BOGOTA, Colombia

China’s President Xi Jinping inaugurated the Beijing-funded Chancay Port in the Latin American nation of Peru, where he will also attend a forum of the Asia Pacific Economic Cooperation (APEC).

Xi, joined by host President Dina Boluarte, attended the virtual inauguration in the capital Lima late Thursday, marking the opening of South America’s "first smart, green port," according to Chinese Foreign Ministry spokeswoman Hua Chunying.

“It is very inspiring and encouraging to see such a modern port take shape in just a few years,” Xi said after the port was opened.

The mega port in the city of Chancay is a $1.3 billion complex designed to be a major commercial hub and one of Beijing's most ambitious infrastructure projects in Latin America, where the Asian giant has expanded its investments in recent years.

Built by Chinese state-owned company Cosco Shipping, it will attract the largest container ships and reduce the sea journey to China by 12 days.

Peru is China’s fourth largest trading partner in Southern America and Beijing’s investments, particularly in mining and infrastructure, since 2001 in the South American nation amount to around $38.8 billion.

President Xi said Chancay Port would bring Peru “substantial gains and a large number of job opportunities, and strengthen Peru as the land-sea gateway connecting Asia and Latin America.”

The facility, he added, “is becoming a new starting point of an Inca Trail of the new era.”

“From Chancay to Shanghai, before our eyes the Belt and Road Initiative is bearing fruit and a new Asia-Latin America land-sea corridor for the new era is taking shape as well,” he said, referring to Beijing’s multi-trillion-dollar global infrastructure projects, including roads, railways, energy projects, as well as trading points.

‘Empowering common development in Pacific rim economies’

Xi said Beijing and Lima should “jointly ensure the Chancay Port is successfully built, managed and operated.”

“Parties should consult together, build together and benefit together, with a view to empowering common development in Pacific rim economies, including China and Peru, so that the port truly opens a route to prosperity and better lives for Peru and the broader Latin American and Caribbean countries, produces win-win outcomes in a larger area, and brings more tangible benefits and a sense of fulfillment for people in different countries,” said the Chinese president.

Xi is making his third visit to Peru, a country that recorded over $37 billion in bilateral trade with Beijing last year.

He reached Lima on a state visit, as well as to attend APEC forum, early Thursday where he was received by Prime Minister Gustavo Adrianzen.

Peru is one of the first Latin American countries to establish diplomatic relations with China, he noted.

"Chancay will revolutionize trade and dynamize the Asia-Pacific economy," Boluarte said in a speech Thursday at the APEC CEO Summit.

On sidelines of the forum, Xi is scheduled to meet the outgoing US President Joe Biden and other leaders, including Japanese Prime Minister Shigeru Ishiba.

The Chinese leader will later pay a state visit next week to Brazil, where he will also attend the G20 summit in Rio de Janeiro.