Peru is targeting $40 billion in agricultural exports by 2040, with plans to surpass mining as the leading economic sector by 2050. Current initiatives include expanding irrigation and reforming tax laws to boost investments, alongside enhancing exports of beef, pork, and poultry, particularly to China. The country also seeks to increase farmland significantly and maintain sustainable forestry practices.
Peru’s agriculture minister, Angel Manero, announced the country’s objective to achieve $40 billion in agricultural exports by 2040, aiming to surpass mining as the primary economic driver by 2050. In 2024, Peru’s agricultural exports surged by 22%, totaling approximately $12.5 billion, with expectations of an annual increase of $2 billion moving forward. This year marks the commencement of beef, pork, and chicken exports, particularly targeting the Chinese market.
In a strategic move to bolster its agricultural sector, Peru plans to enhance large-scale irrigation initiatives along the coast, which will introduce 250,000 hectares of new farmland by this year, aiming for a total of 500,000 hectares by June 2026. Minister Manero highlighted recent legislative changes to forestry laws intended to improve land title regulations and enhance productivity on 12 million hectares of previously deforested land, ensuring that the remaining 67 million hectares of forest are preserved.
Furthermore, initiatives may expand African palm oil plantations from 100,000 to 300,000 hectares, alongside boosting coffee and cacao production in the Amazon region. The government’s proposed agrarian law seeks to lower the income tax rate from 29.5% to 15%, which is anticipated to encourage $1 billion in investments for 2025. Peru’s trade relationships will also broaden, with aspirations to finalize a free trade agreement with India and penetrate Southeast Asian markets.
Peru aims to increase agricultural exports significantly, transitioning its economic reliance from mining to agriculture. Given the robust growth experienced in agricultural exports recently, the government envisions a substantial expansion within this sector, particularly in meat products. The initiatives outlined by Minister Manero encompass extensive irrigation projects designed to maximize farmland, alongside reforms to enhance investment conditions and land productivity. The country has also seen beneficial trade negotiations and agreements with major partners, setting the stage for diversifying its export markets while ensuring sustainable land use practices. These developments reflect Peru’s commitment to transforming its agricultural landscape and fostering long-term economic growth.
In conclusion, Peru is ambitiously targeting $40 billion in agricultural exports by 2040, with clear strategies outlined by the agriculture minister to enhance production and expand markets. The increase in irrigation projects and favorable tax reforms illustrate the government’s dedication to foster growth in this sector and to compete effectively on a global scale. By refining their agricultural practices and diversifying export markets, Peru is poised to make significant strides away from its traditional reliance on mining as an economic driver.
Original Source: dunyanews.tv
