Peru Seeks to Boost Tech Sector with Foreign Investment Push
TL;DR
Foreign investment funds from multiple countries met with Peruvian startups to evaluate investment opportunities, aiming to gain a competitive advantage in the high tech sector.
The 4th High Technology Investment Meeting facilitated connections between Peruvian startups and foreign investors, promoting potential investment opportunities and capital injection.
The event aims to position Peru as an attractive destination for foreign direct investment in the high technology sector, promoting the growth of the national entrepreneurial ecosystem of technology and innovation.
Lima Tech Week 2024 brought together industry leaders, entrepreneurs, investors, and professionals to explore the latest trends and developments in technology and innovation.
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Peru is making significant strides to position itself as a prime destination for foreign direct investment in the high-technology sector. The country recently hosted the 4th High Technology Investment Meeting, bringing together 25 foreign investment funds from nine countries with Peruvian startups and venture capital funds. This event, organized by the Commission for the Promotion of Peru for Export and Tourism (PROMPERÚ), aimed to foster connections and evaluate investment opportunities in the country's burgeoning tech scene.
The initiative comes as Peru seeks to capitalize on its growing reputation as an attractive destination for tech investment. Daniel Córdova, Director of Investments Promotion at PROMPERÚ, highlighted Peru's solid entrepreneurship ecosystem, macroeconomic stability, and legislation that promotes and protects investment as key factors drawing foreign interest.
The event, part of Lima Tech Week 2024, facilitated meetings between 35 Peruvian startups from various tech subsectors and 18 foreign venture capital funds. Additionally, nine national venture capital funds engaged with seven international limited partners to secure additional financing, underscoring the multilayered approach to stimulating the tech economy.
Peru's efforts appear to be paying off, with the country reporting USD 427 million in foreign direct investment in the High Technology sector between 2004 and September 2024. This investment, spread across 121 projects by 112 companies, has generated an estimated 7,507 direct jobs. The United States, Spain, Argentina, Chile, and Costa Rica have been the top investors, with software publishing, custom programming services, and internet publishing leading the subsectors in project numbers.
This push for foreign investment in technology startups could have far-reaching implications for Peru's economic landscape. By attracting international capital and expertise, Peru aims to accelerate the growth of its tech sector, potentially leading to job creation, increased innovation, and a more diversified economy. The success of this initiative could also enhance Peru's competitiveness in the global tech market and position the country as a key player in Latin America's digital transformation.
Curated from News Direct
