Lima Chamber of Commerce Urges New Government to Prioritize Five Key Reforms
The Lima Chamber of Commerce (CCL) has called on Peru's incoming government to implement five priority reforms aimed at restoring economic confidence and dynamism. CCL President Raúl Fernández-Concha stated that state inefficiency and corruption have prevented the country from fully capitalizing on the current international boom in mineral prices, resulting in a growth rate of only 3% when it could be double. The organization plans to present these proposals to President-elect Keiko Fujimori.
Carlos Posada, CCL's Institutional Director, outlined the five key areas: closing infrastructure gaps in transportation, energy, water, and digital connectivity; simplifying and unblocking projects by reducing bureaucracy and overregulation; fostering trust and predictability through citizen security, economic stability, fiscal discipline, and respect for contracts; boosting productivity and formalization via improved education, technical training, healthcare, and technology adoption; and honoring state obligations to suppliers and contractors.
Fernández-Concha emphasized that these reforms ultimately aim to reduce state intervention and increase its efficiency. He criticized the current government's recent supplementary credit, noting it will be used for current expenses while crucial prevention works for the El Niño Phenomenon remain postponed. The CCL has requested the Ombudsman's Office investigate responsible ministers since 2017 for this delay. The Chamber also stressed the importance of legal certainty, asserting that contracts must be honored and clear rules must be followed.
The Lima Chamber of Commerce's proposals highlight a recurring tension between state intervention and private sector growth in developing economies. The focus on reducing bureaucracy, ensuring fiscal discipline, and honoring contracts suggests a desire for a more predictable investment climate, particularly in light of Peru's reliance on mineral exports. The critique of current government spending and delayed infrastructure projects points to systemic challenges in public administration and execution capacity. Looking ahead, the ability of any Peruvian government to balance the demands of resource-rich economic development with effective, transparent governance and equitable distribution of benefits will be crucial for sustained, inclusive growth in the coming decade.
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