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PERU NOW
A Country of Opportunities
Gycs Gordon
Commercial Office of Peru in Taipei
PERÚ: Hub for business in south west pacific
¡Enter door to South America,
Exit door to the world!
Why to do business with Peru?
1. Internationally acknowledged macroeconomic soundness
2. Friendly investment environment
3. Open trade and market access policy
4. Attractive sectors to Invest
MACROECONOMIC SOUNDNESS
Macroeconomic Soundness
PERU is among the emerging economies
that have grown over 6% during the last decade
Dow Jones Emerging Markets: Real GDP Growth 2002-2011 (Average annual % change)
Source: Dow Jones
Macroeconomic Soundness
… and will continue leading regional growth
over passing the worlds’ average GPD per capita towards 2020.
Real GDP Growth –Current vs. Potential
(average % variation)
5.9
6.4
Peru
Colombia
4.5
Chile
4.5
PERU
14,000
12,000
4.4
10,000
3.9
4.2
Latinamerica
and Caribbean
8,000
3.9
Brazil
Source: IMF and World Bank
16,000
4.5
Uruguay
Mexico
GDP per capita, PPA
( $ to International constant cost of 2005)
3.8
2.1
3.5
6,000
Potential 2012-17
Average 2002-11
World
4,000
1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
Macroeconomic Soundness
g private investment
Economic growth has been driven by risin
Private Investment 2000-2012
(Annual average variation %)
20.1
23.3
Total investment – LATAM 2011
(% of GDP)
25.9
25.6
24.9
22.1
24.7
24.6
20.6
12.0
6.3
11.7
8.1
10.0
0.2
-1.7
-4.7
2012*
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
-15.1
Source: Central Reserve Bank of Peru and Ministry of Economy and Finance
* Preliminary figure
Peru
Mexico
Colombia
Source: International Monetary Fund
Chile
Brazil
Macroeconomic Soundness
Despite global economic slowdown,
private investment plans stay robust
PERU: Announced Private Investment
by Sector 2012-2014
(US$ Million)
Source: BCRP, Inflation Report, September 2012
Macroeconomic Soundness
Furthermore, the domestic demand is strengthening ….
Real domestic demand
(real annual Var. % )
11.8
Imports of vehicles private use
(US$ million)
352
1,349
13.1
12.3
Imports of microwaves
(million of units)
10.3
180
83
7.5 times
4 times
veces
7.2
2000
5.8
4.1 3.7 3.8
2011
2000
2011
Domestic travelers by air
(million of persons)
Imports of televisions
(million of units)
1,005
368
Source: Central Reserve Bank of Peru and SUNAT
3.6
times
33 veces
veces
22times
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
-2.8
6.1
2000
2011
2000
2011
Macroeconomic Soundness
… all under a stable macroeconomic framework:
Registering the lowest inflation rate in the region ….
CPI – LATAM 2002-2011
( Average annual variation %)
23.7
10.7
6.6
5.1
4.3
3.2
2.5
Colombia
México
Chile
Perú
CPI – LATAM projections 2012-2014
( Average annual variation %)
33.5
Venezuela Argentina
Brasil
11.8
Source: Central Bank of Peru, Ministry of Economic and Finance, CEPAL
2.0
3.0
3.4
3.5
Perú
Chile
Colombia
México
5.3
Brasil
Argentina Venezuela
FRIENDLY INVESTMENT
ENVIRONMENT
Friendly Investment Environment
Peru offers a favorable legal framework for foreign investment:
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Non discriminatory treatment: Foreign investors receive the same treatment as local investors.
Unrestrictive access to most economic sectors .
Free transfer of capital.
Free competition.
Guarantee for Private Property.
Freedom to purchase stocks from locals.
Freedom to access internal and external credit.
Freedom to pay royalties.
Network of investments agreements and member of ICSID and MIGA.
Peru participates in the Investment Committee of the Organisation for Economic Co-operation
and Development (OECD) – It promotes the implementation of the Guidelines for Multinational
Enterprises.
