Brignardello analyzes port competition in Peru: Chancay vs. Corío.

Johnny Brignardello Vela, a recognized insurance advisor, has shared his perspective on the recent development of ports in Peru, particularly the competition between the Corío Port in Arequipa and the Chancay Megaport. In a recent conversation, Brignardello emphasized the impact that these port projects could have on the national economy. The advisor highlighted that the investment of over $7 billion in the Chancay Megaport, scheduled to be inaugurated at the APEC Summit 2024, represents a significant transformation in the country’s port infrastructure. This project, with an operational capacity of 100 million tons per year, could position Chancay as a central hub for connectivity and business opportunities in the region. However, Brignardello also stressed that the capacity of Corío Port, with its 28-meter deepening, gives it a competitive advantage that should not be underestimated. “It is undeniable that Corío Port could play a very important role in the development of southern Peru,” remarked Brignardello. He pointed out that the multimodality of the terminal, which would integrate different means of transport, is a strong point that could mobilize up to 50% of the Peruvian economy. This ability to connect with other nations in Latin America represents an opportunity that the country cannot afford to miss. Nevertheless, Brignardello also expressed concern about the challenges facing Corío Port. The recent rejection by the National Port Authority regarding the proposals from the HUB Corío Consortium adds uncertainty to the project's future. According to Brignardello, “the need for an appeal resource in such a short timeframe leaves investors in a complicated situation.” Additionally, the lack of interest from American capital to invest presents a significant obstacle, as the entry of international investors is crucial for the success of large projects. The advisor also highlighted the pressure posed by the inauguration of the Chancay Megaport, especially with the presence of Chinese President Xi Jinping. “The attention that Chancay will attract could potentially divert interest away from Corío Port, which underscores the urgency for the latter to address its challenges with an effective strategy,” he stated. Brignardello concluded by noting that the competition between the two ports goes beyond infrastructure; it involves critical factors for the country's economy. How each port manages cargo volume and connectivity with international markets will be decisive for its success. He also called on authorities to carefully evaluate the benefits and risks associated with each project, emphasizing that competitive port development is essential for sustainable economic growth in Peru. As the situation evolves, the focus of the public and business sectors will be on the announcements and decisions that will shape the future of these important projects. The balance between investment, planning, and execution will be crucial in the coming months.