Spain and Peru: A Strategic Partnership in Investment and Trade
Spain and Peru: A Strategic Partnership in Investment and Trade
The relationship between Spain and Peru has become one of the most dynamic and strategic in Latin America. According to recent statements by Elmer Schialer, Peru’s Minister of Foreign Affairs, Spanish investment has been a cornerstone for the Andean nation’s economic development, and this cooperation is expected to strengthen further in the coming years. This scenario opens up significant opportunities for companies and professionals interested in both markets.
The Impact of Spanish Investment in Peru
Spain is Peru’s leading trading partner within the European Union (EU). According to the report Impact of Spanish Investment in Peru: 1993-2019, prepared by the Spanish Chamber of Commerce in Peru and the University of the Pacific, Spanish investment during that period reached $20 billion. This figure, which has contributed approximately $40 billion to Peru’s economy over the past three decades, has supported the creation of 1.3 million direct and indirect jobs.
Currently, around 500 Spanish companies operate in Peru, covering key sectors such as infrastructure, energy, communications, and finance. In 2023, Spanish investment in the country totaled $5.227 billion, ranking as the second-largest recorded by ProInversión, Peru’s investment promotion agency.
Peru: An Attractive Destination for Investment
Despite recent political challenges, Minister Schialer affirms that Peru remains a reliable destination for Spanish investors. With projected GDP growth of 3.2% in 2024, driven by investments in infrastructure, private consumption, and increased external demand, the country positions itself as an attractive market. Additionally, the recent development of the Chancay Mega Port, co-financed by Chinese capital, promises significant economic impact, estimated at $4.5 billion.
Peru also stands out for its prudent macroeconomic management, fiscal soundness, and deep integration into global markets. Multilateral and bilateral agreements provide protection against non-commercial risks, such as inconvertibility and expropriation—key factors bolstering investor confidence.
Opportunities: Trade, Tourism, and Sustainability
During his recent visit to Spain, Schialer promoted Peruvian export products, particularly in the sectors of agribusiness, fishing, superfoods, and textiles. He also emphasized Peru’s growth as a tourist destination for Spaniards, who represent the largest European influx of visitors to the country. In line with this, the Peruvian government is working to position the nation as an investment destination for sustainable tourism projects.
On another note, Schialer underscored the need to attract socially and environmentally responsible European capital for projects in infrastructure, water and sanitation, telecommunications, healthcare, and education. Peru has outlined nearly 30 strategic projects for 2025, with an estimated investment of $8.2 billion.
The EU as a Key Partner
The European Union remains one of Peru’s main sources of investment. Cooperation between the two regions has been vital for post-pandemic economic recovery, and Peruvian authorities seek to further strengthen these ties, leveraging shared values of sustainability, inclusion, and environmental stewardship.
Conclusion: A Future of Opportunities
The robust relationship between Spain and Peru presents a promising outlook for both large corporations and small and medium-sized enterprises. Peru’s economic stability and favorable policies, combined with Spain and the EU’s ongoing interest in investing in strategic sectors, create a favorable environment for business and international cooperation.
At our firm, we assist companies and investors in their international expansion by providing comprehensive legal advice on cross-border projects, investment protection, and risk management. We are committed to being a bridge that facilitates and enhances opportunities between Spain, Peru, and other key markets in Latin America.
Author: Ramiro de Iturralde