China's investment in the $3.5 billion Chancay mega port in Peru signifies its growing influence in South America, as it becomes the first port controlled by China in the region. The deep water port, part of China's Belt and Road Initiative, is expected to enhance trade ties and provide a direct gateway for China to access the resource-rich region. The port's strategic location aims to cut shipping time for exporters and establish Peru as a regional hub, particularly for copper exports and soy shipments from western Brazil. China's decade-long rise in trade and infrastructure investment in South America poses challenges for the United States and Europe, as they seek to counter Beijing's expanding influence in the region.

SOURCE:HELLENIC SHIPPING NEWS