Lima, Peru – Peru’s capital, Lima, will host the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week from November 10 to 16.
The conference considers itself a chance for Peruvian small and medium enterprises (SMEs) to expand their horizons and access new economic opportunities that can transform their future.
The forum aims to promote free trade and economic cooperation among 21 countries in the Asia-Pacific region and is built on three pillars: trade liberalization, business facilitation and technical economic cooperation.
In an interview with Peru ReportsRodolfo Ojeda, president of the SME section of the Chamber of Commerce of Lima (CCL), highlighted how the Forum, which Peru will host for the third time after 2008 and 2016, will create new opportunities for the business sector Peruvian.
“SMEs will have the chance to enter new markets, which is an important opportunity,” he said.
Regarding the impact of these changes on local employment, Ojeda was optimistic. “As long as SMEs find financing and investment, more jobs will be created here in Peru,” he said.
The APEC Forum will benefit one million SMEs in Peru
With over three million SMEs operating in Peru, it is estimated that around a third of these businesses could benefit from initiatives emerging from the APEC forum. “We are talking about one million SMEs that will be able to access these benefits immediately after the agreements are finalized,” he said.
“Of this number, 300,000 small and medium-sized enterprises involved in export and import will be directly favored, while others will have the opportunity to receive training in management, technology and advantages related to commercial activation,” he added.
In this regard, Ojeda explained that a key aspect of Peru’s participation in APEC is technology transfer: “There will be seminars and technology transfers, allowing us to stay up-to-date on technological and trade issues.” This continuous innovation update is essential for SMEs as it enables them to improve their production processes and remain competitive in international markets.
The expert also emphasized that SMEs are vital to the growth of the Asia-Pacific region, representing 97% of businesses and generating over half of employment in APEC countries, which together account for 62% of global GDP, 48% of global trade and 38% of the world’s population.
According to ComexPerú, since Peru joined APEC in 1998, trade between Peru and member economies has grown by an average of 12% per year. Sixty-six percent of Peru’s merchandise trade occurs with APEC economies.
The APEC Forum will help reduce trade barriers
Another important benefit mentioned by Ojeda is the reduction of trade barriers, which will facilitate access to new markets. “Existing free trade agreements are being processed and new ones are being sought. This, together with access to financing and investment promotion, is essential for the development of our small businesses,” he said.
However, it is not only SMEs that will benefit from this growth. The expert emphasized that consumers will also experience direct improvements, as “the opening of these marketing channels will ultimately benefit the consumer”.
The technology sector, for example, could be strengthened by increased cooperation with countries in the Asian bloc. “Peruvian consumers will have immediate access to technology from countries like China, which is making significant inroads in Peru,” he added.
Importance of the Port of Chancay
In July, Peruvian President Dina Boluarte traveled to China to meet with its leader, Xi Jinping. She also met with executives from Cosco Shipping, which is opening a high-capacity port terminal north of Lima in the coming months.
The port has been a boon for relations with China, Peru’s biggest trading partner, but has drawn concern from the United States.
According to APEC’s Ojeda, the port project “opens a huge window of opportunity for Peru, especially for small and medium-sized enterprises.”
This high-capacity Peruvian port, currently under construction in Chancay district, Huaral province, about 80 kilometers north of Lima, is being developed with financing from China and will facilitate the export of Peruvian products to Asian markets.
China, in particular, has shown great interest in strengthening trade relations with Peru. “Currently, there are about 170 Chinese companies operating in the country, generating about $30 million in services and infrastructure,” Ojeda pointed out. The possible participation of Chinese President Xi Jinping in the inauguration of Chancay port underlines the importance of this project for bilateral trade.
“Peru is in the spotlight of global trade,” concluded Ojeda, stating that this international forum presents a tremendous opportunity for the country’s economic future.
