Mariano Rajoy receives President of Republic of Peru at Moncloa Palace

Moncloa Palace, Madrid

The meeting served to review bilateral relations and to tackle the main issues on the international and Ibero-American regional agendas.

Within the framework of the meeting, the two Heads of Government had the opportunity to observe the excellent state of current bilateral relations.

Spain is the leading foreign investor in Peru and the two leaders highlighted the suitability of continuing to further step up relations to the mutual benefit of both countries. Within this aim in mind, Spain and Peru are currently negotiating a Double Tax Treaty in order to further facilitate investments in both directions.

The two Heads of Government also had the opportunity to review the international and multilateral agendas, and agreed on their concern at the serious situation affecting Venezuela. The President of the Government reiterated Spain's firm support for Peru's candidature to join the OECD.

President Kucyznski is in Spain within the framework of an official visit, the first to our country as President of Peru. President Kucyznski will also be received by H.M. the King, and will take part in various events with economic stakeholders and representatives of Spanish civil society.

Economic relations between the two countries are enjoying a buoyant period. Spain is an important trading partner for Peru, where it is its 7th ranked customer and 15th ranked supplier. Spain has a traditional and growing trade deficit with Peru, which amounted to 857 million euros in 2016. While our exports remained at similar levels in 2016 to the previous year (593 million euros), our exports grew by 17% to stand at 1.45 billion euros.

From an investment perspective, Spain is the leading foreign investor in Peru. According to Peruvian statistics, 20% of the foreign investment stock in the country is Spanish. The presence of Spanish companies in Peru has consolidated in such sectors as energy, hydrocarbons, finance, telecommunications and transport and construction infrastructures.