IDB compares Peru's growth with Asian economies

Inter-American Development Bank president Luis Alberto Moreno said Sunday that Peru is the only country in the region which enjoyed economic growth in a difficult context.

"Peru has begun to achieve something not seen in other Latin American countries: based on fiscal balances and access to foreign loans, it has grown solidly and that requires a strengthening of the state," he told Peruvian daily El Comercio.

The IDB president noted that this South American nation will be one of the first to emerge from the economic crisis; adding that unlike what happened in Peru, the fall in gross domestic product (GDP) in the U.S. and Latin America caused massive unemployment.

He added that an important aspect in the current scenario is that Peru has significantly reduced extreme poverty over the last four years.

"That is why the Peruvian economy has had an impact. The challenge is how to make this growth reach the poorest sectors," said Moreno.

The IDB chief also stressed the need of good public policies and to stay focused on issues that the IDB has been working with the Peruvian government, such as water, sanitation and social development projects.

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Photo: IDB Presidente Luis Moreno

“Causa de Anchoveta” may cost up to US$30 in NY restaurants

Causa de Anchoveta is one of the favorite dishes abroad and it may cost up to US$30 in luxury Peruvian restaurants in New York, the Peruvian Gastronomic Association (Apega) said Thursday.

“Peruvian anchovy is very successful among Peruvian restaurants abroad and people do not mind paying for this dish,” said the Peruvian Gastronomic Association (Apega) President Gaston Acurio.

He highlighted the increase of canned anchovy exports in recent years, adding that this sector should continue to be promoted, because foreigners really enjoy this product.

“We must encourage young entrepreneurs to prepare higher quality products, high range of Peruvian canned anchovy,” he added.

He pointed out that this will contribute to create the brand called “Anchoveta del Peru” (Anchovy of Peru) as a premium product.

He added that main destination markets for anchovy are the United States, Italy, France and Spain, the most demanding markets worldwide.

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IR AL INICIO

Peruvian economic scenery is second best in Latin America

After Brazil, Peru has the second best Economic Climate Index (ICE) in a comparison with the 11 countries of Latin America.

This information is in the Economic Study for Latin America, a research that is the result of a partnership established between the Institute for Economic Research at the University of Munich (IFO) and Fundação Getulio Vargas (FGV).

The study reflects the opinion of specialists about the current situation and the economic expectations of their countries.

Brazil, whose ICE reached 7.4 points in a scale from 1 to 9, Peru with 7 points and Uruguay (6.3) are the top three countries.

According to the research, these countries have moved to the "boom" phase (great growth), in the October analysis, when compared to July.

In the last positions are Ecuador (3 points), Mexico (4.1 points) and Argentina (4.5 points), in the analysis for October, in a list of 11 countries.

The objective of the Economic Analysis of Latin America is to monitor and anticipate the economic tendencies, from information supplied quarterly by specialists in the economies of their respective countries.

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Czech president opens business round in Lima Chamber of Commerce

Czech Republic’s President Václav Klaus opened today the Business Round in Lima Chamber of Commerce (CCL), leading a trade mission formed by 17 companies.

This is the Czech president’s first tour in South America, which also includes Brazil, reported the ambassador of that country in Lima, Vera Zemanova.

“We seek to provide a framework for businessmen of both parties and promote a greater commercial and investment relationship,” he said.

He commented that last year the bilateral commercial exchange was around $32 million with a surplus to Peru, exchange that is growing and will be strengthened.

For this, he considered that both countries should sign an agreement to avoid double taxation, besides renegotiating the agreements of protection and promotion of investments that was signed before Czech Republic entered the European Union.

This forum is organized by Lima Chamber of Commerce (CCL), Czech Republic’s Embassy in Peru and Czech Chamber of Commerce.

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International experts impressed with high production quality of Peruvian asparagus

After visiting the major asparagus producing areas of La Libertad and Ica in Peru, researchers and specialists from around the world were impressed by the production and industrial processes that generate this attractive exportable product, which is much sought after abroad.

The Northern companies Danper Trujillo and Camposol, and Ica-based companies Agrokasa and Agricola Chapi were toured by 25 international experts, as part of the XII International Asparagus Symposium, held in Peru from October 29th to November 1st.

The Peruvian Institute of Asparagus and Vegetables (IPEH) reported that the specialists could appreciate the extensive areas of cultivation, the high quality of processes and products and high employment generation that is recorded in the localities involved.

