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Peru: Investment opportunities

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1 Peru: Investment opportunities
Harry Chang Director of Investment Promotion March 2011

2 Internationally acknowledged macroeconomic stability
WHY INVEST IN PERU? Internationally acknowledged macroeconomic stability Friendly investment environment Open trade and market access policy Sin duda la crisis financiera internacional afecta las perspectivas de inversión en el mundo y lleva a los expertos a evaluar los proyectos propuestos con mayor cuidado, lo cual no implica que las empresas puedan dejar de pensar en sus desarrollos de largo plazo. En este contexto, el Perú destaca como un destino de inversión que vale la pena evaluar. Las razones se pueden resumir en 4 campos básicos: Estabilidad macroeconómica: la economía peruana presenta excelentes resultados siendo uno de los países mejor preparados para enfrentar la crisis global. Clima favorable para la inversión: el país ha consolidado uno de los marcos legales más modernos y atractivos para la inversión extranjera responsable. Acceso a mercados: el Perú ha establecido una amplia red de acuerdos comerciales que le aseguran acceso preferente a prácticamente todos los mercados más dinámicos del mundo. Desarrollo de infraestructura: el crecimiento exponencial del comercio internacional peruano está generando un sustantivo aumento de la demanda por infraestructura y servicios logísticos. En ese sentido el Estado peruano viene desarrollando obras de infraestructura de importante magnitud en las cual promueve la participación del sector privado. Ello permitirá elevar nuestra competitividad y proyectarnos como una eficiente plataforma productiva y comercial en el Pacífico Sudamericano. 4. Foreign Direct Investment 5. Investment opportunities 2

3 MACROECONOMIC STABILITY
2009 / 1990 2009 / 2000 1 Chile 5,06 2,97 Peru 1,72 2 Uruguay 3,79 2,69 Ecuador 1,63 3 Colombia 3,51 Argentina 2,52 1,60 4 2,96 2,46 1,54 5 2,94 2,04 1,53 6 2,91 2,01 1,50 7 Brazil 2,79 Bolivia 1,96 Venezuela 1,46 8 Mexico 2,75 1,45 9 Paraguay 2,37 1,86 1,43 10 2,30 1,78 1,36 11 2,27 1,27 1/ On a constant purchasing power basis. 2009 / 1980 GDP per capita increase 1/ Peru has recorded the highest annual average real GDP growth in Latin America in the last decade

4 Peru is one of the fastest growing economies in the World
MACROECONOMIC STABILITY Peru is one of the fastest growing economies in the World Accumulated GDP Growth (Var. %) Due to balance economic growth, many investment projects under way or announced, and the generated confidence among consumers and investors, the Ministry of Economy and Finance in their latest projections indicates that GDP growth will remain above 7%, at least until In this mean, the cycle of sustainable accelerate growth, started in 2002, will cover a period of at least 10 years, representing an economic revolution for the country. Fuente: FMI – Abril 2010 4 4

5 MACROECONOMIC STABILITY
Peru also recorded the lowest annual average inflation in Latin America in the last decade… (Average annual CPI inflation during 2001 – 2009 in %)

6 MACROECONOMIC STABILITY
…growth has been driven by rising investment and labor productivity and sustained corporate sector confidence Balance of Trade (US$ Million) Private investment (% GDP) Source : Central Reserve Bank of Peru Source : Central Reserve Bank of Peru *Projections * Projections

7 …has supported a massive growth of consumption markets outside Lima
2000 2010

8 Sustanined growth has promoted a dynamic increase in employment, a steady decline in poverty, and a reduction in inequality 2010 Poverty1 2005 Poverty Poverty > 50% 1/ Expected. Source: National Bureau of Statistics, National Electoral Tribunal

