Peru: Investment Peru: Investment opportunities opportunities

Peru: Investment Peru: Investment opportunities opportunities

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Peru: Investment opportunities
Harry Chang
Director of Investment
Promotion
March 2011
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WHY INVEST IN PERU?
1. Internationally acknowledged macroeconomic stability
2. Friendly investment environment
3. Open trade and market access policy
4. Foreign Direct Investment
5. Investment opportunities
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1. MACROECONOMIC STABILITY
Latin America: Average GDP Growth 2001-2009
(Real % Change)
5,4
4,5
4,1
4,1
3,9
3,8
3,6
3,2
2,9
2,8
1,4
GDP per capita increase
1/
Sou rce: WEO - IMF, April 2010 .
2009 / 1990
2009 / 1980
Peru has recorded the highest annual
average real GDP growth
in Latin America in the last decade
1
2
3
4
5
6
7
8
9
10
11
Chile
Uruguay
Colombia
Ecuador
Peru
Argentina
Brazil
Mexico
Paraguay
Bolivia
Venezuela
5,06
3,79
3,51
2,96
2,94
2,91
2,79
2,75
2,37
2,30
2,27
Chile
Peru
Argentina
Uruguay
Colombia
Ecuador
Bolivia
Brazil
Mexico
Venezuela
Paraguay
1/ On a constant purchasing power basis.
2,97
2,69
2,52
2,46
2,04
2,01
1,96
1,96
1,86
1,78
1,54
2009 / 2000
Peru
Ecuador
Uruguay
Colombia
Argentina
Chile
Venezuela
Brazil
Bolivia
Paraguay
Mexico
1,72
1,63
1,60
1,54
1,53
1,50
1,46
1,45
1,43
1,36
1,27
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China
India
Vietnam
Kuwait
Peru
Bangladesh
Libya
Dominican.Repu…
Zambia
Egypt
Argentina
Morocco
Russia
Philippines
Moldova
Tunisia
Turkey
Bulgaria
Lithuania
Colombia
Bosnia.and.Herz…
Hong Kong SAR
Mauritania
Korea
Kenya
South Africa
Ukraine
Chile
Nepal
Venezuela
Saudi Arabia
Brazil
Former…
Croatia
Australia
Luxembourg
Ireland
Nicaragua
Spain
Hungary
Canada
United States
Switzerland
Mexico
United Kingdom
France
Jamaica
The Bahamas
Germany
Italy
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1. MACROECONOMIC STABILITY
Peru is one of the fastest growing economies in the World
120
Accumulated GDP Growth 2002-2009
(Var. %)
90
59,2
60
39,9
30
Fuente: FMI – Abril 2010
32,8
31,1
13,2
4
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1. MACROECONOMIC STABILITY
Peru also recorded the lowest annual average inflation
in Latin America in the last decade…
(Average annual CPI inflation during 2001 – 2009 in %)
21.3
2.2
Peru
3.1
Chile
4.5
México
4.8
Bolivia
5.7
Colombia
6.8
Brazil
8.1
Paraguay
8.9
Uruguay
9.0
Ecuador
9.7
Argentina
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Venezuela
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1. MACROECONOMIC STABILITY
…growth has been driven by rising investment and labor productivity and sustained
corporate sector confidence
Private investment
Balance of Trade
(% GDP)
(US$ Million)
25.0
45,000
40,000
35,000
20.0
30,000
25,000
15.0
20,000
15,000
10.0
10,000
5,000
0
5.0
-5,000
0.0
Total exports
Total imports
Source : Central Reserve Bank of Peru
*Projections
Balance of Trade
Source : Central Reserve Bank of Peru
* Projections
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2010
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…has supported a massive growth of
consumption markets outside Lima
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2005 Poverty
1/ Expected.