The XII International Asparagus Symposium exceeded the expectations of the 400 participants, of which 167 came from 23 different countries. It is noteworthy to mention that when the event was held in Holland, attendance was around 150 specialists.

Attending the symposium were experts from the U.S., Canada, China, Japan, Indonesia, Korea, Poland, Germany, Holland, France, New Zealand, Italy, Spain, Argentina, Chile, Mexico, Honduras and Peru, who had the opportunity to exchange knowledge and advances in the cultivation of this product, whose importance is considered a flagship product in our country.

Also, the 46 presentations given by the researchers included crop management issues, breeding, pest management, physiology and marketing, among others.

In this area, it should be highlighted the progress in the cultivation of asparagus in a protected environment shown by researchers from China and Japan, and the results of Peruvian asparagus fertilization under Ica's environmental conditions.

It also should be highlighted the integrated management of pests and diseases carried in the asparagus in different areas of the country, and also the progress in improving the asparagus as well as genetic studies of this vegetable as reported by American researchers as well as researchers from Japan, Italy, China, New Zealand and Spain.

Posters were also showed of 30 different research advances in this vegetable in the world, highlighting developments in the evaluation of different hybrids of asparagus in several areas such as Spain, Chile and Argentina.

The International Asparagus Symposium is held every four years in various countries. This event is sponsored by the International Society for Horticultural Science (ISHS, its acronym in English) and in Peru by the Peruvian Institute of Asparagus and Vegetables (IPEH) PromPerú and the Universidad Nacional Agraria La Molina.

This was the first time Peru hosted the event, which showed that the production and export activities were and continue to be observed by everyone.

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Peru: US$ 600 million slated for Chaglla hydropower plant in Huanuco

Brazilian engineering company Odebrecht is set to build a US$ 600-million hydropower plant in the central Peruvian region of Huanuco, generating more than 5000 direct and indirect jobs in the area.

The announcement was made by Huanuco’s Governor Jorge Espinoza and Odebrecht Perú’s Contract Director Erlon Arfelli during a public meeting attended by authorities and people living in the Pillao town in Huanuco’s Chinchao district.

According to Arfelli, it is expected that the construction works will create some 1,200 direct and 4,000 indirect jobs, "which will contribute to the development of people in the project influence area and the department."

"We encourage the private investment that Huanuco needed to keep pace with other regions and even exceed them," said the Odebrecht representative.

Meanwhile, Governor Jorge Espinoza said the project will be the second largest plant in Peru, adding that “Huanuco has waited for more than 70 years for this moment; this project is the largest in the history of Huanuco."

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China’s CNPC interested in investing in new oil, gas discoveries in Peru

China National Petroleum Corporation (CNPC) is interested in investing in new oil and gas discoveries made in Peru, announced Saturday Peru’s minister of Foreign Trade and Tourism, Martin Perez.

"Chinese President, Hu Jintao, said his country is interested in deepening strategic partnership with Peru, and that includes more investment in our country," Perez said from Singapore to Andina news agency.

This was one of the main objectives the Chinese president pursued during the meeting with Peruvian head of state Alan García, in Singapore, where the Asia-Pacific Economic Cooperation (APEC) forum is taking place this year.

During the bilateral meeting, President Hu Jintao told Garcia Peru continues to have a huge energy potential, one example is the recent discovery of over a trillion cubic feet of natural gas in one of five wells drilled for exploration in Block 58, operated by Brazil's Petrobras.

He said the natural gas reserves found in the Urubamba area, south of the country, could even reach 1.5 trillion.

Garcia Perez also told his Chinese counterpart about the light oil discovery made by Canada’s Talisman firm in the north of the country's Amazon region.

China National Petroleum Corporation (CNPC) is a world-leading integrated international energy company with businesses covering oil and gas upstream and downstream operations, oilfield services, engineering and construction, petroleum material and equipment manufacturing and supply, capital management, finance and insurance services, new energy operations.

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Presidents Garcia and Lula to travel Inter-oceanic highway together

Next year, Brazil’s president Luiz Ignacio da Silva and Peru’s president Alan Garcia Perez will travel together hundreds of kilometers of the Inter-oceanic highway, from Acre, Brazil to Puerto Maldonado in Peru, reported Peru’s Minister of Transport and Communications, Enrique Cornejo.

In declarations to Andina news agency, he explained that the trip will take place after the request of Brazil’s president during the meeting where Peru explained its proposal to stop the arms race in the region.

