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REGIONS AMERICAS


Peru’sbounceback plan P


Q&A: CLAUDIACORNEJO


THE FOREIGN TRADE AND TOURISMMINISTER EXPECTS FDI TO REBOUND IN 2021, DANIELLE MYLES REPORTS


CURRICULUMVITAE CLAUDIA CORNEJO


2020 Peru Foreign trade and tourism minister


Also CEO, Capitalismo Consciente Peru


eru consistently ranks among Latin America’s best performing economies. But last year, the country endured not


only the pandemic, but also political turmoil that culminated in the appointment of three presidents within one week. Minister of foreign trade and tourism, Claudia Cornejo, tells fDi howthe Peruvian government is supporting the country’s recoveryandplans to get tourists back.


We received $3.1bn in foreign direct invest- ment (FDI), down from $8.9bn the year prior. But we remain optimistic because pre-pan- demic inflows were very promising. In 2018, we had $6.5bn and then $8.9bnin 2019.Webelieve Peru has the conditions necessary to return to this level of growth.


Q A


measures to get the economyback on track. The government has introduced monetary and fis- cal measures, such as tax incentives and low interest rates on loans, to increase money sup- ply and boost demand. We expect increased demand will enhance productivity and attract more FDI as a result. Last December, we ratified our free-trade


Q A


agreement with the UK,which should help our recovery as it is ourmain source of FDI.


ment potential?


producers of silver, copper and gold. However there are other sectors with a lot of potential — tourism is one of them. In 2019, tourism FDI totalled $83m and we have now launched a national tourism recovery plan. Agribusiness is very important and last year


Q A


saw exports grow 6.7%, which is remarkable as our economy took a hit. The government is investing in textiles, encouraging the tech sec- tor and sees a lot of potential in fishing.


ery plan? Q 52


Tourism is a key driver of Peru’s econ- omy. What is the national tourism recov-


First, I should say that our mining industry is very robust andweareamong the biggest


Mining is still themajor recipient of FDI. Which other sectors have strong invest-


What will drive this recovery?


The pandemic has made us question every- thing and made us more active in creating


How challenging was it to attract FDI in 2020?What’s the full-year figure?


Last year was incredibly difficult for the whole world and Peru was no exception.


for every country to return to 2019’s numbers. Wehave designed a three-year recovery strategy that promotes economic activity and sustaina- ble development, and incorporates health and safety measures as we believe this trend will stay with us for a long time. We have received the World Travel and


A


Tourism Council’s ‘Safe Travels’ certification for Machu Picchu, Cusco and Lima, and we aim to have at least 42 other destinations certified this year. Something particular about Peru which we will promote is that our cultural des- tinations are outdoors — this will be important for the industry in the coming years.


Q A


Peru’s government has been very unsta- ble in recent years. Howhas this affected


foreign investment?


There’s no doubt that political stability has an impact on various social matters,


including the economy. But even through these difficult times, we have been able to grow FDI — in 2019 it was up 37%. Our economic open- ness, solid macroeconomic foundations and country risk being the lowest in the region makes us believe FDI inflows will come back robustly this year.


enables themto do business in Peru.Weare also thinking about competitiveness and productiv- ity reforms, following the 2019 plan which aimed to create conditions needed for a more productive business climate. Also, the Ministry of Foreign Trade and Tourismrecently created a unit within its promotion agency, PromPerú, which is dedicated to attracting FDI.■


Q A


www.fDiIntelligence.com April/May 2021


How do you plan to improve the invest- ment climate?


Our investment policy has to guarantee investors a predictable legal framework that


It is one of the industries that has suffered the most, and could take up to five years


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