Peruvian President Martin Vizcarra on Friday said that China could partner with Bolivia and Peru on a massive intercontinental railway project that Peru once dismissed as too costly when pitched by China more than two years ago.
In an interview on the presidential airplane, Vizcarra said that China might still be a natural fit as a partner to help finance and build the project, because it would likely buy the goods the railway would deliver to a port on Peru’s southern Pacific coast.
“Between the two of us [Peru and Bolivia], we need a third partner to help turn it into reality,” Vizcarra said.
Asked if China could be that partner, he said: “Yes, of course, because we need a partner that benefits from the project... Is it the only one? No.”
China first proposed a railway to link Brazil’s Atlantic coast with Peru’s Pacific coast several years ago to help it reduce the costs of importing commodities from resource-rich South America.
However, Peru in 2016 balked at the US$60 billion price tag China estimated to build it, including US$35 billion for the Peru leg.
Since then, landlocked Bolivia has taken the lead on reviving talks on alternate routes that would pass through its territory, which would help reduce its reliance on historic foe Chile to ship its exports.
In December last year, Peru’s government put the cost of the Peruvian portion of the revised project at about US$7.5 billion.
“We’re going to take another look, because since then studies have continued, so we’ll have more elements to make decisions,” Vizcarra said, adding that he plans to discuss the project with Bolivian President Evo Morales later this month.
Vizcarra, who was previously vice president and transportation minister, took office a year ago when his predecessor resigned over a corruption scandal.
Since then he has governed as an investor-friendly pragmatist in the middle of an increasingly heated rivalry between China and the US.
Last month, despite US warnings in Latin America against tightening ties with Beijing, Peru signed onto China’s global Belt and Road Initiative.
Vizcarra stressed that Peru would continue to be a strong partner of both countries.
“There’s a hegemonic competition at a global level. We see it. We understand it. We respect it. But we’re not going to take sides,” Vizcarra said. “They’re countries we work with to generate investments and development projects for our country.”
China overtook the US as Peru’s largest trade partner years ago, thanks largely to its imports of minerals from the South American country, the world’s No. 2 copper producer.
Peruvian copper production has been partly affected by community resistance to large projects.
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