A deep-water port located in Chancay, Peru, is set to transform the country's Pacific coast and connect South America directly to Asia. The $3.6 billion project has been largely funded by China, providing them with an economic foothold in the region. NBC News' Keir Simmons reports on how the project will reshape Pacific trade.
LIMA, Peru — Chinese President Xi Jinping launched a weeklong diplomatic blitz of South America on Thursday by inaugurating a massive deep-water port in Peru, a $1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent.
China’s main motivation for developing the megaport, according to Ocharan, was access to neighboring Brazil, where a new railway line is planned to carry Brazilian exports such as soybeans and iron ore to the port. The rail project is estimated to cost $3.5 billion, according to Mario de las Casas, corporate affairs manager at Cosco Shipping Chancay Peru. Building that link is “crucial” to improve transportation of soybeans, as Brazil is the top seller of the commodity to China, he said.
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