regional and international trade.
Corio Port and the Potential for U.S. Investment
During a meeting with Stephanie Syptak-Ramnath, the U.S. ambassador to Peru, the regional governor of Arequipa, Rohel Sánchez Sánchez, called on U.S. investors to consider funding the ambitious “Megaport of the Americas-Corio.” This major project, located in the district of Punta de Bombón in the province of Islay, aims to boost the region’s economic development by attracting international trade and foreign direct investment.
A presentation in Lima featured Mario Zúñiga Martínez, technical secretary of the Arequipa Regional Development Agency (ARD). Alongside the governor, Zúñiga emphasized Corio Port’s competitive advantages, positioning it as the only hub in South America capable of handling over 100 million tons of cargo from the South American hinterland. The port will serve a vast range of nations, including Brazil, Bolivia, Argentina, Chile, Uruguay, Paraguay, and Peru, as well as mineral production from the southern macro-region.
By engaging potential U.S. and global investors, the Arequipa Regional Government is working to secure the financial backing needed to turn this vision into reality. The participation of international stakeholders will strengthen diplomatic and trade relations between Peru and the United States and enhance Peru’s role as a key player in global maritime commerce.
How Corio Port in Southern Peru Could Surpass the Chancay Megaport
The Corio Port in Southern Peru is emerging as a strong competitor to the Chancay Megaport due to its technical characteristics and strategic location, highlighting its significance in South America’s trade network. In previous statements to La República, Mario Zúñiga, technical secretary of the Arequipa Regional Development Agency (ARD), stated that one of Corío’s main advantages is the depth of its waters, which extend from Tumbes to Tacna, reaching their deepest points in Arequipa and Chiclayo.
This natural bathymetry allows for the construction of suitable docks and the arrival of large vessels that cannot be accommodated at Chancay. Zúñiga compared depth figures, noting that while Chancay has a depth of 18 meters and Callao Port 16 meters, Corío reaches nearly 30 meters. “In Chile, depths range from 12 to 15 meters, whereas in Peru, they start at 16 meters and beyond,” he added. This statement is supported by former Minister of Transport and Communications Estremadoyro, who mentioned that the port of Mejillones in Chile has fallen behind compared to Corio’s scale.
Strategic Benefits Over Chancay
Unlike Chancay Port, which has 60% Chinese state investment and 40% private participation, Corio aims to ensure that the Peruvian state does not merely act as a spectator. “The Peruvian state cannot completely detach itself. (Currently) it is an observer in a private port for public use. The Corio Port in Southern Peru will be privately funded, but the state will retain rights over the land,” Zúñiga emphasized.
This funding model allows the government to maintain influence over the project while encouraging private investment. The asset-based project model used for Corio could redefine the port landscape in the region, ensuring long-term sustainability and national strategic interests.
Moreover, Corio’s integration into South America’s transport network will improve trade routes, reducing dependency on ports controlled by foreign interests. The port’s development is expected to significantly reduce logistics costs for Brazil, Bolivia, Paraguay, and Argentina exporters, making Peru a crucial hub for commodities and manufactured goods heading to Asia, North America, and Europe.
The Future of Corio Port
As the project gains momentum, discussions surrounding environmental impact assessments, infrastructure development, and regulatory frameworks are becoming more prominent. The Arequipa Regional Government has assured that sustainability and environmental protection will be key considerations in the port’s construction, aligning with global trends in green port development.
Additionally, Corio’s multimodal transport integration is set to make logistics more efficient and eco-friendly, reducing carbon footprints by incorporating rail and road networks that connect directly to South America’s interior.
If executed successfully, Corio Port in Southern Peru will rival Chancay and transform the country’s role in global trade, making it a vital link between South America and international markets. Its depth, multimodal infrastructure, and government-backed strategic vision give it a competitive edge that could attract major investments from the U.S., Europe, and Asia.
As interest from global investors continues to grow, the next few years will be crucial in determining whether Corio Port can become the premier maritime gateway for South America.