The timing of this visit is excellent, due to the consolidation of Peru as an emerging market and the pursuit of good investment opportunities globally by British investors and other countries. The Minister of Economy and Finance, Luis Castilla, and members of the mission of inPERU are welcomed to London, one of the most important financial and business centers in the world We trust that they will appreciate firsthand the strengths of various sectors of the British economy, such as the financial and energy sectors, including renewable energy, technology, construction and engineering.
No matter the country, the private sector and foreign investment are always some of the most important engines of economic growth. South America’s economic success, led by countries like Peru, Chile, Colombia and Brazil, as well as the Pacific Alliance with Mexico, has created a growing interest from the United Kingdom in countries like Peru. The UK is the second largest investor in Peru – between 2005 and 2011 the investments of British companies have grown by 50%, reaching U.S. $4.5 billion. 52% is dedicated to the mining sector, but we also have significant investments in other sectors with high growth rates and opportunities like finance (U.S. $753 million), energy (U.S. $390 million) and communications (U.S. $327 million).
The trade of goods and services also complements the positive investment outlook. Trade in 2011 was U.S. $522 million, an increase of 25% over the previous year, with a balance in Peru’s favour. It is also important to mention the complementary relationship between the Peruvian and British economies in the demand for raw materials, food, manufactured goods, chemicals, processes and top technologies. For this reason, and after the completion of the negotiation for the Free Trade Agreement between the European Union and Peru, an important opportunity in London existsfor Peruvian and European entrepreneurs to talk about how to do more business in order to increase trade.
Everything that has been done is not achieved overnight. It is a process that requires continuity and Peru is doing this well. The financial world notes with interest Peru’s desire to advance in competitiveness, infrastructure and institutionalism. These factors, as well as the serious fight against drugs, are the key to attracting future international investment. Other countries have already discovered the negative impact that drug trafficking problems can have on the economy.
For all these reasons, I reiterate that this is an excellent time to make this visit to London. We are sure that in the near future we will see positive results from this great initiative.