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Arab News
29-04-2025
- Business
- Arab News
Toward a shared future: Deepening Peru-Saudi Arabia cooperation
In an increasingly interconnected world that is facing complex challenges, fostering international cooperation is not only necessary — it is our shared responsibility. As I prepare for my visit to the Kingdom of Saudi Arabia, I am struck by how much potential lies in building bridges between our nations. Despite their geographical distance, Peru and Saudi Arabia share a common vision rooted in economic cooperation. United by their historical and cultural richness, both countries are committed to global integration and a mutually beneficial relationship based on economic complementarity. Strategically located on the Pacific coast of South America, Peru serves as a central economic gateway to the region. With a population of more than 34 million and a territory of 1.28 million sq. km, the country has become an example of macroeconomic stability and a regional leader in trade and investment. In 2024, Peru maintained solid economic performance with gross domestic product growth of 3.3 percent, inflation contained at 1.97 percent and a record total export value of $74.6 billion. Supported by more than three decades of sound economic policies, Peru offers a stable and investor-friendly environment, reinforced by a legal framework that guarantees equal treatment for foreign investors and adherence to international investment protection mechanisms such as the International Centre for Settlement of Investment Disputes and the Multilateral Investment Guarantee Agency. This foundation ensures legal predictability and long-term stability, key elements for Saudi investors seeking strategic and secure opportunities. In addition, the country's trade-led growth model is supported by more than 20 free trade agreements and 32 bilateral investment treaties, a network that provides preferential access to key global markets for 87 percent of the country's exports. Despite their geographical distance, Peru and Saudi Arabia share a common vision rooted in economic cooperation Elmer Schialer In terms of maritime connectivity, Peru plays a crucial role as a major logistics hub in Latin America, facilitating international trade through its well-developed port infrastructure. In 2024, Peru was ranked 37th in the Liner Shipping Connectivity Index, making it the third most connected country in South America. This enhanced logistical integration complements Peru's foreign policy, which is firmly based on international law and economic cooperation and offers Saudi companies a favorable gateway to expand their commercial presence in our region. Bilateral ties between Peru and Saudi Arabia began in 1986 with the establishment of diplomatic relations. Subsequently, Peru opened an embassy in Riyadh in 2012 and Saudi Arabia followed suit in Lima in 2013, marking a milestone in their relations. Since then, economic and political ties have grown progressively, reflected in trade exchanges that have reached a peak of $188 million in recent years. In addition, political consultation mechanisms facilitate dialogue and ensure that bilateral cooperation remains robust and forward-looking. These engagements provide a platform to advance negotiations and sign new agreements, such as the drafts of general cooperation and air services agreements. Saudi Arabia is an important partner for Peru in many ways. As the largest economy in the Middle East, it stands as a global leader in financial innovation, technological development and industrial growth. I deeply admire the ambition and clarity of purpose behind Vision 2030, which resonates strongly with Peru's own national development strategies. This alignment creates fertile ground for collaboration — not just at the governmental level, but among our business communities and societies as a whole. I truly believe that the complementarity between our two economies offers a powerful basis for a stronger and more dynamic partnership. We each bring unique strengths to the table. Peru, for example, is proud to be a trusted supplier of high-nutritional agricultural products like blueberries, grapes and avocados. At the same time, we recognize Saudi Arabia's vital role in providing industrial inputs and advancing technological innovation. This mutual exchange reflects the alignment of the two economies and underlines the potential for further expansion of trade and investment in infrastructure, mining, energy and related industries. The complementarity between our two economies offers a powerful basis for a stronger and more dynamic partnership Elmer Schialer Peru offers opportunities in a number of sectors. Notable projects include our petrochemical plant project, the Southern Peru Integrated Gas Transportation System and the 2025-2034 Transmission Plan in energy; El Galeno and Los Chancas in mining; and the Andean Longitudinal Highway (Section 4), the Ancon Industrial Park and the Ilo Desalination Plant in infrastructure. These large-scale initiatives offer unique opportunities for Saudi investors to contribute to Peru's economic transformation, while ensuring sustainable and profitable returns. It is worth noting that Saudi capital is already present in Peru, particularly in the oil and gas sector, providing a promising foundation for deeper bilateral investment ties. As I travel to Saudi Arabia, I do so with a sense of real excitement — for the conversations we will have, the opportunities we will uncover and the friendships we will strengthen. It is my firm conviction that Peru and Saudi Arabia can build a lasting and forward-looking relationship, one that is rooted in trust, respect and a shared commitment to growth. In this spirit, Peru warmly welcomes Saudi businesses, investors and policymakers to discover the vast opportunities that this dynamic relationship can offer. Together, we can open new economic frontiers and lay the foundation for a future of shared prosperity, innovation and enduring cooperation.