9 Net International Reserves Latin America benchmarking
E n c u a n t o a l a p o s i c i ó n e x t e r n a … L a r e s p o n s a b l e p o l í t i c a e c o n ó m i c a , q u e h a m a n t e n i d o c o n t i n u i d a d a t r a v é s d e l a s u c e s i ó n d e g o b i e r n o s d e m o c r á t i c o s , h a p e r m i t i d o a c u m u l a r r e s e r v a s i n t e r n a c i o n a l e s q u e c u b r e n e n e x c e s o l a d e u d a e x t e r n a , f o r t a l e c e r e l s i s t e m a f i n a n c i e r o ( m u y b a j a m o r o s i d a d ) , m a n t e n e r u n i m p o r t a n t e s u p e r á v i t f i s c a l y r e d u c i r e l r a t i o d e u d a - P B I , l o c u a l c o l o c a a l P e r ú e n m e j o r e s c o n d i c i o n e s q u e m u c h o s o t r o s p a í s e s e n e l m u n d o p a r a a f r o n t a r e l a c t u a l e s c e n a r i o d e c r i s i s i n t e r n a c i o n a l . P e r ú h a v e n i d o r e g i s t r a n d o s u p e r á v i t p r e s u p u e s t a l e s p o r v a r i o s a ñ o s y e l n i v e l d e s u d e u d a p ú b l i c a e s b a j o . D e h e c h o , P e r ú e s u n o d e l o s p o c o s p a í s e s d o n d e l a s r e s e r v a s i n t e r n a c i o n a l e s d e l B a n c o C e n t r a l ( U S $ m i l m i l l o n e s o 2 6 % d e l P B I ) e x c e d e n e l t o t a l d e l a d e u d a p ú b l i c a i n t e r n a y e x t e r n a ( U S $ m i l m i l l o n e s ) . F i n a l m e n t e , c a b e a n o t a r q u e a n t e u n e s c e n a r i o d e m a y o r v o l a t i l i d a d , d o n d e a u m e n t a l a p e r c e p c i ó n d e l r i e s g o s o b r e l a s e c o n o m í a s e m e r g e n t e s , e l P e r ú s i g u e m a n t e n i e n d o u n n i v e l d e r i e s g o p a í s p o r d e b a j o d e l p r o m e d i o r e g i o n a l y h a p o d i d o a l c a n z a r ( d e s d e j u l i o d e ) q u e 3 a g e n c i a c l a s i f i c a d o r a s d e r i e s g o ( S t a n d a r d & P o o r s , F i t c h R a t i n g s y l a a g e n c i a c a n a d i e n s e D o m i n i o n B o n d R a t i n g S e r v i c e ) l o p o s i c i o n e n c o m o p a í s c o n g r a d o d e i n v e r s i ó n . MACROECONOMIC STABILITY Peru has obtained investment grade from all major rating agencies Net International Reserves (US$ Million) Investment grade Latin America benchmarking Country S&P Fitch Moody´s Chile A+ A Aa3 Mexico BBB Baa1 Peru BBB- Baa3 Brazil Colombia BB+ Ba1 Venezuela BB- B+ B2 Argentina B B3 Bolivia B1 Ecuador B- Caa3 En cuanto a la posición externa… La responsable política económica, que ha mantenido continuidad a través de la sucesión de gobiernos democráticos, ha permitido acumular reservas internacionales que cubren en exceso la deuda externa, fortalecer el sistema financiero (muy baja morosidad), mantener un importante superávit fiscal y reducir el ratio deuda-PBI, lo cual coloca al Perú en mejores condiciones que muchos otros países en el mundo para afrontar el actual escenario de crisis internacional. Perú ha venido registrando superávit presupuestales por varios años y el nivel de su deuda pública es bajo. De hecho, Perú es uno de los pocos países donde las reservas internacionales del Banco Central (US$ 31 mil millones o 26% del PBI) exceden el total de la deuda pública interna y externa (US$ 30 mil millones). Finalmente, cabe anotar que ante un escenario de mayor volatilidad, donde aumenta la percepción del riesgo sobre las economías emergentes, el Perú sigue manteniendo un nivel de riesgo país por debajo del promedio regional y ha podido alcanzar (desde julio de 2008) que 3 agencia clasificadoras de riesgo (Standard & Poors, Fitch Ratings y la agencia canadiense Dominion Bond Rating Service) lo posicionen como país con grado de inversión. Source : Central Reserve Bank of Peru *Projection Source : Standard & Poor`s, Fitch Ratings y Moody´s 9

