Peru is one of Latin America’s largest and fastest-growing economies. The latter its due in part to Peru having one of the most investment-friendly environments in Latin America, being ranked as second in the region in the World Bank’s 2018 “Ease of Doing Business index”.
Furthermore, our country has made progress in a series of regulations in order to become a member of the Organization for Economic Cooperation and Development (OECD) to strengthen its public policies. Recently, Peru joined two major OECD Conventions on Anti-Bribery and on Mutual Administrative Assistance in Tax Matters, which represent important steps towards fighting corruption and fostering greater transparency.
Private investment has led to growth and macroeconomic stability in Peru, becoming one of the pillars for the economic strengthening in the coming years. According to the Central Reserve Bank of Peru, private investment accounts for around 20% of Peruvian GDP, and was up by five percent in the first semester of 2018 compared to the previous year. Many analysts concur that the main drivers behind Peru’s impressive economic growth are strong mining investment
The Government of Peru is ready to further strengthen its economic ties with India. It is therefore no surprise that trade and investment relations were one of the key topics of discussion during the recent visit of Indian Vice President Shri Venkaiah Naidu to Peru in May 2018.
During his visit, organized on the occasion of the 55 anniversary of Indo-Peruvian diplomatic relations, Vice President Naidu held extensive talks with the top leadership of Peru, where he stressed the need to assess the achievements made so far and to chart out a clear course of action to realise the full potential of the bilateral relationship. In turn, the President of Peru, Mr. Martin Vizcarra, stated that our country is closely watching India`s progress in different sectors, including its transition from an agrarian economy to being an IT leader with strong capabilities in science and technology and the aerospace sector.
Both India and Peru highlighted the significant increase in bilateral trade in 2017, when India became Peru’s seventh largest trading partner, a position that is set to rise in 2018. This striking increase in dynamism transpired in the backdrop of the talks for a comprehensive bilateral trade agreement covering goods, services and investments, whose second round of negotiations ended only weeks before Vice President Naidu’s visit to Peru. Both sides underscored the need of intensifying the talks to reach an early conclusion of the agreement.
Peru is pleased to see that India is considering new investment opportunities in various sectors in its territory. Proof of the latter is India’s first-time participation in the mining fair EXPOMINA, held in Peru, from 12th through 14th September 2018, with a very important delegation led by Mr. Anil Mukim, Secretary of Mines.
Peru’s internationally praised macroeconomic policies, friendly investment regimes, open market policy and attractive sectors for business, make it a profitable destination for investors. Our country is rich in base and precious metals, natural gas and oil. It hosts a great variety of climates, boasts low inflation rates and stays in the forefront as one of Latin America’s best economic performers.