Friendly Investment Environment
SPECIAL REGIMES: Legal Stability Agreements
Regime whereby the Peruvian Government guarantees STABILITY :
RECEIVING COMPANY
INVESTORS
 Stability of the regulations regarding
discriminatory treatment.
non
 Stability of the income tax regime applicable to
dividends.
 Stability to use freely the most favorable
exchange rate available in the market.
 Stability of the recruitment regimes.
 Stability of the regimes for the promotion of
exports.
 Stability of the Income Tax Regime
 Stability of the free availability and remittance of
foreign currency, dividends and royalties regime.
Up to date Peru has signed 805 Legal Stability Agreements.
Tax Stability included in the LSA, does not imply the payment of a fee neither a higher tax rate.
Friendly Investment Environment
SPECIAL REGIME: VAT Anticipated Recovery.
Regime whereby the Peruvian Government grants the following BENEFITS:
 Granting the return of the Value Added Tax during the pre-productive stage of the
project (minimum 2-year term).
 Applicable to all economic sectors
 For agricultural activity it is not necessary to meet a minimum investment amount.
For other activities the minimum investment amount is US$ 5 million.
 The project can be divided into stages, phases or similar.
OPEN TRADE AND MARKET
ACCESS POLICY
Open Trade and Market Access Policy
Unilateral strategy: reduced tariff structure and low transaction costs
Tariff rate applied, 2010
Simple mean,
all products (%)
Brazil
Venezuela, RB
Argentina
Colombia
Uruguay
Bolivia
Ecuador
Paraguay
Mexico
Chile
Peru
13.44
13.10
11.43
11.23
9.64
9.56
9.33
8.05
7.42
4.85
4.83
Trade cost (US$ per container) 2011
Venezuela, RB
Colombia
Brazil
Argentina
Ecuador
Bolivia
Chile
Paraguay
Uruguay
Peru
Mexico
2,868
2590
Venezuela,…
Weighted mean,
all products (%)
10.6
8.9
7.64
6.22
5.95
5.36
4.02
3.66
3.57
2.52
2.19
Soruce: World Development Indicators (WDI) & Global Development Finance (GDF) / World Bank
Colombia
2270
Brazil
2,275
2215
Argentina
1480
Ecuador
1,432
1455
Mexico
1450
Paraguay
1440
Bolivia
1425
Chile
1,810
1,780
1,750
1,747
1,330
1100
Uruguay
Peru
2,830
880
860
795
795
Import
Export
Open Trade and Market Access Policy
Multilateral and bilateral strategy:
get preferential access to the world’s largest markets
These countries stand for
enlarged market of over
4
billion people
with a joint GDP over US$ 56
thousands billion
Agreements in force
Agreements to become effective
Agreements under negotiations
96% of Peruvian exports
Open Trade and Market Access Policy
As a result of its dynamic trade policy, Peru has boosted its trade.
7 TIMES IN A DECADE
Balance of Trade 2000-2011
(US$ million)
44,000
39,000
34,000
29,000
24,000
19,000
14,000
9,000
4,000
-1,000
2000
2001
2002
2003
Exports
6,955
7,026
7,714
9,091
Imports
7,358
7,204
7,393
8,205
9,805
Balance of Trade
-403
-179
321
886
3,004
Source: Central Reserve Bank of Peru and Ministry of Economy and Finance
2004
2005
2006
2007
2008
2009
2010
2011
12,809 17,368 23,830 28,094 31,019 26,962 35,565 46,268
12,082 14,844 19,591 28,449 21,011 28,815 36,967
5,286
8,986
8,503
2,569
5,951
6,749
9,301
Open Trade and Market Access Policy
… achieving diversified trade both in products and markets
Total Export by Destination
(US$ Million)
Traditional exports (commodities)
(US$ million)
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
Others
Lead
Oil
Gold
Copper
2001
Non traditional exports
(US$ million)
12,000
10,000
8,000
6,000
Others
Chemicals
Textile
Agribusiness
7.5 times
2006
2011
5 veces
5 times
4,000
2,000
Source : Central Bank of Reserves
2001
2006
2011
SECTORS WITH POTENTIAL
FOR BUSINESS
FOOD PRODUCTION
 Peru’s coastline is a natural greenhouse.