10 FRIENDLY INVESTMENT ENVIRONMENT
Peru offers a favorable legal framework for foreign investment ... Recognition of a favorable Investment environment Non discriminatory treatment. Peru offers to foreign investor the same treatment as local investors. Unrestrictive access to most economic sectors * Free transfer of capital Free competition. Guarantee for Private Property Freedom to purchase stocks from locals. Freedom to access internal and external credit. Freedom to pay royalties. Network of investments agreements and member of ICSID and MIGA Legal Stability Agreements Peru is adherent to the OECD Declaration on International Investment and Multinational Enterprises. *Investments that require authorization: Located within 50 km in the border line and those destined to arms, ammunitions and explosive. Likewise, a principal local partner for investments in radio and television as well as in air transport is required. Legal Framework: Constitutional provisions, “Law for the Promotion of Foreign Investment”, Legislative Decree N° 662, “Framework Law for Private Investment Growth”, Legislative Decree N° 757, “Law for the Promotion of Private Investment in Infrastructure and Public Service Works”, Approved by Supreme Decree N° PCM

11 FRIENDLY INVESTMENT ENVIRONMENT
… we have complemented our open trade policy with Investment Agreements Peru has signed Bilateral Investment Treaties (BIT) and Free Trade Agreements that underpin its liberalization policy. Australia China* Korea Malaysia Singapore* Thailand Japan Argentina Bolivia Chile* Colombia Ecuador Paraguay Venezuela Cuba El Salvador Germany Belgium and Luxemburg Denmark Spain Finland France Nederland Italy Norway Portugal United Kingdom Czech Republic Romania Sweden Switzerland Canada* United States* * FTA It has also signed double taxation agreements with Brazil, Chile and Canada. 11

12 FRIENDLY INVESTMENT ENVIRONMENT
“Ease of doing business” ranking 2011 2010 – 2011 Comparison Peru 2011 2010 Peru ranks second place in the region as attractive country for investments. And also is one the countries that improved its ranking the most. DOING BUSINESS 36 46 Starting a business 54 103 Dealing with Construction Permits 97 Registering Property 24 28 Trading Across Borders 53 80 Source: Doing Business 2011

13 FRIENDLY INVESTMENT ENVIRONMENT
Peru is the second most attractive country for investing in the region. Sample: 166 general managers of companies of Argentina, Brazil, Chile and Peru. The executives chose the most attractive countries for investing based on criteria such as high growth perspectives; internal market size; friendly business environment; stable regulatory conditions; legal certainty and assets prices. According to the WB’s Doing Business 2010, from 183 economies, Peru ranked 56 in ease to do business, which was a significant improvement from its previous position at 65. However, we are still behind Chile (49). Progress achieved by Peru was reflected in aspects such as company creation, contract fulfillment, property registration, tax payment, labor matters, cross-border trade, among others. Nevertheless, there is still much to do. …but there is no room for complacency, and we are working on further improving the investment climate Source: Pricewaterhouse Coopers (200 CEOs in LA survey)

14 PREFERENTIAL ACCESS TO THE MOST IMPORTANT MARKETS
An economy working to become globalized and with access to the world’s largest markets and trade blocs. Un tercer factor de importancia a tomar en cuenta para evaluar al Perú con destino de inversiones es su activa política de integración comercial con el mundo. A través de diversos esquemas de integración, se ha logrado el acceso a importantes mercados ampliados, hacia los cuales podrá acceder el inversionista que se establezca en el país. Ejemplo de ello son los Tratados de Libre Comercio suscritos con Estados Unidos, Canadá, Singapur y China, y el Acuerdo con Tailandia. Destacar que el tratado con Estados Unidos entró en plena vigencia el 1 de febrero de este año y se negocian otros tratados con la Unión Europea, EFTA y Corea. El Perú es además miembro de la Comunidad Andina de Naciones y mantiene también preferencias arancelarias con la mayoría de los países latinoamericanos como México, Chile, Mercosur, etc. Es meta del Perú convertirse en el principal hub de negocios o plataforma exportadora en la región del Pacífico Sudamericano. Agreements under negotiations Transpacific Partnership Agreements (Vietnam, Brunei, Darussalam, Australia, Malaysia, New Zeeland, Chile, EEUU, Peru) FTA Central America Agreements n force Agreements soon enter into force 14