Source: National Bureau of Statistics, National Electoral Tribunal
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Sustanined growth has promoted a dynamic
increase in employment, a steady decline in
poverty, and a reduction in inequality
2010 Poverty1
Poverty > 50%
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1. MACROECONOMIC STABILITY
Peru has obtained investment grade from all major rating agencies
Investment grade
Net International Reserves
Latin America benchmarking
(US$ Million)
50,000
45,000
Country
S&P
Fitch
Moody´s
40,000
Chile
A+
A
A1
35,000
Mexico
BBB
BBB
Baa1
30,000
Peru
BBB-
BBB-
Baa3
25,000
Brazil
BBB-
BBB-
Baa3
Colombia
BB+
BB+
Ba1
Venezuela
BB-
BB+
B2
Argentina
B-
RD
B3
Bolivia
B-
B
B2
Ecuador
CCC+
CCC
Caa3
20,000
15,000
10,000
5,000
0
Source : Central Reserve Bank of Peru
*Projection
Source : Standard & Poor`s, Fitch Ratings y Moody´s
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Peru offers a favorable legal framework for foreign investment ... Recognition of a
favorable Investment environment
Non discriminatory treatment. Peru offers to foreign investor 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
Legal Stability Agreements
Peru is adherent to the OECD Declaration on International Investment and Multinational Enterprises.
*Investments that require authorization: Located within 50 km in the border line and those destined to arms, ammunitions and explosive. Likewise, a
principal local partner for investments in radio and television as well as in air transport is required.
Legal Framework: Constitutional provisions, “Law for the Promotion of Foreign Investment”, Legislative Decree N° 662, “Framework Law for Private
Investment Growth”, Legislative Decree N° 757, “Law for the Promotion of Private Investment in Infrastructure and Public Service Works”, Approved
by Supreme Decree N° 059-96-PCM
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2. FRIENDLY INVESTMENT
ENVIRONMENT
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2. FRIENDLY INVESTMENT
ENVIRONMENT
… we have complemented our open trade policy with Investment Agreements
Peru has signed Bilateral Investment Treaties (BIT) and Free Trade Agreements that underpin
its liberalization policy.
Australia
China*
Korea
Malaysia
Singapore*
Thailand
Japan
Canada*
United States*
Cuba
El Salvador
Argentina
Bolivia
Chile*
Colombia
Ecuador
Paraguay
Venezuela
Germany
Belgium and Luxemburg
Denmark
Spain
Finland
France
Nederland
Italy
Norway
Portugal
United Kingdom
Czech Republic
Romania
Sweden
Switzerland
* FTA
It has also signed double taxation agreements with Brazil, Chile and Canada.
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2. FRIENDLY INVESTMENT
ENVIRONMENT
Due to its investment climate Peru is the most attractive country in the Region
Peru has moved up faster than its peers on the ease of doing business
ranking, and it stands second only to Mexico in Latin America
Venezuela
Colombia
172
Doing Bussiness 2011
Guyana
100
Surinam
39
Peru ranks second in the region as an atractive
country for investment.
161
Ecuador
130
Brazil
127
Peru
36
Bolivia
149
Uruguay
Chile
43
124
Argentina
115
Position
Country
1
Mexico
2
Peru
3
Colombia
4
Chile
5
Puerto Rico
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2. FRIENDLY INVESTMENT
ENVIRONMENT
More broadly Peru is perceived as one of the best countries in the region for investment
World Economic Forum
Peru is first in the region for
government readiness for private
investment in infrastructure
Peru tops a global macroprudential indicator ranking
Position
Country
Points
Position
1
2
3
4
5
6
7
8
9
10
11
12
Peru
Colombia
Chile
Uruguay
El Salvador
Bolivia
Brazil
Dominic. Rep.
Mexico
Guatemala
Venezuela
Argentina
5.8
5.6
5.5
4.8
4.6
4.5
4.2
4.2
4.1
4.0
3.2
3.1
1
Source: World Economic Forum,
Benchmarking National Attractiveness for
Private Investment in LA Infrastructure. 2007
Getulio Vargas Foundation
Country
Peru ranks first in the ranking of
business climate in Latin
America
Points
Position
Peru
6.53
6
China
5.82
8
Switzerland
5.70
9
France
5.49
1
2
3
4
Peru
Brazil
Chile
Paraguay
5.0
4.6
4.3
3.9
10
Netherlands
5.48
11
Mexico
5.43
17
Argentina
5.30
5
6
7
México
Uruguay
Colombia
3.7
3.3
3.2
35
Brazil
4.78
39
Chile
4.66
8
9
Ecuador
Bolivia
2.6
2.4
41
Colombia
5.51
51
Venezuela
3.18
10
11
Argentina
Venezuela
2.0
1.6
Source: World Economic Forum, The Financial
Development Report 2009.
