Once the home to the most developed empire in the pre-Columbian Americas, Peru is again the beating heart of South America. With a population of 31 million people, the country boasts the fastest-growing economy in this part of the world, built on the strength of immigration, hard work, and an openness to the world.
With it ratified the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), Peru opened itself up further to new opportunities in the global market. The free trade agreement is expected to create thousands of new jobs in alternative sectors of Peru’s economy and strengthen workers’ rights more, resulting to long-term economic stability. For an emerging market, Peru shows encouraging trends of development: With GDP growth at 4%, it has become the 39th largest economy in the world.
The Japan External Trade Organization (JETRO) in Lima has supported Japanese-Peruvian business for many years. It hopes to see even more growth as the Japan-Peru Economic Partnership Agreement nears its 10th anniversary in 2021.
In 2018, Peru saw foreign direct investment totaling US$6.1 billion, mostly going to mining, industry, communication, finance and energy. While mining and natural gas have traditionally been the main sources of collaboration between the two countries, new industries have emerged as new fields for partnership, like non-traditional agro-exports and textiles.