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COSCO plants its flag in South America with $3bn Peruvian port

Chinese state shipping conglomerate seeks to build new Belt and Road hub

Chancay's bay, seen here in 2021, provides a natural 16-meter deep harbor which will enable the port to handle the world's largest container ships. (Courtesy COSCO Shipping Ports)

CHANCAY, Peru -- Major ports along the west coast of the Americas have been snarled for much of the last two years due to COVID and global shipping challenges such as the Ukraine war. 

Outside a sleepy South American fishing town, Chinese state-owned conglomerate COSCO Shipping Holdings is moving forward with its own solution to untangling this knot: building -- virtually from scratch -- a $3 billion deep-water port linked with a sprawling industrial and logistics park, in collaboration with a unit of Swiss trading house Glencore.

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