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Chapter | ICT from The Report: Peru 2019

A highly competitive market has ensured mobile usage has expanded rapidly, and companies continue to invest in the networks, despite finding their margins squeezed. In some ways, Peru is playing technological catch-up. Key indicators lag behind similar economies in the region, and slow progress in rolling out regional fibre-optic networks has stalled the government’s plans to digitally connect the entire country. However, a competitive market pushing operators to improve services and lower prices means that there has been progress in mobile coverage. With one of the most positive economic outlooks in Latin America, stable domestic demand and impressive growth in new segments such as agri-business, Peru certainly has the potential to be a centre for innovation. More agile government policy, including digitalising the state apparatus itself, could see Peru become a major player in the Fourth Industrial Revolution. This chapter contains an interview with Mariana Costa, CEO and Co-founder, Laboratoria.

Chapter | Tourism from The Report: Peru 2019

While Peru’s rich and diverse cuisine continues to attract visitors, demonstrated by a range of quality eateries in Lima and the proliferation of Peruvian restaurants around the world, Machu Picchu remains the number-one attraction for visitors. Named the “World’s Leading Tourist Attraction” for 2018, the historical site is seeing faster-growing tourist rates than the country overall. Herein lies the main challenge for the industry: diversification. Greater connectivity and infrastructure efforts in other regions – particularly the north – is hoped to pull tourists to different parts of the country and see them engage in adventure and nature tourism in addition to visiting cultural sites. This chapter contains an interview with Eduardo Ibarra, Hotels Business Unit General Manager, Grupo Los Portales.

Chapter | Agriculture from The Report: Peru 2019

Increased investment and the expansion of irrigated land along the Peruvian coast has ensured the continued development of large-scale industrial agriculture for over two decades. After introducing dozens of new products, local agri-business firms have successfully expanded and diversified Peru’s agricultural export base. Meanwhile, increases in production and exports occurred despite the effects of the El Niño climatic phenomenon, which caused crop damage in 2017. Certain hurdles still need to be addressed for Peru to move from being a regional agricultural leader to a global one. In the coming years, ongoing public programmes to assist small-scale farms should help ensure that producers are more integrated into the export industry. In addition, the development of value-added services could see the sector play an increasingly important role in the future of the country’s economy. This chapter contains an interview with Édgar Vásquez Vela, Minister of Foreign Trade and Tourism.

Chapter | Transport from The Report: Peru 2019

The commitment of Peru to meeting its transport and logistics needs is apparent in the FY 2019 budget. The Ministry of Economy and Finance set aside PEN326.6m ($98.9m) for road, air and port infrastructure development, with plans to secure additional funds from the private sector. The prospects for investment in the sector are positive, as the need to close the country’s infrastructure gap is coupled with Peru’s improving image as a business destination. The latter is supported by a legal framework that facilitates public-private partnerships. Planning processes must take into account that the acquisition of land, and contracts now include an anti-corruption clause. The government is working to improve the business environment by hiring international consultants to contribute to the employment of best practices when carrying out joint works by the government and private sector. This chapter contains an interview with Juan José Salmón Balestra, CEO, Lima Airport Partners.

Chapter | Industry & Retail from The Report: Peru 2019

The industrial sector returned to growth in 2018, with production, exports and investment growing substantially after four years of contraction. Improvements have come largely through the expansion of manufacturing, including the production of a range of higher-value-added products, along with processed fish and agro-industrial goods. In order to sustain and expand this development, the government is pursuing a number of programmes emphasising the diversification of exports, coupled with domestic policies to improve competitiveness. The retail sector has lead growth in the Latin American market in recent years, driven by the expansion of shopping malls, promotions and discount prices at supermarkets and pharmacies, and an expanding consumer base. The sector is expanding and strengthening its various formats whether that is through increasing store-based retailing or e-commerce, while stakeholders are work to take advantage of the growing middle-class consumer base. This chapter contains an interview with Toshiro Hayashi, CEO, Toyota del Perú.

Chapter | Construction & Real Estate from The Report: Peru 2019

Increased investment in infrastructure projects – such as those in mining, the $1.5bn extension of the Jorge Chavez International Airport, the increased supply of social housing and infrastructure development around the 2019 Pan American Games – are set to propel the construction sector. Investors are optimistic given the large portfolio of public projects, but authorities should be sensitive to concerns regarding project slowdown and transparency. Performance in several segments of the real estate sector improved in 2018. Government incentives and facilitation of mortgages are expected to fuel residential real estate demand. Warehousing expansion is being driven by e-commerce sales growth, and a widening middle class is attracting investment and international brands to the retail segment. Challenges like a systemic housing deficit and low mortgage penetration rates remain, but the uptick in the sector is expected to continue. This chapter contains an interview with Guido Valdivia, Executive Director, Peruvian Chamber of Construction.