MANILA, Philippines - The Philippine Exporters Confederation Inc. (Philexport) is encouraging local firms to explore the possibility of doing business in Peru, citing opportunities in the manufacturing and mining sector among others.
In a statement, Philexport said that in a business forum held last month, Enrique Gubbins, chairman of the Board of Sudamericana de Fibras and Asia-Pacific Economic Cooperation Business Advisory Council Peru, said opportunities in mining are available for foreign investors in Peru.
Peru is rich in mineral resources but only 20 percent of the territory’s mining potential has been explored so far. Produced in Peruvian mines are gold, zinc, tin, lead and copper.
Aside from mining, Gubbins said Peru’s manufacturing sector offers opportunities for investments, citing the country’s strategic location, availability of high quality raw materials for the textile industry, access to energy resources as well as a network of free trade agreements which help promote greater trade through freer flow of goods.
“The Peruvian industry has grown and diversified in a context of low tariffs...The value manufacturing GDP (gross domestic product) increases as the average tariff falls. Our manufacturing sector has grown in a context of lower tariffs,†he said.
He said investment opportunities are also available in agribusiness, tourism, infrastructure and retail.
Peru presents favorable prospects for business as the country is growing by an average of six percent every year.
From 1995 to 2012, its exports jumped by 890 percent while its imports surged by 525 percent.
Its top imports include include fuels, machinery, electronic equipment, plastic products and vehicles.