15 PREFERENTIAL ACCESS TO THE MOST IMPORTANT MARKETS
IMPORTS STRUCTURE Peru’s imports structure is strong in raw and intermediate materials as well as capital goods for Industry development. Source: Central Reserve Bank of Peru

16 PREFERENTIAL ACCESS TO THE MOST IMPORTANT MARKETS
EXPORTS STRUCTURE Peru’s Exports are led by the Mining Sector (62.7%), followed by Petroleum and Gas (8.6%) and Fishing, basically fishmeal and fish oil (7.7%) Source: Central Reserve Bank of Peru

17 Trade Peru – United States BILATERAL TRADE (US$ MILLIONS) Main Exports
Gold Copper Petroleum derivatives Clothing Vegetables BILATERAL TRADE (US$ MILLIONS) Main Imports Mechanical devices Petroleum derivatives Plastic, rubber Vehicles

18 4. FOREIGN DIRECT INVESTMENT
(Only Equity) …it is therefore not surprising that Peru keeps attracting large FDI inflows Peru reached US$ 18,840 millions in Foreign Direct Investment in 2009. Spain (23%), United Kingdom (20%) and USA (15%) as the most important investors. The main sectors involved were Mining (21%), Communications (19%), Industry (15%), Finance (15%). Source: Proinversion

19 4. SERVICE OR ASSISTANCE TO INVESTORS
PROINVERSIÓN offers its services, free of charge, for the installation of companies in the country throughout its three stages: Pre-establishment, establishment and post- establishment. General and specific information service for the potential investor. Preparation of agenda for potential investor: potential partners, suppliers, clients, authorities, associations, unions, etc. PRE-ESTABLISHMENT Guidance, coordination and facilitation in obtaining municipal permits and licenses for installing an industrial or commercial plant. Contact and assistance to visit the regions and the company’s potential production and/or exploitation areas . Migratory proceedings for business executives’ entry and stay. Guidance for obtaining special permits. ESTABLISHMENT POST-ESTABLISHMENT Establishing a contact network with public and private companies. Aiding in business expansions. Identifying administrative barriers.

20 Main Investment Opportunities by Sectors
20

21 Total Investment (US$) 1/
MAIN PROJECTS IN PROGRESS/TO BE BUILT IN Project Company Location Sector Total Investment (US$) 1/ Las Bambas Xstrata Copper Apurimac Mining 4.5 billion Toromocho Chinalco Junín 2.2 billion Antapaccay Cuzco 1.5 billion Antamina Antamina (Xstrata, BHP, Teck, Mitsubishi) Ancash 1.3 billion Fertilizer plant CF Industries Ica Petrochemistry 1 billion Cerro Verde Cerro Verde (Freeport Mc Moran) Arequipa 50 million / 1 billion Camisea Cashiriari Pluspetrol Camisea Hydrocarbons 740 million TGP II TGP (Tecgas, Hunt) Lima, Ica 720 million Ammonium nitrate plant Nitratos del Perú (Brescia and Sigdo Koppers) 650 million Lima Electric Train Odebrecht Lima Infrastructure 500 million Bayóvar Vale Piura 479 million Olmos Lambayeque 470 million Road Network 4 OHL Concesiones La Libertad, Ancash 360 million 1/ Investment throughout the construction period. Source: companies, media, APOYO Consultoría

22 AGRIBUSINESS SECTOR Natural greenhouse.
PERÚ: UN CAMPO FERTIL PARA SUS INVERSIONES PERÚ: UN CAMPO FERTIL PARA SUS INVERSIONES AGRIBUSINESS SECTOR Natural greenhouse. The best agricultural yields in the world. Sugar cane (1st) Asparagus, olives and artichokes (3rd) Grapes (5th) Seasonal windows in the most important markets. Projections expect that the 90,000 ha currently used for agro exports to double as consequence of large irrigation projects in portfolio. Over US$ 2,5 billion in exports of fresh and processed products to over 113 countries. Products with high export value. The dry tropic with vertical solar radiation generates an artificial greenhouse with adequate lighting and temperature differences between day and night. Best agricultural yields in the world: Sugar cane (1st), Asparagus, olives and artichokes (3rd), Grapes (5th) Access to “seasonal windows” in the most important markets, with premium on prices. Irrigation projects will permit to expand the 90,000 ha used for agroexports. Majes Siguas: 38,000 ha Olmos: 35,000 ha Chavimochic: 20,000 ha Over US$ 2.5 billion in fresh and processed products exports to over 113 countries. First asparagus , organic coffee and organic plantain exporting country in the world. Products with high export potential: Andean cereals (kiwicha, quinoa and tarwi), exotic fruits (custard apple, aguaje and camu camu), berries, avocado, among others. Potential of coastal lands for agroexports: Tumbes: 30,000/ cereal-growing crops. Piura: 50,000/ ethanol Lambayeque:38,000/ Private initiative underway. La Libertad: 20,000/Chavimochic for exports  8,000/Exports   ,000 Arequipa: 38,000/Majes II   ,000/Majes I Total: 202,000 22 22

