💨 Abstract

Chinese President Xi Jinping inaugurated a $1.3 billion deep-water port in Peru, the first phase of a megaport aimed at becoming a major shipping hub between Asia and South America. The port, named Chancay, is part of China's Belt and Road Initiative and will generate $4.5 billion in annual revenues, create 8,000 jobs, and reduce logistics costs by 20%.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