Peru has the conditions to double its copper production over a 5-to-10-year period, given its mining potential and pipeline of investment projects under development, Economy and Finance Minister Elmer Cuba stated on Wednesday.
The government official participated in the 60th Annual Assembly of the Latin American Federation of Banks (Felaban 2026) held in Lima and organized in conjunction with the Peruvian Association of Banks (Asbanc).
During this event, the Cabinet member underscored the country’s opportunities to boost economic growth through new investments.
The minister also noted that the mining project portfolio totals US$64 billion, with a significant share comprising initiatives related to copper production.
Likewise, he highlighted that Peru has 87 public-private partnership (PPP) projects worth more than US$35 billion, as well as 16 non-conventional renewable energy projects valued at US$16 billion.
Public investment
Minister Cuba stressed Peru’s efforts in public investment, which currently accounts for 5.2% of gross domestic product (GDP), nearly 50% higher than the average among member countries of the Organisation for Economic Co-operation and Development (OECD).
However, he mentioned the need to enhance the efficiency of resource allocation, particularly through proper technical files and better planning for project financing.
In this regard, the high-ranking official said 40% of projects undertaken over the past 10 years have been abandoned.
Tax revenue
The minister noted that tax evasion is equivalent to 9% of Peru’s GDP, exceeding the regional average (6.7%).
In this regard, he said reducing tax non-compliance will strengthen the Peruvian State’s permanent revenue and provide additional resources to close infrastructure gaps.
“To tackle tax evasion, we do not need any law or to impose any tax rate. It is purely and simply a matter of management, which, with today’s methodology, technology, and artificial intelligence (AI), we can address seriously and successfully,” Cuba stated.
The MEF chief added that if Peru manages to reduce tax evasion by two percentage points and reach the regional average, the additional revenue could be allocated to addressing the country’s infrastructure needs.