Country
ICE*
*Economc climate index
Source: Foundation of Getulio Vargas de Brasil 2009.
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2. FRIENDLY INVESTMENT
ENVIRONMENT
Peru is the second most attractive country for investing in the
region.
Paraguay Otros
México,
2%
1%
Colombia
14%
1%
Perú
18%
Uruguay, 2%
Argentina
8%
Chile
13%
Brasil,
41%
…but there is no room for complacency, and we are working on further
improving the investment climate
Source: Pricewaterhouse Coopers 2010. (200 CEOs in LA survey)
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CANADA
APEC
Russia
EFTA
EUROPEAN
European
UNION
USA
KOREA
CHINA
THAILAND
MALAYSIA
Union
United States
Japan
Russia
TURKEY
China
MOROCCO
VIETNAM
Korea
Thailand
EFTA
Canada
JAPAN
China
RUSSIA
WTO
WTO
MEXICO
Mexico: ECA 8
PANAMA, COSTA
RICA, EL SALVADOR
Central
& HONDURAS
APEC
America
singapore
Morocco
India
VENEZUELA
CARICOM
INDIA
Andean
Community
PERU
ANDEAN
COMMUNITY
AUSTRALIA
Australia
Chile:
ECA 38
CHILE
ECA Plus
MERCOSUR
MERCOSUR ECA 58
SouthAFRICA
Africa
SOUTH
NEW
ZELAND
New
Zealand
Existing FTA agreements
Negotiated FTA agreements
Current FTA negotiations …a
Planned FTA negotiations
dynamic trade integration policy is being pursued
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3. PREFERENTIAL ACCESS TO THE
MOST IMPORTANT MARKETS
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3. PREFERENTIAL ACCESS TO THE
MOST IMPORTANT MARKETS
IMPORTS STRUCTURE
Peru’s imports structure is strong in raw and intermediate materials as well as
capital goods for Industry development.
CAPITAL GOODS IMPORTS -2009
( FOB VALUES IN MILLIONS OF US $)
Building
materials
$854
12%
Transportation
equipment
$ 1426
21%
RAW MATERIALS AND INTERMEDIATE GOODS
IMPORTS -2009
(FOB VALUES IN MILLIONS OF US $)
For agriculture
$72
1%
Fuels
$2929
29%
For industry
$6375
63%
For industry
$ 4498
66%
For agriculture
$773
8%
Source: Central Reserve Bank of Peru
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3. PREFERENTIAL ACCESS TO THE
MOST IMPORTANT MARKETS
EXPORTS STRUCTURE
Peru’s Exports are led by the Mining Sector (62.7%), followed by Petroleum and Gas
(8.6%) and Fishing, basically fishmeal and fish oil (7.7%)
EXPORTS -2010
I SEMESTER
Petroleum and natural
gas, 8.6%
Agriculture and
livestock, 5.7%
Textile, 4.3%
Basic metal industries
and jewelry, 2.5%
Fabricated metal
products and
machinery, 1.1%
Mineral, 62.7%
Chemical, 3.4%
Fishing, 7.7%
Agricultural, 1.2%
Source: Central Reserve Bank of Peru
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Bilateral Trade
(US$ Millions)
500
450
Main Exports
400
Copper
350
Zinc
300
Coffee
250
Main Imports
200
88.6
100
31.6 38.3
50
-50
141.6
137.9
150
-40.0
2000
- -6.9
-23.8
57.3
75.1
2001 2002 2003 2004 2005 2006 2007 2008 2009
Imports
Telecommunication
equipment
Mobile telephones
-9.8
Exports
Paper
Trade Balance
2010
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Trade
Peru - Finland
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4. FOREIGN DIRECT INVESTMENT
(Only Equity)
…it is therefore not surprising that Peru keeps attracting large FDI inflows
Peru reached US$ 18,840 millions in Foreign Direct Investment in 2009.