“President Lula asked me to tell Alan Garcia that before December next year both of them will travel by car from Acre to Puerto Maldonado visiting and inauguration the hundreds of kilometers of the Inter-oceanic highway, which by that time should be finished,” he said.

Regarding the mission he fulfill in Brazil to boost the Peruvian proposal to stop the arms race, Cornejo said that in general terms in that country there is a contest of all the forces in favor of this approach.

He recalled that in that meeting, Brazil’s president also asked him to tell President Garcia his intention to discuss more deeply this subject.

In this framework, he said that Brazil’s position is very important for the Peruvian approach to have more strength at the UNASUR.

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Peru-Thailand free trade pact takes new turn

Thailand will sign a second additional protocol to speed up liberalising trade with Peru, said Nuntawan Sakuntanaga, director-general of the Trade Negotiation Department.

The protocol is needed to complete the free trade agreement between Thailand and Peru, signed in 2005. The protocol will be signed at the upcoming Asia Pacific Economic Co-operation (Apec) Ministerial Meeting, to be held from today in Singapore.

According to the Bangkok Post, the protocol will adjust rules of origin and update tariff codes to the 2007 harmonised system from the 2002 system. Thailand and Peru can thereby reduce or remove tariffs on about 70% of products traded between the two countries.

Thailand will also hold a meeting with the United States to propose that the US stop collecting anti-dumping duty on Thai steel tubes and joints. This duty has been collected for more than 17 years - which, in Thailand's view, is long enough to cover actual damages.

In discussions with South Korea, Thailand will seek a relaxation of examination of residue in its exports of white shrimp. Thailand will request that if no residue is detected in several consecutive shipments, the shrimp should be released quickly into the market.

At the Apec forum, ministers will express their support for the multilateral trade system under the World Trade Organisation, and for accelerated trade liberalisation in the group by focusing on rules of origin and trade.

The ministers will also discuss measures to support global recovery and to achieve sustainable growth through developing small and medium-sized enterprises and building the capacity of human resources.

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US oil giant Exxon Mobil interested in returning to Peru

U.S. oil giant Exxon Mobil Corporation expressed interest in returning to Peru to participate in the upcoming tender for oil exploration and exploitation Peru will launch in January 2010, announced Perupetro president Daniel Saba.

Before joining Exxon company, the US Mobil Oil had already conducted explorations with the Anglo-Dutch Shell in Block 88 in Cusco -where Camisea gas fields were discovered- after signing the respective contract in 1996.

However, in July 1998, the consortium decided not to continue with phase 2 of the contract.

Mobil had signed an oil exploration and exploitation license contract for the Block 78 area located in Madre de Dios, however, in 2000, it returned to the Peruvian state after finding natural gas, since it realized it was not commercial exploitation.

In 1998, Mobil and Exxon agreed to merge to create Exxon Mobil, a process that was completed in November 1999.

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President Garcia announces light oil discovery in Peruvian jungle

Peruvian President Alan Garcia announced light oil discovery in the north of the country's Amazon region, which will enables Peru to recover about one billion barrels of heavy oil in two other nearby blocks.

"We just got great news, “Talisman” firm has made a light oil discovery in the area, which will allow mixing the heavy oil (from other two blocks) and send it through the pipeline," he steated.

The Peruvian president said the new oil discovery is almost as important as the gas discovery made by Petrobras in block 58.

"This will result in more recoverable oil and gas. I am talking about one billion barrels of heavy oil. Once Talisman starts extracting light oil, this will become recoverable and will generates royalties for the country, fees for the area and taxes, and provide work in the pipeline," he told the press.

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President Garcia announced discovery of "large amount of gas" in the jungle

Peruvian President Alan Garcia said he has been told about the discovery of a "large amount of gas" in block 58, located in the Amazonian region of Peru, which might ensure energy supplies after 2050.

"I was informed this morning, via telephone call from the jungle, that block 58 contains a significant quantity of gas," announced the head of state, who said he is awaiting more details.

He said that after visiting Guadalajara, Mexico, he will possibly inspect the well located in Urubamba, in block 58.

If this is true –taking in account that this well seems to contain over a trillion cubic feet gas- we can say we have made a giant leap in energy supply and that we have sufficient productive capacity until after 2050," he said.

According to the head of state, Peru has recoverable gas reserves in Block 56 of about 2.5 trillion cubic feet of gas, in addition to the more than 9 trillion cubic feet in Block 88, and two trillion in block 57.

