Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

The newly-opened Chancay Port in Peru is expected to inject new impetus into economic development and help deliver common prosperity across the Asia-Pacific, with the project seen as a symbol of openness and cooperation across the region.

Located some 80 kilometers north of the Peruvian capital Lima, the port was officially opened on Thursday in a special inauguration ceremony attended via video link by Chinese President Xi Jinping and his Peruvian counterpart Dina Boluarte, after Xi arrived in Peru earlier in the day to pay a state visit and attend the 31st APEC Economic Leaders' Meeting.

The port is a flagship project under the Belt and Road Initiative and the first smart port in South America. The first phase of the project will shorten the shipping time from Peru to China to 23 days, reducing logistics costs by more than 20 percent. It is also expected to generate 4.5 billion U.S. dollars in annual revenue for Peru and directly create over 8,000 jobs.

Peruvian farmers, especially those in the Huaral valley next to Chancay, believe they will benefit greatly from the port's opening.

"Huaral is the capital of agriculture in Peru, we have almost 80 percent of all fruit and vegetable products. We have pitayas, avocados, vegetables like lettuce, among other things. So the fact that the transportation will take less time gives us the opportunity to do the packing at less cost. That is a huge advantage for us, for producers," said local farmer and agricultural consultant Percy Perez.

President Boluarte paid a state visit to China back in June, and the two heads of state hailed the significance of the Chancay Port project as it neared completion at that time.

"The time it takes for goods to be transported from the Chancay Port to Shanghai will be slashed by about 12 days, and the products of the Americas can reach Asia at the fastest speed possible," Boluarte said in an interview with China Central Television (CCTV) during her China trip.

"'From Chancay to Shanghai' has become a buzzword, which heralds the broad future of mutually beneficial cooperation between China and Peru. I believe it will bring a more concrete sense of gain and happiness to the people of both countries," Xi said during his meeting with Boluarte in June.

In his written speech at the APEC CEO Summit, Xi said that as long as relevant parties continue to practice the spirit of openness and connectivity, the Pacific Ocean can become a thoroughfare to promote prosperity and growth.

"From Chancay to Shanghai, what we are witnessing is not only the Belt and Road Initiative taking root and blossoming in Peru, but also the birth of a new land-sea corridor between Asia and Latin America in the new era," Xi said at the port's opening ceremony on Thursday.

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Chancay Port expected to deliver common prosperity, bring benefits to Asia-Pacific region

Egypt's Ministry of Electricity and Renewable Energy announced late Saturday price hikes for commercial and residential electricity consumption effective this April, citing the global energy crisis triggered by the U.S.-Israeli conflict with Iran.

In a statement, the ministry said that the current "acute and unprecedented global crisis" across all energy resources, caused by the ongoing war in the Gulf region, has necessitated price increases for certain commercial and residential consumption tiers starting this month.

According to the statement, commercial consumption prices across various brackets will rise by an average of approximately 20 percent.

For residential consumption, prices for tiers consuming 2,000 kWh per month and above have been raised by an average of 16 percent, while rates for all tiers below the 2,000 kWh threshold will remain unchanged.

The ministry added that around 40 percent of subscribers fall within the lowest residential consumption categories, and most of them are exempt from the price increases.

Austerity measures announced by the government in late March included activating remote work systems, slowing the implementation of fuel-intensive mega-projects, and cutting fuel allocations for all government vehicles by 30 percent.

Additional measures included cutting business hours for shops, restaurants, cafes and malls as well as reducing street lighting and billboard illumination by one-third.

Egypt raises electricity prices amid global energy crisis