Spain (23%), United Kingdom (20%) and USA (15%) as the most important investors.
The main sectors involved were Mining (21%), Communications (19%), Industry (15%), Finance (15%).
FOREIGN DIRECT INVESTMENT 2009
(US $ MILLIONS)
FOREIGN DIRECT INVESTMENT 2009
BY SECTOR ( US $ MILLIONS)
FRANCE
1%
URUGUAY
CANADA
2% SUISS 1%
SINGAPORE
2%
OTHERS
2%
6%
MEXICO
2%
SPAIN
23%
INDUSTRY
15%
MINING
21%
BRAZIL
3%
COLOMBIA
4%
FINANCE
15%
PANAMA
5%
ENERGY
14%
HOLLAND
7%
USA
15%
TRANSPORTATION
2%
OTHERS
8%
UNITED KINGDOM
20%
CHILE
7%
SERVICES
3%
OIL
2%
COMUNICATION
19%
COMMERCE
4%
HOUSING
3%
Source: Proinversion
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PROINVERSIÓN offers its services, free of charge, for the installation of companies in the
country throughout its three stages: Pre-establishment, establishment and postestablishment.
General and specific information service for the potential investor.
PREESTABLISHMENT
Preparation of agenda for potential investor: potential partners,
suppliers, clients, authorities, associations, unions, etc.
ESTABLISHMENT
Guidance, coordination and facilitation in obtaining municipal
permits and licenses for installing an industrial or commercial plant.
Contact and assistance to visit the regions and the company’s
potential production and/or exploitation areas .
Migratory proceedings for business executives’ entry and stay.
Guidance for obtaining special permits.
POSTESTABLISHMENT
Establishing a contact network with public and private companies.
Aiding in business expansions.
Identifying administrative barriers.
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4. SERVICE OR ASSISTANCE TO
INVESTORS
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Main
Investment
Opportunities
by Sectors
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Project
Company
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MAIN PROJECTS IN PROGRESS/TO
BE BUILT IN 2010-2011.
Location
Sector
Total Investment
(US$) 1/
Apurimac
Mining
4.5 billion
Las Bambas
Xstrata Copper
Toromocho
Chinalco
Junín
Mining
2.2 billion
Antapaccay
Xstrata Copper
Cuzco
Mining
1.5 billion
Antamina
Antamina (Xstrata, BHP,
Teck, Mitsubishi)
Ancash
Mining
1.3 billion
Fertilizer plant
CF Industries
Ica
Petrochemistry
1 billion
Cerro Verde
Cerro Verde (Freeport Mc
Moran)
Arequipa
Mining
50 million / 1
billion
Camisea Cashiriari
Pluspetrol Camisea
Cuzco
Hydrocarbons
740 million
TGP II
TGP (Tecgas, Hunt)
Lima, Ica
Hydrocarbons
720 million
Ammonium nitrate plant
Nitratos del Perú (Brescia
and Sigdo Koppers)
Ica
Petrochemistry
650 million
Lima Electric Train
Odebrecht
Lima
Infrastructure
500 million
Bayóvar
Vale
Piura
Mining
479 million
Olmos
Odebrecht
Lambayeque
Infrastructure
470 million
Road Network 4
OHL Concesiones
La Libertad, Ancash
Infrastructure
360 million
1/ Investment throughout the construction period.
Source: companies, media, APOYO Consultoría
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AGRIBUSINESS SECTOR
Natural greenhouse.
The best agricultural yields in the world.
Sugar cane (1st)
Asparagus, olives and
(3rd)
artichokes
Grapes (5th)
Seasonal windows in the most important
markets.
Projections expect that the 90,000 ha
currently used for agro exports to double as
consequence of large irrigation projects in
portfolio.
Over US$ 2,5 billion in exports of fresh and
processed products to over 113 countries.
Products with high export value.
