In Santiago on January 31, Peru's agriculture minister told Reuters that agricultural activities could surpass mining as the leading economic force in the country by 2050. The plan involves increasing meat exports to China, offering tax incentives to attract investment, and initiating extensive irrigation projects to expand farmland.
Angel Manero, Peru's agriculture minister, pointed out that in 2024, agricultural exports saw a 22% surge, reaching approximately $12.5 billion. Manero anticipates yearly industry growth of $2 billion.
"Our target is to achieve $40 billion in exports by 2040," stated Manero in an interview, highlighting plans for beef, pork, and chicken exports starting this year.
"We aim to exceed mining in exports by 2050."
Manero disclosed that beef and pork exports to China will begin this year following discussions between President Dina Boluarte and Xi Jinping during a state visit last June. Peru and China recently ratified a deal first established in 2009.
Further plans include expanding poultry exports, as well as increasing meat exports to the US and European markets.
While the US is currently Peru's primary agricultural export market, followed by Europe, the minister disclosed intentions of finalizing a free trade agreement with India soon and venturing into Southeast Asia.
To meet the growing demands, significant irrigation projects on the coast will add 250,000 hectares of new farmland this year, with a target of 500,000 hectares by June 2026.
Discussing recent modifications to forestry laws, Manero highlighted measures to streamline land titles and enhance productivity on 12 million hectares of deforested land.
"We aim to preserve our 67 million hectares of forest," Manero affirmed, "and transform deforested areas from years past into productive agricultural and livestock ventures, utilizing technology to increase efficiency without further deforestation."
Anticipated expansions include African palm oil plantations growing to 300,000 hectares from the current 100,000 hectares, alongside efforts to strengthen coffee and cacao cultivation in the Amazonian regions.
Manero expressed hope that a new agrarian law, reducing the income tax rate from 29.5% to 15%, would be ratified this year, boosting sector investments to $1 billion by 2025.