Peru to seek investment from Singapore funds
13 July 2012
News, Asia, Singapore, Latin America
Peru’s finance minister, Miguel Castilla, said the country will seek investments from Singapore’s sovereign wealth firms after they indicated interest in the Latin American country’s projects, according to a report from Bloomberg on Thursday.
“We’re going to meet the Singapore wealth funds in a couple of days,” Miguel Castilla was quoted in the report as saying. “They’ve shown interest in investing in our assets and they’re looking into projects suitable for investment.”
The move comes as the Government of Singapore Investment Corp., the city-state’s sovereign wealth fund, and Temasek Holdings Pte, its state-owned investment firm, move to expand across the emerging markets, including Latin America, to increase returns.
Peru, which is South America’s sixth-biggest economy, is the world’s top silver producer, the third-largest copper producer and the sixth largest gold producer. The report quoted the president of the Peruvian central bank as saying the country may reach or exceed its economic growth targets for this year, bolstered by domestic demand and a rebound in China.
GIC, as the fund is known, appointed senior executives in new roles last year to reflect a push into emerging markets. As part of this, it named Seek Ngee Huat, president of its real estate unit, as head of its Latin American business group.
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