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PERÚ: UN CAMPO FERTIL PARA SUS INVERSIONES
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FISHERIES SECTOR
Extensive fishing coast (3,080
km) and “water mirrors” that
offer adequate conditions for
the development of marine and
continental aquaculture.
first producer of fishmeal and
fish oil in the world.
Distribution
of
Peruvian
fisheries products to over 100
countries.
Trend
towards
diversification.
product
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MINING SECTOR
Polymetallic country, third in gold, silver,
copper and zinc reserves.
Only 20% of territory with mining potential
has been explored.
First silver world producer.
In Latin America: 1st gold, zinc, silver, tin
and lead producer. 2nd copper and
molybdenum producer.
The investment in the sector exceeded US$
14 billion between years 1999 and 2009
and it is projected an investment of US$ 37
billion in the coming years.
Peru is one of the few countries with nonmetallic minerals deposits.
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HYDROCARBON SECTOR
• Sole sustainable natural gas source in the
cost of the South-American Pacific Ocean.
• Expansion of gas pipeline to the Marcona
and Ilo area: Development of Petrochemical
industry and products: Fertilizers, plastics,
synthetic fibers, etc.
• Progress in energy grid transformation and
LNG export.
• Exploration continues in areas adjacent to
natural gas and liquid deposits of Camisea.
• Scheduled investments for over US$ 6.0
billion for petrochemical industry
development and LNG export: CF Industries,
Orica, Grupo Brescia with Sigdo Koppers
Group, Braskem.
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TEXTILE SECTOR
Recognized quality of Peruvian pima
cotton, considered one of the most
demanded and finest fiber in the
world.
First world producer of the finest
South American camelids fibers:
alpaca and vicuna.
Long
textile
tradition,
favors
workforce professionalization and
training.
International recognition as “full
package” supplier of the best brands
in the world.
Sound trend towards exports growth,
reaching its maximum level in 2008:
US$ 2 billion.
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FORESTRY SECTOR
Presence of great biological diversity
and highly valued timber.
Development of hard tropical timber
in the forest and soft timber in the
highlands of the country.
2nd country with the largest natural
forest area in Latin America.
78,8 million ha of natural forests, 10
million ha for reforestation and other
areas for afforestation (plantations).
Forestry products exports grew to
US$ 296 million in 2009.
Investment
opportunities
industrial timber complexes.
in
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TOURISM SECTOR
Important cultural destination due to Inca
and Pre-Inca cultures archaeological sites.
Machu Picchu was chosen as one of
the new 7 Wonders Worldwide.
Diversity of natural landscapes.
Destination for bird and orchid watchers.
Lima is the gastronomic capital of Latin
America.
Peru has the largest number of
gastronomy schools in the world.
Significant investment in
international recongnition.
hotels
of
Tourism attractions yet to be explored:
North-Eastern tourism circuit: Kuelap,
Sipan, Chan Chan, among others.
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REAL ESTATE SECTOR
Construction GDP annual average growth
for 2010 is 14.4%.
Housing deficit affects 25% of households.
Lima holds 25% of total deficit, and
48% of quantitative deficit.
There are several programs for housing
financing, based on households’ socioeconomic conditions and income level:
Techo propio, Fondo Mi Vivienda and
Commercial Banking.
Mortgage credits grew an average of 25%
in the last 4 years; construction credits
grew 33%.
