Media release

Australian Minister for Trade, Mark Vaile

September 02, 1999

New Austrade Office and Australian Consulate in Peru

Minister for Trade, Mark Vaile, highlighted growing trade and investment opportunities as the key factor in Australia's decision to open a new Austrade and Australian Consulate General office in Lima, Peru, today (2 September).

"Australian investors are making their mark on Peru's expanding mining sector", Mr Vaile said. "Peru's open investment regime and substantial mining sector prospects, make it a magnet for further Australian investment and a target for mining equipment and services exporters".

Two-way trade between Australia and Peru totalled A$74.7 in 1998/99, with Australia enjoying a surplus of A$35.1m. Australian investment is estimated at US$450m including the US$ 332m investment by BHP in the purchase and upgrade of the Tintaya mine.

"Australia is already amongst the top 5 investors in Peru - and judging by the enthusiasm and interest from the Australian mining sector, this is a trend that I expect will continue".

Mr Vaile said "the new Consulate-General and Austrade office in Lima was a tangible demonstration of the Australian Government's commitment to provide practical support to the Australian business community, and a vote of confidence in the outlook for Peru".

While in Peru, Mr Vaile met with the President, His Excellency Alberto Fujimori, the Foreign Minister Fernando de Trazegnies and Minister for Industry, Tourism, Integration and International Trade Negotiations César Luna-Victoria. He also met with Peruvian business leaders and members of the Peru-based Australian business community.

Lima is the fourth Austrade office to open in South America. Other offices are in Sao Paulo (Brazil), Buenos Aires (Argentina) and Santiago (Chile).