New business group targets investment, corporate cooperation
Peru is looking for more South Korean investment in infrastructure, transport and minerals, pitching a $39 billion portfolio of projects to Korean companies in Seoul.
Peru's investment push comes as Korean companies seek diversified mineral supply chains, building on a bilateral free trade agreement in force since 2011.
The portfolio, presented by Peru's private investment promotion agency ProInversion at an investment seminar Monday, has 85 projects and six contract addenda.
Among them are Lines 3, 4 and 7 of the Lima Metro and proposed railway links from Lima to Ica and Barranca, as well as a line connecting Andahuaylas and Marcona.
Peruvian Ambassador to South Korea Paul Duclos outlined opportunities for Korean companies linked to projects prioritized by Peru's new administration and a framework for privately managed special economic zones.
Nearly 40 representatives from the South Korean government, public institutions, business groups and companies attended the seminar, according to the Peruvian Embassy.
The companies represented included Dohwa Engineering, HD Hyundai Heavy Industries, Hyundai Rotem, LIG Defense & Aerospace, Posco International, Korea Zinc and LS MnM.
The event also marked the launch of the Korea-Peru Business and Friendship Association, a private-sector group formed to facilitate business and institutional contacts between the two countries.
Korean companies have pursued projects in Peru in defense, infrastructure, natural resources, minerals and transportation.
HD Hyundai Heavy Industries is working with state-owned shipyard SIMA on the local construction of naval vessels, while the two sides have also agreed to cooperate on submarine development and production.
Cho Joon-hyuk, vice chairman of Dohwa Engineering and a former South Korean ambassador to Peru, was appointed the association's first chairman.
“Relations between Korea and Peru are developing into a mutually beneficial business partnership,” Cho said.
The association said it plans to organize roundtables and forums involving companies, industry experts and investment specialists and facilitate contacts between businesses and institutions in the two countries.
Its founding members include HD Hyundai Heavy Industries, LIG Defense & Aerospace, Korea Zinc, Dohwa Engineering, Korea Airports Corp., Hyundai Rotem, LS MnM and Posco International.
sanjaykumar@heraldcorp.com