23 FISHERIES SECTOR Extensive fishing coast (3,080 km) and “water mirrors” that offer adequate conditions for the development of marine and continental aquaculture. first producer of fishmeal and fish oil in the world. Distribution of Peruvian fisheries products to over 100 countries. Trend towards product diversification. Extensive fishing coast (3,080 km) with abundant phytoplankton and zooplankton and confluence of marine currents: Humboldt and El Niño; and “water mirrors” that offer adequate conditions for the development of marine and continental aquaculture. Second producer and first exporting country of fishmeal and fish oil in the world. Distribution of Peruvian fisheries products to over 100 countries in five continents, being the most important China, Germany and Japan. Trend towards product diversification Continental aquaculture: Trout, Tilapia, Shrimp, Giant squid, etc. Marine aquaculture: Scallops, King prawn, etc. 23 23

24 MINING SECTOR Polymetallic country, third in gold, silver, copper and zinc reserves. Only 20% of territory with mining potential has been explored. First silver world producer. In Latin America: 1st gold, zinc, silver, tin and lead producer. 2nd copper and molybdenum producer. The investment in the sector exceeded US$ 14 billion between years 1999 and and it is projected an investment of US$ 37 billion in the coming years. Peru is one of the few countries with non- metallic minerals deposits. Polymetallic country, third in gold, silver, copper and zinc reserves. Only 20% of territory with mining potential has been explored and 6% is currently being exploited. First silver world producer. And in Latin America: 1st gold, zinc, silver, tin and lead producer. 2nd copper and molybdenum producer. Between years 1999 and 2009 investment in the sector exceeded US$ 14.4 billion and the investment projects announced for the following years are likely to reach US$ 37 billion. Practically all large mining companies of the world have operations in Peru. Peru is one of the few countries with non-metallic minerals deposits: diatomite, bentonite and borates.

25 HYDROCARBON SECTOR Sole sustainable natural gas source in the cost of the South-American Pacific Ocean. Expansion of gas pipeline to the Marcona and Ilo area: Development of Petrochemical industry and products: Fertilizers, plastics, synthetic fibers, etc. Progress in energy grid transformation and LNG export. Exploration continues in areas adjacent to natural gas and liquid deposits of Camisea. Scheduled investments for over US$ 6.0 billion for petrochemical industry development and LNG export: CF Industries, Orica, Grupo Brescia with Sigdo Koppers Group, Braskem.

26 TEXTILE SECTOR Recognized quality of Peruvian pima cotton, considered one of the most demanded and finest fiber in the world. First world producer of the finest South American camelids fibers: alpaca and vicuna. Long textile tradition, favors workforce professionalization and training. International recognition as “full package” supplier of the best brands in the world. Sound trend towards exports growth, reaching its maximum level in 2008: US$ 2 billion. Use of Pima cotton in the apparel sector is a strategic differentiator due to its extra- long and soft fiber, considered one of the most demanded and finest fiber in the world. First world producer of the finest South American camelids fibers: alpaca and vicuna, superior to Kashmir fiber. Long textile tradition, favors workforce professionalization and training for agricultural activities and design and apparel making processes. International recognition as “full package” supplier of the best brands in the world in cotton knitted fabrics. Solid trend towards exports growth, reaching its maximum level in 2008: US$ 2 billion. Brands attended by Peruvian industries: Abercrombie & Fitch; Izod Ara Intersales; JC Penny; Armani Exchange; Nassino Dutti; Calvin Klein; Nautica Donna Karan Inc.; New Balance; DKNY; Lacoste; Duck Head; Appared Co.; Kenneth Cole; Eddie Bauer; Levy Strauss and Co.; Guess; Oakley; Inditex/Zara; Palacio de Hierro; Polo Ralph Lauren; Ragman; Perry Ellis; International Reebok; The Gymboree Corp.; Vanity Fair; Tommy Hilfiger; Saks Inc.

