"From Chancay to Shanghai" has become a popular slogan in Peru as Chancay Port, a flagship project of the China-proposed Belt and Road Initiative, prepares for its grand opening.

The $1.3 billion deep-water port, developed by China's Cosco Shipping, is set to revolutionize regional trade by accommodating ultra-large container vessels and significantly reducing shipping times. When completed, the first phase of the project will reduce the sea shipping time from Peru to China to 23 days and cut logistics costs by at least 20 percent.

The first phase of the project is expected to generate $4.5 billion in yearly revenues for Peru and create over 8,000 direct jobs.