Peru and Saudi Arabia are working to strengthen their diplomatic and economic cooperation, despite their geographical distance. Elmer Schialer, Peru’s Minister of Foreign Affairs, emphasizes the potential for collaboration rooted in economic complementarity. Both nations share a vision for global integration, aiming to build bridges that enhance their mutual interests.

Strategically positioned on the Pacific coast of South America, Peru acts as an economic gateway to the region. The country, with a population exceeding 34 million and covering 1.28 million square kilometers, has demonstrated macroeconomic stability. In 2024, Peru achieved a gross domestic product growth of 3.3 percent, while inflation remained low at 1.97 percent. Notably, the total value of exports reached a record $74.6 billion.

Peru’s positive economic environment is bolstered by over three decades of sound policies, providing a stable and attractive setting for foreign investors. The legal framework in place ensures equal treatment for foreign investors, adhering to international investment protections. This stability is particularly appealing to Saudi investors looking for secure opportunities.

The country’s trade-focused growth model is further enhanced by more than 20 free trade agreements and 32 bilateral investment treaties, which offer preferential access to key markets for 87 percent of Peru’s exports.

In maritime logistics, Peru serves as a critical hub in Latin America, with advanced port infrastructure facilitating international trade. In 2024, Peru ranked 37th in the Liner Shipping Connectivity Index, establishing itself as the third most connected country in South America. This connectivity aligns with Peru’s foreign policy, which emphasizes international law and economic cooperation, making it an attractive prospect for Saudi companies seeking to expand in the region.

Bilateral relations between Peru and Saudi Arabia began in 1986, with formal diplomatic ties established. The opening of embassies in Riyadh in 2012 and Lima in 2013 marked significant milestones in their relationship. Trade exchanges between the two countries peaked at $188 million in recent years, reflecting the growing economic interaction.

Political consultation mechanisms are in place to facilitate ongoing dialogue and enhance cooperation. These platforms support negotiations for new agreements, including drafts for general cooperation and air services agreements.

Saudi Arabia, as the largest economy in the Middle East, plays a vital role in this partnership. The kingdom is recognized for its leadership in financial innovation and technological advancement. Schialer admires Saudi Arabia’s Vision 2030, noting its alignment with Peru’s national development strategies, creating opportunities for collaboration beyond government levels to include the business sector.

Peru is eager to highlight its strengths, particularly as a supplier of high-nutritional agricultural products like blueberries, grapes, and avocados. Conversely, Saudi Arabia’s contributions in industrial inputs and technology are equally significant, paving the way for expanded trade and investment in sectors such as infrastructure, mining, and energy.

Peru has various projects that present opportunities for Saudi investors, including a petrochemical plant project, the Southern Peru Integrated Gas Transportation System, and the 2025-2034 Transmission Plan in energy. Other initiatives include the El Galeno and Los Chancas mining projects, along with infrastructure developments like the Andean Longitudinal Highway and the Ilo Desalination Plant.

Schialer expresses enthusiasm for his upcoming visit to Saudi Arabia, anticipating fruitful conversations and the potential to strengthen friendships and partnerships. He believes that a lasting relationship can be built on mutual trust and respect, fostering growth for both nations.

Peru invites Saudi businesses, investors, and policymakers to explore the vast opportunities available, aiming to open new economic frontiers and establish a foundation for shared prosperity and innovation.