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Castilla: Peru and Arab countries have a great potential to increase trade and investment

“Last year, trade with these countries amounted to USD 242 million and still we have great potencial ahead. Peru is complementary to the Arab world as it can offer an export basket including agriculture, fishing, textile, mining, metallurgical manufacturing, forestry, tourism, among others”, said the Minister.

“Peru’s current performance is very favorable, perhaps the best of the last 60 years. We have the highest growth rate in Latin America, primarily due to fast growing private investment and a consumption boom. Our country has solid macroeconomic fundamentals that will sustain high GDP growth in a context of low inflation”, stated Castilla.

Peru’s sound economic policies have been acknowledged by credit rating agencies, which have recently upgraded the country’s investment grade due to its positive economic outlook. In fact, Peru has one of the lowest risk spreads, among emerging markets.

Castilla highlighted that Peru has posted economic growth above 6% during the past decade. “If we maintain this growth dynamics, our country’s GDP per capita will exceed that of our neighbors. Between 2000 and 2020, Peru’s GDP may expand eightfold, from USD 53 billion to USD 400 billion”, he explained.

“In spite of the current global economic slowdown, private investment plans remain in place. Private investment plans for the next three years may reach USD 52 billion”, stated the Minister.

The Peruvian Minister also indicated that the main goal of President Ollanta Humala is to achieve a more inclusive development and this will be possible only if GDP keeps growing continuously at high rates.

Arab countries represent an important market with more than 350 million inhabitants. By 2012, GDP in the Arab world is expected to reach USD 2600 billion (13 times larger than the Peruvian economy). “We already have free trade agreements with North American countries, the European Union (yet to be ratified), China, Japan, South Korea, among others. In this regard, we would like to boost opportunities offered by Arab economies”, affirmed Castilla.

Minister Castilla also stressed that he is convinced that this CEO Summit will further the ties between these regions, through more economic cooperation, trade and investment.

Finally, he invited Arab businessmen to invest in Peru, given the investment opportunities in different sectors, where an enabling framework is offered, favoring rule of law and contractual security.

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