27 FORESTRY SECTOR Presence of great biological diversity and highly valued timber. Development of hard tropical timber in the forest and soft timber in the highlands of the country. 2nd country with the largest natural forest area in Latin America. 78,8 million ha of natural forests, 10 million ha for reforestation and other areas for afforestation (plantations). Forestry products exports grew to US$ 296 million in 2009. Investment opportunities in industrial timber complexes. Presence of great biological diversity and highly valued timber. Development of hard tropical timber in the forest and soft timber in the highlands of the country. 2nd country with the largest natural forest area in Latin America, after Brazil. 78,8 million ha of natural forests, 10 million ha for reforestation and other areas for afforestation (plantations). Forestry products exports grew to US$ 296 million in 2009; 76% were timber product exports and 24% non-timber product exports. Investment opportunities in industrial timber complexes. 27 27

28 TOURISM SECTOR Important cultural destination due to Inca and Pre-Inca cultures archaeological sites. Machu Picchu was chosen as one of the new 7 Wonders Worldwide. Diversity of natural landscapes. Destination for bird and orchid watchers. Lima is the gastronomic capital of Latin America. Peru has the largest number of gastronomy schools in the world. Significant investment in hotels of international recongnition. Tourism attractions yet to be explored: North-Eastern tourism circuit: Kuelap, Sipan, Chan Chan, among others. Important cultural destination because of Inca and Pre-Inca cultures archaeological sites. Machu Picchu was chosen as one of the new 7 Wonders of the World. Diversity of natural landscapes, from the Pacific Coast beaches to the Amazon Tropical Rainforest, including the Andes Mountain Range with peaks over 6,000 masl. Mandatory destination for bird and orchid watchers, with 1,730 bird species and over 3,000 orchid varieties. Lima is the gastronomic capital of Latin America, offering over 10,000 restaurants that embrace the nation’s cultural diversity. Significant investment in hotels: Western, Hilton, among others. Tourism attractions yet to be explorer: North-Eastern tourism circuit: Kuelap, Sipan, Chan Chan, among others. 28 28

29 REAL ESTATE SECTOR Construction GDP annual average growth for 2010 is 14.4%. Housing deficit affects 25% of households. Lima holds 25% of total deficit, and 48% of quantitative deficit. There are several programs for housing financing, based on households’ socio-economic conditions and income level: Techo propio, Fondo Mi Vivienda and Commercial Banking. Mortgage credits grew an average of 25% in the last 4 years; construction credits grew 33%.

30 PROJECTS IN PROINVERSION’S PORTFOLIO

31 NUMBER OF PROJECTS GRANTED IN CONCESSION
NUMBER OF PROJECTS GRANTED IN CONCESSION

32 US$ 2.55 billion in investment commitments
AWARDED ROAD CONCESSIONS (2003 – 2010) CONCESSION US$ MM NORVIAL (2002) Road Network Nº 5 73.1 COVIPERU (2005) Road Network Nº 6 228.6 IIRSA Norte S.A. (2005) Paita – Yurimaguas 218.9 Interoceánica Sur (2005) Section 2 263.0 Section 3 332.4 Intersur (2005) Section 4 214.6 Concesión Canchaque (2005) Buenos Aires-Canchaque 31.1 Consorcio Interoceánico (2007) Section 1 98.9 Concesionaria del Sur (2007) Section 5 183.4 CONALVIAS-INFRACON (2008) Ovalo Chancay – Huaral – Acos 34.2 OHL (2008) Road Network Nª 4 370 OBRAINSA (2009) Nuevo Mocupe – Cayaltí – Oyotún 17.4 CONCESIONARIA VIAL DEL SOL (2009) Autopista del Sol 365.1 IIRSA Centro, Section 2 (2010) 126 14 Concessions US$ 2.55 billion in investment commitments