All of it makes nearly 15 trillion cubic feet of recoverable gas.

Once figures are confirmed, Peru will have ensured its gas reserves to supply homes, vehicles, mining and petrochemical industries, and facilitate gas exports for next 40 years.

"This will guarantee the country's sustained growth," he stated.

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At least two more international airlines interested in using Peru as a hub

Two more international airlines are interested in using Peru as a hub for operations, or passenger and cargo transshipment center, since they are convinced the country enjoys a unique location in Latin America, reported Wednesday Peru’s Ministry of Transport and Communications (MTC).

"Two major international airlines asked the MTC to explore the possibility of letting them use Jorge Chavez International Airport as a hub," said Minister of Transport and Communications, Enrique Cornejo.

Central America's Grupo Taca and Chile’s Lan has turned Lima into a transit center of passengers heading to other destinations.

"Jorge Chavez International Airport is already a hub, that is, apart from those visiting Peru, many other passengers use Lima as a transit point to other destinations in the continent," he told Andina news agency.

However, both the MTC and Lima Airport Partners (LAP), the concessionaire for Lima's Jorge Chavez International Airport, are working hard to get more areas where new airlines can function.

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Peru, EU to conclude FTA talks in mid-November

Peru and the European Union are in the final stage of negotiations for a Free Trade Agreement (FTA) and the next and last round of talks will be held on November 16 in Bogota, Peruvian Foreign Minister Jose Antonio Garcia Belaunde said today.

"The agreement has made important progress and the final stage of negotiations (...) will be held on November 16 in Bogota," he said.

According to the scheduled program, the Fourth Round of Negotiations for a trade deal between the European bloc and the Andean countries of Colombia, Ecuador and Peru was held last June in Bogota.

During that time, the heads of the negotiating teams maintained constant communication through conference calls and emails.

Among the main issues discussed are the free movement of goods, exemptions from provisions of the Market Access chapter and bilateral safeguard on agricultural products.

On the other hand, Minister Garcia Belaunde explained that there are two distinct processes in the free trade agreement with China: the implementation of the treaty and the adoption of the document.

"To implement the treaty we must take a series of internal measures that have nothing to do with the approval of the Executive or Legislative powers, these are two different things," he said.

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Photo: Peruvian Foreign Minister Jose Antonio Garcia Belaunde speaks to 2009 Latin American Cities Conference held in Lima. Photo: ANDINA/Jack Ramón

Peru-Brazil integration to foster cooperation in technological development

Peru-Brazil integration will also facilitate cooperation in technological development, said Monday the cabinet chief, Javier Velasquez, after meeting the leader of Brazil’s Workers' Party, José Dirceu.

Both countries have good relations and enjoy strong complementarity in economy, which will allow further progress in bilateral cooperation, and facilitate access to technological development.

Velasquez supported the proposal to strengthen Peru-Brazil ties in technology.

"We must seek strategic complementarity, and take full advantage of the latest technological innovations in Brazil. We should undergo a structural transformation, and help our nation rise from being a primary based economy”, he said.

Peru’s prime minister also noted we are already overcoming some social gaps, which will provide the platforms for the technological development process.

Meanwhile, Jose Dirceu -former chief-of-staff of President Lula (in Brazil, the chief-of-staff has a ministerial status similar to the Cabinet Office)- said Brazil is interested in an association with Peru for hydropower development and technological exchange.

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Peruvian State Bank, China Development Bank evaluate investment projects

The delegation of the Development Bank of China (CDB) and other governmental authorities of the financial sector of People’s Republic of China met with the Banco de la Nacion’s president, Humberto Meneses, aiming to evaluate the implementation of investment projects in different sectors.

Both banks signed an agreement at Peru's Government Palace on November of 2008, in the framework of the APEC Leaders' Summit held in Lima.

The meeting was attended by the member of the board of directors of the CDB, Xiaoming Li, the vice general manager of the International Cooperation Office of the CDB, Yunhai Tan, and the head of theCDB's mission in Peru, Jiyang Shi.

Meneses highlighted the importance of these meetings and their reach since they will allow to define the actions to be taken to make Peru a sustainable country.

“We know China’s interest to support the Peruvian micro-entrepreneurs. With this delegation the bonds will get stronger. Our visitors will travel to the interior of the country to evaluate opportunities and investment projects,” he added.

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