Peru advances in its economy: cost reductions and new port projects.

Today, August 12, significant milestones in the economic sphere of Peru are being highlighted, reflected through various relevant news items from different years. These pieces of information not only stood out at the time, but they also provide an overview of the evolution and challenges facing the country's productive and financial sectors. Starting with the current situation in 2023, a notable reduction in costs for port services is emphasized. According to the Regulatory Authority for Users of Transport Services (Ositran), this reduction translates to savings of approximately US$ 220 per container. This measure is part of an effort to improve the country's competitiveness in international trade, considering that ship traffic is expected to increase by 70%. The projected annual container mobilization is an impressive total of 750,000, indicating growth in commercial activity. Furthermore, the construction of the South Dock container terminal is progressing steadily. The first phase of this project is set to be completed in April 2024, and the new terminal is expected to have the capacity to accommodate two ships simultaneously. With 46% of the project completed, it is anticipated that this infrastructure will not only enhance efficiency in container logistics but also open new opportunities for the country's foreign trade. Looking back, it is recalled that ten years ago, on August 12, 2014, a decision was announced to halve the products subject to the Advance General Sales Tax (IGV). This decision, made by the National Superintendency of Customs and Tax Administration (Sunat), would affect 5,000 medium taxpayers who, starting in October of that year, would have sector specialists dedicated to their monitoring. This measure was set against a backdrop where mining, previously a major source of tax revenue, had seen its contribution drop from 20% to 6%, indicating a significant shift in the country's economic structure. Five years later, on August 12, 2019, the outlook for the financial system became more cautious. Credicorp, one of the major financial groups in the country, warned about the deterioration in the loan portfolio, particularly in the area of credit cards and financing for small and medium-sized enterprises (SMEs). This adjustment in credit granting criteria marked a moment of reflection in banking regarding market risks, but it also hinted at the potential for dynamism in the SME sector, crucial for the Peruvian economy. Credicorp's warning about the need to adjust collections underscored the economic uncertainty faced by both borrowers and financial institutions. However, the availability of US$ 500 million for acquisitions by Credicorp demonstrated that, despite the challenges, there were opportunities for expansion and strengthening of the sector. These three stages, although separated by several years, reflect the adaptability and evolution of the economic system in Peru. From innovations in port logistics to changes in tax policies and adjustments in credit strategies, each of these decisions has a significant impact on the country's development. As Peru moves into the future, it is essential to maintain a focus on sustainability and competitiveness. The combination of adequate infrastructure, a tax framework that fosters development, and a solid financial system will be key for the country to continue growing in an increasingly competitive global environment. In conclusion, looking both backward and forward, it is clear that Peru's economic development is in constant transformation. The decisions made today not only shape the present but also lay the groundwork for the country's economic future. The history of changes and adaptations in the Peruvian productive and financial system is undoubtedly a testament to the resilience and innovation capacity of its people.