By Alek Buttermann The inauguration of the Chancay Megaport in Peru marks a significant moment for regional trade, with the facility set to become South America’s largest commercial port. Developed by China's state-owned Cosco Shipping,

The new megaport is 992 hectares in size and creates a direct link between Shanghai and Peru and will cut shipment times down by 20 days on some routes.

The first phase of China's Chancay port project, located around 70 kilometres north of Lima, is due to officially open on Thursday.