The External Sector Peruvian increasingly attractive

Peru's export companies are local economic context in continuous improvement. What more could you ask for Peruvian exporters? Surely a lower rate of inflation (which will probably be achieved in 2009) and greater access to financing. Moreover, the conditions for them are more conducive to growth. As I said in the last article on Peru, international crisis does not bother to Peru, who thinks only grow, although international financial crisis will have any effect on logical Peru's economy, not a topic that generates great concern since it is a great strength to face it. In fact, it is estimated that Peru's economy could grow by 9.5% this year and between 6% and 7% for 2009. So in 2009, Peru's economy will enjoy one of the highest rates of economic growth in the region. While economic growth was not affected by the crisis at the moment is still one of the main challenges for the Peruvian government to control inflation, which has increased this year by external factors. In October, the retail inflation rate was 0.61%, accumulating a 5.94% year (and 6.54% in the interannual variation).

The inflation target is in the range of 1.5% 3.5%, so for the second year will fail to be met (in 2007 inflation rate was 3.93%). It is worth mentioning that inflation reached in October responds mostly to the impact of Peruvian currency devaluation on prices and not to problems in the same price dynamics. Beyond the current inflation problem in the future prospects of prices do not generate great concern because the factors that have pushed them upwards, are significantly reduced.

With the economy showing strength in growing with monetary policy is heading back to keep under control the inflation rate, and with interesting development prospects, Peru appears as an attractive investment. Thus, for the United States ambassador to Peru, Michael McKinley, "Peru is very well focused strategies needed to boost growth and institutionalization, factors that foreign companies take into account when investing?. Alan Garcia is convinced Peru's attractiveness to investors: "With calmness and caution, Peru will be a country retreat for the productive capital of the world?. And one of the areas that attract large flows of investments is the energy sector. This is part of the growth strategy that drives Alan García: "Peru will continue to change in energy to the gas pipeline and port construction and building highways with its current investment growth are profitable?. Investment in the energy sector in Peru, the World Bank estimates that the country could attract investment of U.S. $ 30,000 million for energy projects in the next 10 years. All this economic environment is observed, is more than positive for exporting firms to which is added the Peruvian government's ongoing effort to expand foreign markets for them.

In relation to recent advances in this direction, in late October led the negotiations for the FTA between Peru and the European Free Trade Association (Switzerland, Norway, Iceland and Liechtenstein). In addition, progress continues to close the FTA with the European Union, which is expected to close next year, while for this month is expected to end the negotiations for the FTA with China. The 2009 will also be an active year in terms of the FTA negotiations. Peru hopes to negotiate FTA with Japan, Korea, Australia and Central America. The government of Alan Garcia hopes to expand the existing economic complementarity agreements with Chile and Mexico. The trade agreements is an important element for growth and development of the Peruvian economy. For the president of the Council of Ministers of the Peruvian government, Yehude Simon Munaro, trade liberalization in Peru has been one of the keys to the strength of the economy: "Interdependence has made us strong and dynamic through foreign trade. Peru's integration into the global economy has been decisive, but today the Peruvians are good for the first time in decades?.

The export sector in Peru is a great opportunity for growth and no doubt will receive a large volume of investment to take the possibility of growth that begins with the strategy pursued by the government of Alan Garcia. Of course not everything can be resolved only with TLC, but to create these opportunities the sector offers, complements the Peruvian economy with macroeconomic stability and institutional. Time will show that this is a good way for the consolidation of economic growth and social improvement of the country. We will meet again tomorrow, Horacio Pozzo

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