The agreement formally incorporates Corío into ProInversión's Public-Private Partnerships (PPP) portfolio, but having another port operator in Peru is not the only opportunity contemplated around the terminal.
The "Corío Megaport of the Americas" aims to stop being just a promise. And yesterday, the Regional Government (Gore) Arequipa, together with the Private Investment Promotion Agency (ProInversión), took a step forward to make it a reality in the short term.
The agency has formally received, via an agreement, the mandate from the Gore to promote the project and "attract" interested investors. However, as Gestión confirmed, the ambition transcends port infrastructure.
The agreement formally incorporates Corío into ProInversión's Public-Private Partnerships (PPP) portfolio, but having another port operator in Peru is not the only opportunity contemplated around the terminal.
According to the presentation given by the Gore, ProInversión, and the National Port Authority (APN) at an event on Corío, the investment solely for the infrastructure of the future port will require US$ 844.4 million.
But its real economic impact would go much further and cannot yet be estimated. Luis Del Carpio, executive president of the agency, emphasized that the vision set by Corío's master plan, approved by the APN last September, seeks for it to be a "port city," not just another terminal.
"The US$ 844 million is only for the strictly port infrastructure, but its economic dimension is around the port. There are more than 34,000 hectares (ha) where distribution centers, transformation activities, digital connectivity, and more can be developed. That's why we cannot measure it only by how much it costs to build its docks," he specified.
As Gestión reported a week ago, this is a very similar vision to what is projected for the Ancón Industrial Park (PIA), but on an even larger scale. The PIA has 1,338 ha, but will develop a minimum of 1,200 ha.
To dimension the scale of Corío, it is enough to review the urban sectorization proposal, with 11 components, contained in its master plan.
It highlights that there are two options for the port, which do not exceed 458 ha; a foreport, with 717 ha; and an intermodal platform, which includes rail and truck yards, with 129 ha in total.
But that's not all: there is a reserved space of 2,293 ha for an airport; another 4,822 ha for an industrial zone; and more for residential, commercial, and service areas.
In statements to Gestión, Rohel Sánchez, regional governor of Arequipa, clarified that the fact that it has been decided that the port itself will be a PPP does not mean that the private initiative, which the APN validated in 2025 for at least US$ 2 billion, has been completely ruled out. This idea, which would give Corío the legal status of the port of Chancay, would have to be complemented.
"The path must be based on what is decided with ProInversión. That initiative can be considered, but under the approach of an integral development for Corío," he stated.
In May, at a promotional event similar to this Monday's, interest in Corío attracted more than 350 businesspeople. Since then, Sánchez revealed, several of them have approached the Gore Arequipa.
Without giving names, he commented that there had already been contact with investors from the United States (US) and China, but they are not the only ones. All, according to the governor, understood that the opportunities of the "Corío Port City" go beyond port operations.
"Several companies have approached us, from the US, China, India, Turkey, South Korea. This will be discussed with ProInversión to channel the investment. They are interested in everything (being port operators and related industries)," he highlighted.
The regional authority also reiterated the particular interest of his Gore in having an investor for Corío join another that his administration has promoted: the Carbon Neutral Hub, 30,000 ha enabled to produce green hydrogen.
Sánchez will leave office at the end of 2026, and Arequipa still needs to define his successor. Alfredo Zegarra, candidate of the Fuerza Arequipeña movement, will dispute the position against Henry Huisa, candidate of Ahora Nación, in the second round on December 6. Both have experience in Arequipa: Zegarra was provincial mayor of the region and Huisa is the current mayor of the El Pedregal district.
In this regard, Sánchez assured that "there is no turning back" regarding the progress made with Corío, thus ruling out that the new governor of Arequipa could rethink the path already outlined by the master plan for the project.
"By no means, because here the focus is on relying directly on private investment. It has to be that way, using PPPs, Projects in Assets, even usufruct, whatever is required," he indicated.
Both the Gore Arequipa and ProInversión avoided giving clear deadlines for when the port of Corío would begin operations. But Eusebio Vega, director of Planning and Economic Studies at the APN, offered an estimate, based on another port of similar scale in Peru.
"We are talking about a greenfield project (from scratch). Those who manage projects in the private sector know this: such a project matures between 7 to 10 years. Chancay was one of them and took more than 12. In between, there are tasks to be completed, such as connectivity with IIRSA Sur, border crossings, energy, port access, and more," he stated.
It is worth noting that Corío would be developed in three stages. The first foresees the largest estimated investment: US$ 651.98 million. This includes the "logistics city" of more than 34,000 ha. The second, for US$ 109.25 million, would add another bulk berth with greater storage and railways. The third, for its part, considers US$ 83.25 million for one more berth and complementary equipment.
Towards the 30th year of operation, optimistic scenarios project a capture of up to 932,000 tons of general cargo and 19 million tons of bulk cargo, especially due to demand generated from Brazil to Asia.
