Peru opens new Chinese megaport aiming to boost trade and become Latin America's hub

China's new $3.5 billion megaport in Chancay, Peru, has officially opened, creating a direct shipping link between Peru and Shanghai. The port, covering 992 hectares, will reduce shipping times by up to 20 days on certain routes. Chinese operator Cosco Shipping holds a 60% stake in the port, which is expected to become a key trade hub for South America. The port aims to handle over 1 million shipping containers in its first year and will primarily import Asian goods while exporting minerals like lithium and copper. Peru's government envisions the port as a step towards becoming the "Singapore of Latin America," enhancing trade connections with Asia. The project is part of China's Belt and Road Initiative, which aims to improve infrastructure and trade links across the region.