Peru
Press Release

Peru: Ministry of Economy authorizes more than 588 million soles to develop shipbuilding industry and reactivate SMEs

Bnamericas Published: Wednesday, January 25, 2023
Peru: Ministry of Economy authorizes more than 588 million soles to develop shipbuilding industry and reactivate SMEs

This is an automated translation of the original release published in Spanish. 

Statement from the Ministry of Economy and Finance

January 24, 2023

The Ministry of Economy and Finance, through Supreme Decree No. 003-2023-EF, authorized a transfer for S/ 588,367,514 to start the implementation of the reform of the national industry through the strengthening of the shipbuilding industry in Peru, as part of the measures to reactivate the economy under the Con Punche Perú and Impulso Perú plans.

These resources will be allocated to the construction of an ocean patrol boat, two maritime patrol boats and two auxiliary logistics units in the shipyards of the Industrial Service of the Navy (SIMA) as part of a 10-year plan for the development of the shipbuilding industry.

The Minister of Economy and Finance, Alex Contreras, explained that these activities will have an impact in the short, medium and long term, since they will contribute to the reactivation of metal-mechanic SMEs and will allow the generation of greater capacities in SIMA.

"In the coming years, Peru will be a port power in Latin America, since it will have the largest port in the region, which will be Chancay, which added to the ports of Paita, Salaverry, Callao and San Martín will make the country a port hub. This will generate potential demand for maintenance services for large-scale ships, for which SIMA has been developing capacities," said Minister Contreras.

“The construction of ships demands products from the iron and steel, chemical, machinery and electrical equipment industries, and promotes trade. Likewise, the shipbuilding industry generates dynamism and productive chains, allowing greater development of regional trade, especially in nearby areas, because it stimulates the trade and transport of merchandise and other inputs. Undoubtedly, the potential is enormous," said the minister."

He added that the resources that will be transferred for the construction of ships will boost SMEs, since it is estimated that when SIMA builds a ship of any type, between 30% and 50% of the inputs come from SMEs.

It should be noted that public investment projects such as those to be developed by SIMA have the purpose of generating industrial clusters and corresponding development poles, forming synergies between local companies. They also have the objective of developing a sustainable supply chain, strengthening the production lines of Peruvian steel companies and factories associated with shipbuilding.

The Minister of Economy and Finance stated that one of the MEF's goals this year, supported by the Con Punche Perú reactivation plan, is for the Peruvian economy to be the fastest growing in the region.

"We are confident that the financing of public investment projects such as those that are being promoted will benefit national industry, thus reactivating the country's economy, through domestic consumption, and the economic movement coming from public and private investment," he said.

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