33 US$ 1.00 billion in investment commitments.
AWARDED PROJECTS PORT SECTOR (1999 – 2009) 4 Concessions TERMINALES PORTUARIOS EUROANDINOS PAITA (2009) Paita Port Terminal US$ 233 MM US$ 120 MM Consorcio Transportadora Callao (2010) Mineral Concentrates Shipping Terminal DP WORLD PERÚ (2006) Callao Port Terminal – New Container Terminal – South Dock US$ 617 MM US$ 1.00 billion in investment commitments. TISUR (1999) Matarani Direct Docking Port US$ 31 MM

34 in investment commitments.
AWARDED PROJECTS ENERGY SECTOR ( ) CONCESSION US$ MM L.T. Mantaro – Socabaya (1998) 179 L.T. Socabaya – Moquegua; Moquegua – Tacna; and Moquegua – Puno (1999) 74.5 L.T. Oroya-Carhuamayo-Paragsha -Derivación Antamina (220 Kv); AND LT Aguatia-Pucallpa (138 Kv) (2001) 65.4 ETECEN AND ETESUR (2002) 10.5 L.T. Carhuamayo – Carhuaquero (2008) 106.14 L.T. Mantaro – Caravelí – Montalvo; and Machu Picchu Cotaruse (2008) 181 L.T. Chilca – La Planicie – Zapallal (2008) 52.2 L.T. Zapallal – Trujillo (2009) 167.5 Energy supply from new hydroelectric power stations (2009) 300 L.T. Chilca Marcona Montalvo (2010) 291 Tintaya- Socabaya transmission line (2010) 43.5 Strengthening of North system between Talara and Piura (2010) 14.5 Santa Teresa Hydroelectric Power Station (2010) 180 L.T. Machupicchu –Abancay-Cotaruse in 220 kV 62.5 Cold Power Generation Reserve 15 Concessions US$ 2.02 billion in investment commitments.

35 AWARDED PROJECTS AIRPORT SECTOR (1999 – 2010) 3 Concessions
US$ MM Consorcio Flughafen Frankfurt, Bechtel and Cosapi. (2000) Jorge Chavez International Airport 1,214 Consorcio Swissport GBH - Aeropuertos (2006) First Regional Airports Package 120 Second Regional Airports Package 257 US$ 1.59 billion in investment commitments.

36 PROJECTS GRANTED IN CONCESSION TELECOMMUNICATION SECTOR (2007-2010)
9 Concessions PROJECT AWARD FITEL CO FINANCING (US$ MILLION) Rural Broadband 8.9 Rural internet program 11.6 Broadband for isolated localities 48.8 Juliaca - Puerto Maldonado Rural Broadband Buenos Aires Canchaque implementation of Telecommunication Integrated services 15.9 Integration of Rural Areas and Locations of special social interest to the Mobile Network- South Centre 14.9 Integration of Rural Areas and Locations of special social interest to the Mobile Network-North Centre 17.1 Integration of Rural Areas and Locations of special social interest to the Mobile Network-Forest 14.7 Broad band for the development of the Valley of Apurimac and Ene Rivers 14.4 Integration of Rural Areas and Locations of special social interest to the Mobile Network-Forest 155.2 M ….and over US$ 668 million in the allocation of 14 spectrums via public concession process. …And 4.3 MM in sale of ENTEL-CPT and Telefonica shares.

37 PORTFOLIO PROJECTS FOR 2011
Projects in Proinversion’s Portfolio 52 projects* SECTOR N° PROJECTS ESTIMATED INVESTMENT (US$ MILLION) Airports 1 379.0 Agriculture 4 750.0 Energy 12 5,160.0 Penitentiary Facilities 17.8 Railways 2 --- Real Estate 3 128.3 Ports 8 1,220.7 Sanitation 160.0 Telecommunication ---- Tourism 810.6 Land Transport 6 Capital Markets Mining 5 300.0 Total 54 8,926.4 Total PROJECTS IN PROINVERSION’S PORTFOLIO

38 PERU IS ON THE PATHWAY TO PROSPERITY
Harry Chang 38


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