Peru opens new $3.5 billion megaport to boost trade with China

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 some routes. The port is expected to become a major trade hub for South America, handling over 1 million shipping containers in its first year. It will primarily import Asian goods and export minerals like lithium and copper. Peru aims to become the "Singapore of Latin America" through this development, enhancing trade connections with China and other South American countries. The port is part of China's Belt and Road Initiative, which has expanded to include South America.