Egypt Independent
28-04-2025
- Business
- Egypt Independent
Finance Minister: Egypt open to exploring innovative financing tools
Egypt is open to leveraging international expertise to explore innovative financing tools aimed at reducing debt levels and servicing costs, Finance Minister Ahmed Kouchouk said on Sunday 27/4/2025. During his meeting with Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA) Hiroshi Matano on the sidelines of the IMF and World Bank Spring Meetings in Washington, Kouchouk stressed the need for new financing instruments to attract long-term and private sector investments to emerging economies. Egypt looks forward to a greater role for investment guarantees in strengthening the ability of developing countries to secure the financing needed for development, the minister said. He also highlighted the importance of boosting cooperation with MIGA to strengthen confidence among local and foreign private investors and encourage greater investment in the Egyptian market.
Egypt Independent
19-02-2025
- Business
- Egypt Independent
MIGA senior official praises investment-friendly environment in Egypt
Layali Abdeen, a Senior Investment Guarantee Officer at the Multilateral Investment Guarantee Agency (MIGA) of the World Bank, praised the investment-friendly environment in Egypt, affirming that the country's current investment climate is attractive and positive, especially in the energy sectors. Speaking to the Middle East News Agency on the sidelines of the 'Investment and Financing… Towards a Sustainable Digital Future' conference, organized by the Iraqi Business Council in Jordan, she said that Egypt is currently witnessing positive economic developments that contribute to attracting investments, adding that the investments in Ras El Hekma are a good contributor to creating a positive outlook for investments in the country. She pointed out that the reports and funding from the International Monetary Fund, as well as its talks with Cairo, also play a significant role in ensuring a positive and stable view of investments. She noted that the Egyptian government is undertaking major reforms that have also contributed to making the investment environment attractive and positive, particularly in the various energy sectors, emphasizing that all of these factors have contributed to the positive outlook for Egypt's economy. She said that the Multilateral Investment Guarantee Agency has several funding initiatives and plans to guarantee projects worth about $650 million, especially in energy sectors, such as the Benban solar plant, the largest solar plant in Egypt, and other projects for foreign investors. She also mentioned that there is an ongoing plan with the Egyptian government to ensure the implementation of many of these projects. She highlighted that Egypt's investment environment attracts investments in many sectors, particularly renewable energy and agriculture. She pointed out that the Egyptian government now has a clear strategy for renewable energy, which has contributed to attracting more investments in this sector. She added that Egypt currently offers several incentives for investors to invest in many sectors, particularly renewable energy, emphasizing that the agency is in continuous contact with the Egyptian government to collaborate and exchange expertise and identify targets. Regarding the work of the Multilateral Investment Guarantee Agency (MIGA) in the Middle East, Abdeen explained that MIGA is an agency under the World Bank. She clarified that the agency provides guarantees against what is known as political risks for investors in developing countries and their lenders. She continued that the agency offers investment guarantees through mediation services for investments in war and conflict zones. She noted that MIGA is also a guarantor in cases where there are contracts between investors and governments in conflict-hit countries and pointed out that the agency's guarantees are long-term, up to 20 years, allowing commercial banks and capital to move, invest, and facilitate the flow of funds into these countries. She also mentioned that providing technical assistance to attract investments in these countries is among the agency's goals and role. The 'Investment, Renewable Energy, and Financing Towards a Sustainable Digital Future' conference, organized by the Iraqi Business Council in partnership with the Jordan and Amman Chambers of Industry, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, concluded last Sunday in Amman. The conference, which lasted one day, focused on investment and financing opportunities and digital transformation, highlighting promising sectors such as finance and banking, industry and mining, renewable energy, telecommunications, and information technology. It was attended by representatives of the European Bank for Reconstruction and Development, the Iraqi Private Banks Association, the Arab Businessmen Association, the Iraqi Business Council, and local and international economic institutions, as well as a delegation of Libyan businessmen.
