Peru Opens Foreign Investment in Tacna Free
Peru allows foreign private investment in the Tacna Free Zone, aiming to unlock $15 million and create over 22,000 jobs.
The Peruvian government has opened the Tacna Free Zone to foreign private investment. A new supreme decree, signed by President Keiko Fujimori and key ministers, aims to unlock approximately $15 million in investments and generate more than 22,000 jobs.
According to the source, the decree is designed to attract new capital and spur large-scale projects. It is also projected to help increase the Tacna region's contribution to the national GDP from 1.48% to 2%.
Investment Framework and Goals
The legal framework allows foreign companies and capital to participate in the zone, known as Zofratacna. They can do so through contracts for the right of use, not ownership transfer, to develop activities permitted under its founding law. These activities include manufacturing, logistics, services, and technology.
Minister of Foreign Trade and Tourism Rogers Valencia stated the move sends a clear signal. "Peru is open to responsible foreign investment that generates formal employment, transfers technology, and energizes our regions," he said, according to the source. He positioned Zofratacna as a new development hub for southern Peru.
The government expects new investments to promote the installation of industrial plants and boost technology transfer. It also aims to strengthen export-oriented value chains and energize cross-border trade. The goal is to leverage Tacna's location as a connection point for companies entering the Peruvian market and looking to reach other international markets.
Legal Basis and Safeguards
The declaration is based on an exception in Peru's constitution. This exception permits authorization for acquisition or possession within 50 kilometers of the border when a public necessity decree is issued.
The measure does not imply a transfer of property. National security and territorial sovereignty guarantees remain fully in force. The decree establishes supervision and control mechanisms.
These include periodic oversight by the Ministry of Foreign Trade and Tourism. An annual visit by the Ministry of Defense to the complex is also required. The Administration of Zofratacna retains direct control over the entry, stay, and exit of goods and people.
The initiative was first presented by the Zofratacna Administration Committee. It then underwent an evaluation and legal, technical, and economic strengthening process. This process was led by the Ministry of Foreign Trade and Tourism with participation from the defense, justice, interior, and foreign affairs ministries.
