Developed by China's COSCO Shipping Group, the $1.3 billion deep-water port will accommodate the largest container ships. It will cut the sea journey to China from 33 days to 23, and reduce logistics costs by at least 20 percent, which is expected to significantly boost Peruvian exports and strengthen trade between Latin America and Asia.

Peru's newly-opened Chancay Port is expected to play a vital role in promoting trade between South America and Asia, according to Peruvian and Chinese experts. An opening ceremony was held for the port on Thursday,

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.