LIMA — Chinese Ambassador to Peru hailed the pragmatic cooperation between China and Peru on Nov 24, calling on the two sides to further tap the great potential in industrial capacity and investment cooperation.

“Advancing industrial capacity cooperation has become a national strategy for China. It will take advantage of China’s industrial capacity, technology and financial resources to directly facilitate Peru’s economic development,” Ambassador Jia Guide said at an event held by Peru-China Chamber of Commerce on Nov 24.

Jia said Chinese investment is expanding from energy and mining areas to electricity, transportation, infrastructure, manufacturing, telecommunications and financial services sectors, and a feasibility study on a proposed railway linking Peru’s Pacific port of Bayovar and Brazil’s Atlantic coast is under way.

The project, if completed, will make it easier for exported goods from Latin America to reach China’s northern port city of Tianjin.

Peruvian Prime Minister Pedro Cateriano, who was also attending the event, highlighted in his speech two copper mining projects being developed by private Chinese firms in Peru’s central Junin region and the Andean region of Apurimac, which he said are expected to help boost Peru’s economy.

“This government will leave two major mining projects in full operation: Toromocho, which is already operating ... and Las Bambas, perhaps the largest mining project in our country’s history,” Cateriano said.

Peru is China’s second largest investment destination in Latin America, which has attracted more than $14 billion of direct investment from China. Over 170 Chinese companies have set up branches there.

China and Peru signed a memorandum of understanding on strengthening industrial capacity and investment cooperation in May during Premier Li Keqiang’s visit to the South American country.