GENERAL BUSINESS OUTLOOKPeruvian economic activity registers, over the Latin American average, an upward trend notwithstanding the unfavourable international environment. Peru places as a leader in economic results. By the end of 2003, Peruvian GDP grew 4.9%, inflation placed in 2.5%, and investment improved 4,5%.
Favorable results of GDP growth are mainly sustained by the increase of mining production, agriculture and fishing activities, and main primary items, which by generating foreign currencies determines an appropriate economic situation for general reactivation. Activities such as construction and manufacturing, sectors favoring growth of domestic demand, have also start registering important growth rates.
Stability of Prices and Exchange Rates
As a result of a sound commitment of Peruvian economic authorities, inflation levels are currently below USA levels. In the case of Latin American countries, although inflationary problem is not more a principal issue, Peru heads in the region a group of countries with the lowest rates. The floating exchange rate is particularly stable, due to high international reserves at the Central Bank, which stand for more than one year of Peruvian imports.
Investment Attraction
Peru offers investors:
i) Stable macroeconomic situation;
ii) less country-risk compared to other countries in the region;
iii) investment opportunities;
iv) ATPDEA and other integration alternatives; and
v) political decision to favor investment attraction.Peru offers investors sectors with clear comparative advantages such as mining, which represents an important source of foreign currency and largely explains investments carried out in the last years; fishery sector that offers a variety of resources; tourism with many attractive places such as history, adventure and recreation sites.
Peruvian commercial links with important international markets have been recently favored by the inclusion of new items, such as apparel, agribusiness and aquaculture, in the Andean Trade Promotion and Drug Eradication Act, enacted by the United States.
Sectors Generating Investments
Mining: Peruvian wealth
Mining is an important source of foreign currency (over 40%) and largely explains investments made in the last years. Antamina Mining project is one of the most important projects with investments over US$ 2 billion. It increased by 1,4% national production, 60% production of Ancash department, and copper and zinc exportation over US$ 700 million. On the other hand, gold is the main Peruvian export good with forecasts of US$ 1,5 billion.
Peru ranks the first places in extraction of gold, zinc, tin, silver and copper.
Peruvian Mining Worldwide
Fishery: Sea abundance
Fishery is one of the main production activities of Peru, since it generates around 20% of total exports. Peruvian waters have a diversity of resources that place it as one of the most important fishery countries and as the main worldwide producer of different qualities of fish meal and fish oil. The specie most used for the elaboration of fishmeal is anchovy (80%); sardine, mackerel and horse mackerel share the remaining 20%. Fishmeal and fish oil are the main export products of this sector, which invoiced US$ 892 million in 2002.
Aquaculture and direct human consumption offer an attractive alternative for diversification of industrial fishery, due to its orientation towards markets with higher prices per ton of product. Nowadays, main aquaculture products are prawn, Peruvian scallops and trout.
Agriculture: Potential exporting country
Peru is a megadiverse country with 84 from the total 104 life zones in the world. This gives Peru the advantage of cultivating almost any product. Among the main export products, we can mention fresh and canned asparragus, coffee, fresh or dried vegetables (pimientos, artichokes), mangoes, citrus fruits, etc.
Those products, besides grapes and paprika, are goods with more participation in the future. Frozen vegetables must be also included.
Tourism: Beyond the Incas
Tourism is an important activity for Peru. In 2002, more than one million tourists visited our country. The most attractive places are historical sites such as the famous Machu Picchu, Chavin de Huantar, Kuelap Fortress, etc. Peru is currently working on new tourist destinations that may offer visitors special climate, amazing landscapes, delicious food and popular festivities of each city.
For more information:
http://www.rree.gob.pe
http://www.peru.org.pe
http://www.proinversion.gob.pe
http://www.prompex.gob.pePERVIAN EXPORTABLE OFFER HANDICRAFT
1. Artesanias Textiles y Filigranas del Peru Eirl
Contact: Ms. Ofelia Balcazar Lozada
Tel: 51-74-238591
Email: ofeliabl@artexfilperu.com
HTTP: www.artexfilperu.com
1. Artisan Hands
Contact: Mr. Miguel Torres Bohl
Tel: 51-1-4220080
Fax: 51-1-3492353
STERLING SILVER JEWELRY
1. Torres Dellapina Orfebres S.A.C.
Contact: Mrs. Marcy Torres
Tel: 51-1-4313470
Fax: 51-1-4246016
E-mail: dlapina@terra.com.pe
Http:www.dellapina.com
PERUVIAN NATURAL PRODUCTS
1. ABC Business S.A.C.
Contact: Mr. Alejandro Urena Merino
Tel: 51-1-4362569
Fax: 51-1-99117227
E-mail: payqu@payqu.com
Http:www.payqu.com
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This page was last updated on May 19, 2006
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