DP World, one of the world's biggest port operators, said it is considering additional investments in its port operations in Peru, after expanding the Port of Callao in the Andean country last year.
The company is “assessing opportunities for further investment in our Peruvian operations”, DP World Callao said on Thursday. That follows the completion of its major expansion last year “as current legislation allows port concessionaires, as well as other infrastructure concessionaires, to extend the term of their concessions, and the state to evaluate such proposals”.
Its statement comesafter Peruvian President Dina Boluarte, who met DP World's group chairman and chief executive Sultan bin Sulayem at the World Economic Forum in Davos, said on X that the Dubai-based company is interested in expanding investments by more than $1 billion in port infrastructure in Peru.
The move will promote agricultural exports, boost employment and strengthen Peru's position as a regional logistics hub, she said on X on Wednesday.
DP World did not provide a figure for any potential investment.
“We believe in the long-term strategic potential of the Port of Callao and of the nation of Peru as a key port and logistics hub on the Pacific Coast, and we will continue working to enhance the development and competitiveness of our operations,” the company said.
DP World completed the $400 million expansion project at Peru's Port of Callao in June, boosting container handling capacity at the South Terminal by 80 per cent. The project increased container handling capacity from 1.5 million TEUs (twenty-foot equivalent units) a year to 2.7 million TEUs annually.
DP World Callao handles 60 per cent of the country’s containerised cargo, positioning the port as a major logistics hub for the South American region with its proximity to the Peruvian capital Lima and the nearby Jorge Chávez International Airport.
The company also operates the Port of Paita in northern Peru.
It is heavily investing in its port terminals in Peru and Ecuador to boost capacity and operational efficiency.
In Ecuador, the company plans to extend its berth at the Port of Posorja to 700 metres, with an investment of $140 million. DP World also manages a special economic zone adjacent to the port.
Latin America's international trade has increased gradually over the last two decades. However, it still lags behind most other emerging markets.
International trade accounts for only 47 per cent of the region’s GDP, which is about 20 percentage points lower than that of other emerging markets worldwide, according to the International Monetary Fund.
DP World, whose port operations span from Canada to Australia, has passed 100 million TEUs of container-handling capacity across its global operations, it said earlier this month.
Its global gross container handling capacity increased by 5 per cent in the past 12 months.
Global container throughput is projected to expand by 2.8 per cent this year, according to Drewry Container Forecaster. DP World, with its investments in underdeveloped markets such as Tanzania and Romania, has expanded capacity and boosted trade in regions previously constrained by infrastructure challenges.
The Dubai company now holds a 9.2 per cent share of the global container market, supported by a 33 per cent growth in capacity since 2014, it said on January 7.
