01-05-2025
Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says
RIYADH: Peru is seeking to boost exports of agricultural and food industry products to Saudi Arabia while leveraging the tax incentives and benefits available to foreign investors, a top official said.
During a meeting in Riyadh with Federation of Saudi Chambers board member Emad Sadad Al-Fakhri, Peru's Minister of Foreign Affairs Elmer Schialer Salcedo also invited investors from the Kingdom to an upcoming agricultural products exhibition scheduled for September, the Saudi Press Agency reported.
Salcedo explained that while South American exports to Saudi Arabia total about $3.8 billion annually, Peru accounts for only $70 million of that sum.
The newly released SPA statement said: 'Al-Fakhri briefed the Peruvian delegation on recent developments in the Saudi economy and the Kingdom's efforts to strengthen its economic partnerships, including with Peru. He underscored Saudi Arabia's competitive advantages and investment opportunities.'
It added: 'Al-Fakhri also stressed the importance of enhancing bilateral cooperation between the federation and its Peruvian counterpart through signed agreements and a joint business council. He proposed increasing the exchange of trade delegations, organizing economic forums, and exploring investment prospects in sectors such as tourism, trade, and agriculture.'
Peru opened an embassy in Riyadh in 2012, and the Kingdom 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.
Writing for Arab News ahead of his trip to Saudi Arabia, Salcedo said he is 'struck by how much potential lies in building bridges between our nations.'
The minister highlighted opportunities for investors from the Kingdom across several sectors, adding that economic protections are 'reinforced by a legal framework that guarantees equal treatment for foreign investors and adherence to international investment protection mechanisms.'
In energy, key initiatives include the petrochemical plant project, the Southern Peru Integrated Gas Transportation System, and the 2025–2034 Transmission Plan.
In mining, major projects such as El Galeno and Los Chancas stand out, while infrastructure developments include the Andean Longitudinal Highway, the Ancon Industrial Park, and the Ilo Desalination Plant.
These large-scale undertakings offer opportunities for Saudi investors to contribute to Peru's economic transformation while ensuring sustainable and profitable returns.
'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,' said Salcedo.
