Peru's newly-opened Chancay Port is expected to play a vital role in promoting trade between South America and Asia, according to Peruvian and Chinese experts. An opening ceremony was held for the port on Thursday,

"It's nearly ready," Gonzalo Rios, deputy general manager of the Peruvian subsidiary of Chinese port operator Cosco Shipping, which has a 60 percent stake in the facility, said during a recent visit to the deep-water port.

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.