Peru warmly welcomes Chinese investment and is ready to serve as a platform for Chinese products to enter the South American market, said visiting Peruvian President Alejandro Toledo on Thursday.  

When addressing a China-Peru business seminar, Toledo said Peru admires the economic achievements made by the Chinese people and hopes China can expand its investment in Peru.

Also yesterday, China and Peru signed seven cooperation accords following a meeting between President Hu Jintao and Toledo.

The accords include a treaty on highway and waterway construction, and agreements on economic and technological cooperation, health, tourism and intellectual property rights.

China, Peru's second largest trading partner and its third biggest export market, pledged to further bilateral trade and strengthen cooperation in energy, agriculture, communications and infrastructure construction, according to Hu.

During yesterday's meeting, the Chinese president called on both governments to create a positive environment for the enterprises of the two countries.

"I believe that, with our joint efforts, the China-Peru comprehensive cooperative partnership will definitely produce fruitful results and bring benefits to the two countries and the two peoples," Hu said.

The Peruvian president said that the two economies are highly complementary to each other, and both sides have great potential to enlarge bilateral investment and trade. Toledo reiterated that Peru, China's second largest Latin American investment destination, recognizes China's complete market economy status.

It is hoped that both sides continue to expand and reinforce cooperation, especially cooperation in the areas of mining, infrastructure construction and tourism, said Toledo.

China has already poured approximately US$300 million into Peru's mining, oil and fishery industries. By the end of 2004, the two-way trade volume was valued at US$1.94 billion, an increase of 74.4 percent over the previous year. In the first quarter of 2005, bilateral trade surged to US$682 million, jumping 124.1 percent over the same period last year.

Toledo's six-day visit started on Wednesday. During his stay, he will meet with other senior Chinese leaders, including top legislator Wu Bangguo and Premier Wen Jiabao.

He will also visit Shanghai, Xi'an -- capital of northwest China's Shaanxi Province, and Guangzhou -- capital of south China's Guangdong Province.

(China Daily June 3, 2005)