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Peru seeks out new trade partners to boost economy

Oxford Business Group

The global economic crisis has strengthened Latin America’s commitment to pursuing economic growth and social inclusion on a regional level, according to Peru’s Minister of Foreign Affairs Rafael Roncagliolo.

Peru seeks out new trade partners to boost economy

Peru’s Minister of Foreign Affairs Rafael Roncagliolo. (Photo: Oxford Business Group)

The global economic crisis has strengthened Latin America’s commitment to pursuing economic growth and social inclusion on a regional level, according to Peru’s Minister of Foreign Affairs Rafael Roncagliolo.


Roncagliolo told the global publishing, research and consultancy firm Oxford Business Group (OBG) that while the concept of Latin American integration dated back centuries, the current climate of international economic uncertainty heightened the need for greater regional cooperation.


He said that while the roles of organisations like the Union of South American Nations (Unión de Naciones Suramericanas, UNASUR) and the Andean Community (Comunidad Andina, CAN) had changed over the years, they still had a key part to play in areas such as intra-regional trade, improvements to transport infrastructure and resource development.


“The idea of Latin American integration is 200 years old and, today, UNASUR is its most dynamic manifestation,” he said. “We initiated the Council of Economy Ministers to plan strategies to confront the global crisis and we have education and health councils. We have also integrated road infrastructure, which is crucial, as it connects north and south, Atlantic and Pacific. This is very important for developing the region.”


Roncagliolo added that CAN had become an important free trade area, helping businesses across the region in intra-regional trade while also supporting them in tapping new markets. “Trade between Andean countries has a high degree of added value and includes participation by small and medium-sized enterprises,” he said.


The full interview with Roncagliolo will appear in The Report: Peru 2012, the Group’s first-time guide on the country’s economic activity and investment opportunities. The report will include a detailed, sector-by-sector guide for foreign investors, alongside a wide range of interviews with the most prominent political, economic and business leaders, including the Minister of Economy and Finance Luis Miguel Castillo Rubio, the Governor of the Central Bank Julio Velarde, the CEO of the Lima Stock Exchange (BVL) Francis Stenning and the Executive Director of ProInversion Milton von Hesse.


Roncagliolo said while Peru planned to expand its economic relations to boost growth, it would also take steps to ensure foreign investment brought development opportunities for its people. “Our bilateral-agreements will bring in technology and get scholarships for Peruvians so they gain advanced training, helping improve their employment options,” he said.


The Report: Peru 2012 will mark the culmination of more than nine months of on-the-ground research by a team of analysts from the Group. It will provide information on opportunities for foreign direct investment into the country’s economy and will act as a guide to the many facets of the country including its macroeconomics, infrastructure, banking and sectoral developments. The Report: Peru 2012 will be available in print form or online.


About Oxford Business Group


Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Latin America, the Middle East, Africa and Asia. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms. The Report: Peru 2012 is produced in partnership with Proinversion, Banco de Crédito (BCP), Estudio Escochopar and PricewaterhouseCoopers (PWC).


The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG\‘s online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG\‘s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.