 High yields: sugar cane (2nd), asparagus and
olives (3rd), artichokes (4th), grapes (6th),
avocado (11th).
Fruits &
vegetables
 Ongoing irrigation projects will allow to double
agro-export land (90,000 ha are currently used
for agro exports)
 Over US$ 4,500 million in exports per year
 Extensive coastline (3,080 km) and several
continental water bodies offer adequate
conditions for fishing and ac aquaculture.
 First world exporter of fishmeal and fish oil.
Fishing &
aquaculture
 Distribution of Peruvian fisheries products to over
100 countries.
 Trend towards product diversification.
NATURAL RESOURCES
 Polymetallic country: second in copper, third in
zinc and first in silver reserves worldwide.
 Worldwide: 2nd producer of copper and silver,
3rd of tin and zinc.
 13.61% of the territory is subject to mining
concessions, and only 1.09% is used for mining
exploration and exploitation.
Mining
 Non-metallic mineral deposits, such as diatomite,
bentonite, limestone and phosphate.
 Great energy potential: wide availability of water
and natural gas resources.
 60,000 MW of exploitable hydro potential.
 43 trillion cubic feet of natural gas.
Energy
 Great investment opportunities in generation
projects (power expansion and construction of
new power plants) as well as distribution projects
to improve and expand electricity coverage.
MANUFACTURING
 High quality of Peruvian pima cotton, one of the
most demanded finest fiber in the world.
 First world producer of alpaca and vicuna fibers.
 International recognition as “full package”
supplier of the best brands in the world.
Textile
 Sound trend towards textile and apparel exports
growth. Annual average growth of 10% in the
last 10 years.
 Peru is the only sustainable source of natural
gas in the South American Pacific rim.
 In 2011, the natural gas production reached
401,169 million cubic feet.
Petrochemical
 US$ 17.2 billion will be invested in the
construction of 2 ammonium nitrate plants, 2
ammonia plants, 1 urea plant and 1 ethylene
plant.
SERVICES
 Important cultural destination: Inca and Pre-Inca
cultures archaeological sites.
 Diversity of natural landscapes. Birds and
orchids watchers’ paradise.
 Lima is the gastronomic capital of Latin America.
Tourism
 Significant investment
international recognition.
from
hotels
of
 Contact centers currently represents 15,574
positions, and it generates 29,665 direct jobs,
with exports tripled in 5 years.
 Software sector presented an annual average
growth rate of 15% in the last 6 years.
Process
outsourcing
 Contact centers and data processing exports
are exempt from VAT.
 Opportunities to place shared services centers
for Latin America .
CONSTRUCTION
 Construction activity grew at an average rate of
15.7% between January and July of 2012.
 Housing deficit affects 25% of population.
 There are several programs for housing
financing promoted by the State.
Real Estate
 Mortgage credits grew an average of 18% in the
last 4 years (2008 -2011).
 Peru prioritized infrastructure development to
set up a logistic hub in south America
 Infrastructure investments have boosted Peru’s
integration into international markets.
 US$ 7 billion of investment commitments in
land, port and airport infrastructure through PPP.
Infrastructure
 By 2016, more than US$ 20 billion should be
invested in public works and PPP, projects
representing significant investment opportunities
for contractors and operators.
• PERU, open market and preferential access.
• PERU, friendly and open legal framework.
• PERU, promotes private investment participation
in infrastructure development.
• PERU, welcomes foreign investors willing.
Commercial Office of Peru in Taipei
Tel: 02-27577017
Fax: 02-27576480
Suite 2411, 24F, IT Bulg.,
333 Keelung Rd., Sec. 1, Taipei 11012
[email protected]
www.peru.org.tw