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PROJECTS IN PROINVERSION’S PORTFOLIO
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AWARDED CONCESSIONS
1995-2010
TO DATE, 69 PROCESSES HAVE BEEN AWARDED FOR A TOTAL
INVESTMENT AMOUNT OF US$ 10.56 BILLION…
No. OF
PROCESSES
3
1
TRANSACTIONS
(US$ million)
---
INVESTMENT
(US$ million)
1,591.0
184.8
TELECOMMUNICATIONS
17
337.7
259.2
ENERGY
HYDROCARBONS
RAILROADS
PORTS
SANITATION
TOURISM
ROADS
TOTAL
13
8
1
3
4
4
14
69
258.9
443.2
-10.9
-6.6
-1,057.3
1,645.4
2,828.8
157.0
879.8
442.4
24.3
2,556.2
10,568.9
SECTOR
AIRPORTS
AGRICULTURE
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AWARDED CONCESSIONS
TRANSPORT SECTOR (2002 – 2010)
CONCESSSION
14 Concessions
NORVIAL (2002)
Red Vial Nº 5
COVIPERU (2005)
Red Vial Nº 6
IIRSA Norte S.A. (2005)
Paita – Yurimaguas
Interoceánica Sur (2005)
Tramo 2
Tramo 3
Intersur (2005)
Tramo 4
Concesión Canchaque (2005)
Buenos Aires-Canchaque
US$ 2,556.7 MM
investment
US$ MM
73.1
228.6
218.9
263.0
332.4
214.6
31.1
Consorcio Interoceánico (2007)
Tramo 1
98.9
Concesionaria del Sur (2007)
Tramo 5
183.4
CONALVIAS-INFRACON (2008)
Ovalo Chancay – Huaral – Acos
34.2
OHL (2008)
Red Vial Nª 4
370
OBRAINSA (2009)
Nuevo Mocupe – Cayaltí – Oyotún
17.4
CONCESIONARIA VIAL DEL SOL (2009)
Autopista del Sol
IIRSA Centro, Tramo 2 (2010)
365.1
126
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AWARDED CONCESSIONS
ENERGY SECTOR (1998-2010)
CONCESSION
15 Concession
L.T. Mantaro – Socabaya (1998)
179
L.T. Socabaya – Moquegua; Moquegua – Tacna; y
Moquegua – Puno (1999)
74.5
L.T. Oroya-Carhuamayo-Paragsha -Derivación Antamina
(220 Kv); y la LT Aguatia-Pucallpa (138 Kv) (2001)
65.4
ETECEN y ETESUR (2002)
10.5
L.T. Carhuamayo – Carhuaquero (2008)
US$ 2,027.74 MM
investment
US$ MM
106.14
L.T. Mantaro – Caravelí – Montalvo; y Machu Picchu
Cotaruse (2008)
181
L.T. Chilca – La Planicie – Zapallal (2008)
52.2
L.T. Zapallal – Trujillo (2009)
167.5
Suministro de energía de nuevas centrales hidroeléctricas
(2009)
300
L.T. Chilca Marcona Montalvo (2010)
291
Línea de Transmisión Tintaya- Socabaya (2010)
43.5
Reforzamiento del Sistema Norte entre Talara y Piura (2010)
14.5
Central Hidroeléctrica Santa Teresa (2010)
180
L.T. Machupicchu –Abancay-Cotaruse en 220 kV
62.5
Reserva Fría de Generación
300
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AWARDED CONCESSIONS
ENERGY SECTOR (1999 – 2010)
4 Concessions
TERMINALES PORTUARIOS EUROANDINOS PAITA
(2009)
Terminal Portuario de Paita
US$ 233 MM
US$ 120 MM
DP WORLD PERÚ (2006)
Terminal Portuario del Callao Nuevo
Terminal de Contenedores – Muelle Sur
US$ 1,001 MM
investment
TISUR (1999)
Consorcio Transportadora Callao
(2010)
Terminal de Embarque de
Concentrados de Minerales
US$ 617 MM
Puerto de atraque directo de Matarani
US$ 31 MM
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PORTFOLIO PROJECTS FOR 2011
Projects in Proinversion’s Portfolio
54 projects*
SECTOR
N° PROJECTS
ESTIMATED
INVESTMENT
(US$ MILLION)
Airports
Agriculture
Energy
1
4
12
379.0
750.0
5,110.0
Penitentiary Facilities
2
50.1
Railways
Real Estate
Ports
Sanitation
Telecommunication
Tourism
Land Transport
Capital Markets
Mining
Total
2
3
8
1
3
3
6
4
5
54
--128.3
1,020.7
160.0
---830.6
------8,428.7
Updated: January 27, 2011
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PERU IS ON THE PATHWAY TO PROSPERITY
www.proinversion.gob.pe
Harry Chang
[email protected]
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