Fujimori Takes Office With a Liberal Roadmap for Peru’s Investment Revival
Keiko Fujimori was sworn in as Peru’s ninth president on Tuesday, 28 July, bringing a decade of political churn to a close and immediately seeking to pivot the country back toward a market‑driven growth model. Her flagship programme, “Peru con Orden” (Peru With Order), leans heavily on liberal economic values and is explicitly modelled on the reforms her father Alberto Fujimori, the former dictator, imposed in the 1990s – which abolished prior authorisation for foreign investment, enshrined national‑treatment for overseas investors and privatised swaths of state industry.
The new plan promises a “regulatory shock” intended to slash project‑approval times by 40 %, while putting mining at the centre of Peru’s economic strategy. The sector already accounts for nearly 10 % of GDP and dominates merchandise exports with copper, zinc, silver, molybdenum, tin and gold. Fast‑track licences for strategic mining projects, tax incentives for profit reinvestment and a logistics build‑out connecting mining regions to ports are all on the table.
Oil and gas are also in the crosshairs: the government intends to sell non‑strategic Petroperú assets, hand the Norperuano oil pipeline to a private operator and stimulate fresh exploration in the Amazon and northern coast. In energy, the programme outlines a push into solar, wind, geothermal, biomass and green hydrogen, alongside accelerating an estimated US$3 billion of electricity‑transmission projects and creating a “Northern Energy Hub”. A sweeping infrastructure package rounds out the agenda – a new Central Highway, completion of Lima metro lines, rail corridors to major ports, airport modernisation, special economic zones and large‑scale irrigation.
What ‘Peru With Order’ Means for Mining, Oil and Infrastructure
Mining: Cutting Through Red Tape to Boost Exports
Fast‑track permits and tax carrots for reinvested profits are a direct pitch to global mining houses that have been frustrated by years of permitting delays. Peru is the world’s second‑largest copper producer, and a 40 % cut in approval timelines would meaningfully lower the cost of bringing new capacity online. The logistics investment – roads, railways and port connections – tackles a long‑standing bottleneck that erodes the competitiveness of Peruvian ore. If implemented, the package could tighten the copper supply pipeline at a time when electrification and grid build‑outs are stoking demand, strengthening Peru’s hand in price‑sensitive contract negotiations with Chinese and European offtakers.
Oil and Gas: Privatisation Signals for Petroperú
The plan to offload non‑strategic assets of the deeply indebted state oil company and to contract out operation of the Norperuano pipeline is a break from recent administrations that tried to keep Petroperú whole. Private operators will read this as a genuine de‑risking of the upstream and midstream spaces. However, the assets themselves – ageing infrastructure in remote areas – will interest only a narrow set of specialised mid‑cap operators unless the government sweetens terms significantly. Reviving exploration in the Amazon will also test the new government’s ability to manage environmental‑NGO and indigenous‑community pushback.
Energy Transition and Infrastructure: The $3 Billion Transmission Play
A portfolio of renewable‑energy targets and the explicit mention of green hydrogen signal that Fujimori’s team is trying to align Peru with the same energy‑transition capital flows that have poured into Chile. The US$3 billion transmission pipeline is the most concrete near‑term opportunity: those projects have been identified and partially structured, so an acceleration of permitting – combined with the new administration’s pro‑investment rhetoric – could trigger a fresh wave of infrastructure fund and developer interest. The “Northern Energy Hub” concept remains vague, however, and will need detailed project‑level feasibility studies before it moves markets.
Political Viability: Coalition‑Building in a Polarised Congress
Fujimori’s Fuerza Popular party has a stronger parliamentary base than recent presidents, but she will still need to negotiate with a fragmented legislature in a country that has ousted several heads of state in the past decade. The economic agenda may find cross‑party support for mining and infrastructure measures, but privatisation of Petroperú components and Amazon exploration risk mobilising nationalist and environmental factions. The recent recovery – GDP grew 3.5 % in 2024 and 3.4 % in 2025, while inflation has stayed below global averages – provides a favourable starting point, but the plan’s execution relies entirely on sustained political capital.
Sector-by-Sector Signals for Investors and Executives
- Mining licence timelines: Track the first projects designated as “strategic” under the fast‑track mechanism; companies already holding advanced‑stage concessions (Southern Copper, Freeport‑McMoRan’s Cerro Verde, etc.) stand to benefit most immediately from shorter permitting cycles.
- Transmission tender calendar: Monitor announcements from the Ministry of Energy and Mines for the previously identified US$3 billion transmission projects. A credible tender schedule in the next six months would signal genuine execution momentum and create entry points for infrastructure funds and EPC contractors.
- Petroperú asset sales: Watch for the list of “non‑strategic” assets to be divested. Which blocks, terminals or stakes are offered – and whether the government uses a competitive auction or direct negotiation – will determine the pool of bidders and the ultimate valuation.
- Norperuano pipeline operator search: A request for qualifications from private pipeline operators would confirm the intention to offload operations. Potential suitors with Andean experience (e.g., Oleoducto de Crudos Pesados in Ecuador) may have an edge.
- Infrastructure concessions: The Central Highway, Lima metro lines and rail‑to‑port corridors are likely to be tendered as public‑private partnerships. Scrutinise the design of the concession models – particularly demand‑risk allocation – to gauge bankability for international lenders.
Risk & Opportunity Assessment
| Commercial Risk | High | The entire plan hinges on political stability and coalition-building; any breakdown risks halting licensing and concession processes, leaving committed capital stranded. |
| Competitive Risk | Medium | If fast‑track mining permits are granted to incumbents quickly, it may entrench existing players and raise entry barriers for new entrants, though new exploration blocks could open up competition. |
| Regulatory Risk | High | The proposed regulatory shock requires legislative and administrative changes that could face legal challenges, especially from environmental and indigenous groups regarding Amazon exploration and accelerated permitting. |
| Reputation Risk | Medium | Keiko Fujimori’s association with her father’s authoritarian past may taint the government’s international reception, particularly with ESG‑sensitive investors, even as the economic policies are welcomed. |
| Technology Disruption | Low | The plan’s renewable‑energy push could accelerate adoption of solar and wind, but the mining and oil sectors remain the backbone; no single technology shift threatens the broader strategy. |
| Commercial Opportunity | High | The combination of liberalised foreign investment rules, tax incentives and a US$3 billion transmission pipeline creates multiple entry points for mining, energy and infrastructure capital across the next two to five years. |
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