Posts Tagged ‘investment’
One of “Connect to Peru”‘s regular readers, Juan Carlos Seminario, was kind to share with me his insights on the optimism and risks that Peru could face in 2009. A native Peruvian executive who has worked for Fortune 500 Companies like P&G, Johnson, and Loreal, and principal professor for the Diplomacy Academy of Peru, among other credits, I thought would be interesting to share what he has to say via his blog “Latinopinion“.
In summary, Seminario outlines inflation, devaluation and the drop of net international reserves are among the top risks Peru could face in 2009. But the way it can best face all of these risks is via foreign investments. Well, sounds pretty in line with what I have been writing about in my recent posts, including the Minister of Economy’s tour to key cities in the U.S. and Europe, and the two upcoming FTAs with China and South Korea in 2009, for example.
More than 50 Percent of Foreigners Who Visited Peru Since August 2006 Changed Visa Status From Business to Work
The Immigration and Naturalization Direction (Digemin), a similar organization as the U.S. Citizenship and Immigration Service (USCIS) reported today that more than 25,785 foreigners visited Peru from August 1, 2006 thru December 9, 2008. This group largely consisted of foreigners coming from the U.S., Mexico, Chile, Colombia, Argentina, India, Canada, Brazil and Spain who largely come to Peru interested in knowing the investment opportunities and then return decided to do it.
Out of the 25,785 foreigners, 12,813 foreigners requested their immigration status change from a business to a work visa.
As El Comercio newspaper reports, a representative from Digemin stated (translated to English):
In these past years, Peru has become one of the best options for foreigners given not only by its great tourism attractiveness, but also as a country where important business opportunities exist.”
Following up from my earlier post on the Peruvian Minister of Economy Luis Valdivieso visiting New York, Boston, London and Spain, today he made a statement on how his “Non Deal Road Show” is progressing, according to a report from Andina.
Today Valdivieso is in London and stated investors in the U.S. and the U.K. are surprised that Peru continues growing and with a low inflation despite de international economic crisis.
Below are quotes from his declaration to the press (translated to English):
“They were all surprised that we keep growing with low inflation and are very interested to know which are our fiscal plans and monetary policy, as well as which are our investment plans. [...] It is important to communicate to the market where we are and where we are headed to.”
Peru’s Minister of Economy Visiting NY, Boston, London and Spain to Promote Country’s Economic Strength
The Peruvian Minister of Economy Luis Valdivieso will be visiting New York, Boston, London and Spain starting tomorrow December 11 thru December 18 to promote Peru’s economic strength despite the US and global crisis, as Andina news reports.
The goals behind this tour named “Non Deal Road Show” include to:
- Demonstrate Peru’s attractiveness and strength for foreign investments
- Promote Peru’s commitment to its investment policies to improve its business environment and reduce poverty based on free market principles
- Promote the recognition from the Organization for Economic Cooperation and Development (OCDE) as Peru became the 41st country to join the International Declaration of Investments and Multinational Businesses
According to a survey conducted by research firm Manpower, Peru leads the #1 position in the world in terms of employers’ hiring intentions for Q1 2009 with a score of 24%. Costa Rica and India were in second and third place with 19% and 18%, respectively.
Despite the current financial crisis, Peru has become one of the most attractive countries for investment. In Peru, the financial services industry shows the largest percentage (46%), followed by the transportation and public services industry with 30%.
The lowest scores belonged to Singapore with -31%, followed by Ireland with -12%, and Spain and Italy both with -9%.
On March 10, 2009, results for Q2 2009 will be announced.
For more information and to read the full report, click here for an El Comercio article.
Chilean “Distribución y Servicio” (D&S), one of the top ten Latin American supermarket chains, will be opening three of its “Súper Bodega Acuenta” stores in the low-medium income areas in Lima, Peru sometime in 2009, according to a story in the local newspaper Expreso. They will be promoting mainly their self-branded products.
D&S is also in the process of evaluating opening 50 other stores under their “Súper Bodega Acuenta” and “Ekono” brand names in 2009.