Peruvian middle class will power industrialization

Via Andina

The growth of the middle class and the government’s push for industrialization go hand-in-hand, says vice minister of industry.

Peruvian middle class will power industrialization

(Photo: Andina/Norman Córdova)

Peru’s growing middle class and the creation of new ventures will contribute to foster industrialization development in the country, said Francisco Grippa, vice minister of Industry and Small and Medium Enterprises.

He stressed that citizens belonging to this segment are eager to establish their own businesses, generating more employment and investment. “Moreover, it invigorates the domestic demand in the product and services sector.”

The size of the Peruvian middle-class currently represents 70.1 percent of the population, while the poor and rich classes account for 27.8 percent and 2.1 percent of the population, respectively.

The top official of the country’s Production Ministry (Produce) stated the government is supporting entrepreneurs, in particular youth, with the aim of bolstering the diversification of the economy and the development of added-valued products.

Indeed, Gamarra said, the Ollanta Humala’s administration has undertaken a series of initiatives to enhance the country’s production and the business growth of micro and small enterprises.

Likewise, he noted the government will promote the establishment of technology transfer centers, which will be a key instrument of the National Industrial Development Plan.

Grippa attended as keynote speaker the 15th General Conference of the United Nations Industrial Development Organization (UNIDO), held in Peru’s capital Lima on Oct. 3.

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