Peru RATING PERU Competitive Index WB Doing Business WB Starting a Business Corruption Index S&P s Economic/Industry Risk Heritage Economic Freedom

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1 Peru Driven mainly by domestic demand and rising investments, Peru s economy will be one of the best-performing economies in South America in 2014 according to Euromonitor International. The trade agreement between the EU and Peru came into force on the 1st of March 2013 and is according to the EU expected to bring annual savings of more than 500 million through reduced customs duties alone. The biggest benefit is nevertheless expected through the more stable conditions for trade and investment. The trade agreement between the EU and Peru will provide more stable conditions for trade and investment and is thus expected to create many new opportunities - both for businesses and consumers. In the long term perspective exporters of industrial- and fishery products will no longer have to pay customs duties and agricultural commodity markets will generally be open. RATING PERU Competitive Index (2014): 61 st place of 148 (7 th place in Latin America) WB Doing Business (2014): 42 nd place of 185 (2 nd place in Latin America) WB Starting a Business (2014): 63 rd place of 185 (8 th place in Latin America) Corruption Index (2014): 83 rd place of 174 (8 th place in Latin America) S&P s Economic/Industry Risk (2013): Group 4 of 10 (4 th place in Latin America) Heritage Economic Freedom (2013): 44 th place of 177 (4 th place in Latin America) With a remarkable average growth in GDP of 8,82% from the Peruvian economy was said to be among the top performers in Latin America. During the economic crisis the Peruvian economy suffered a downturn like many other economies leading to a GDP growth rate of just 0,9%. However, the Peruvian economy is yet again growing fast with 6% in 2013 and an average expected growth of 6% during This makes Peru one of the fastest growing economies in Latin America and an attractive market for foreign exporters and investors. Moreover, the Peruvian government is cutting the red tape in order to make it easier to do business in Peru. Accordingly, Peru is the 3rd easiest country in Latin America to do business in. Head of State: Ollanta Humala Tasso Population: 30.5 million (2013) GDP pr. Capita (2013): USD GDP growth (2014): 5,1 % Inflation rate, official (2014): 2,9 Danish export to Peru (2013): DKK 463 million Growth in Danish export to Peru ( ): 41,1%

2 Promising sectors in Peru Agriculture Peru s agricultural sector employs 25,8% of the work force. Moreover, Peru is the world s 6th largest producer of coffee and is currently exporting approximately 90% of the coffee production. Dairy In 2013, the dairy industry grew with 6 %. 3 vertical integrated companies have more than 90% of the market (160 SMC s in the dairy industry). The ministry of agriculture has a goal to increase the consumption of milk per capita from 70L in 2013 to 120L in The dairy industry is the second largest within agriculture (excl. fruit and vegetables) after poultry. Poultry Poultry is the preferred meat in Peru. In 2013, the overall poultry production totalled 1,5 million tons, a 2,7% increase since Every year approx. 28,5 kg poultry is consumed per capita. Lima has the biggest amount of the production, 51,9%. The regions Lima, Libertad and Arequipa produces 81,95% of poultry in Peru. Pork In 2012, Peru produced tons pork to a total of USD 302,5 million. A 4,7% increase since There are approx. 600 industrialized pig farms in Peru. 80% of these are located by the coast and has 70% of the overall production. In 2012, Peru had 2.5 million pigs with an average weight of 70kg/pr. Pig. Approx. 4,5 kg pork is consumed per capita every year the lowest in the region. Health Care In 2012, Peru spend 5,1% of GDP on health care expenses, where the average in Latin America was 7,6%. In Peru, the health care sector has been neglected in long time, and the infrastructure is worn down and Peru is experiencing a shortage of doctors and specialists. Moreover, a middle class who demands access to quality health services is growing fast. A modernization of the hospitals and expansion of those is part of the reform in Furthermore, the Peruvian health care sector has a growing need of know how from abroad. Private hospital chains that have recently begun to spring up in Peru represent another opportunity. One of the most important ones is AUNA that has an investment plan through 2015 of approximately US$ 500 million. They currently have two clinics in Piura city, one specialized center in Chiclayo city, one clinic in Trujillo city, one clinic in Lima, one clinic in Arequipa city and many projects to come for 2014 and The growth of clinics has a proportional relationship with imports of instruments and medical equipment. In the last three years, these imports have increased 16.97%, reaching the amount of US$ 232 million in It is important to notice that Peru has very little domestic manufacturing industry. As a result, the market is heavily dependent on imports. Mining Industry Equipment The mining sector in Peru accounts for nearly 60% of the nation s exports and is predicted to carry US$53 billion in future investments over the next decade. The sector experienced an average annual growth rate of 21.1% in the period Peru has the world's second largest reserves of copper, the third largest of zinc and the world's largest reserve of gold. Energy & Enviroment Energy demand in Peru is growing 9% per year, roughly equivalent to bringing online a new 500 MW generation plant each year. Accordingly, it has been estimated that from , total required energy capacity is expected to increase to 6,140 MW, requiring investments in the range of USD10,830 to USD13,320 million, a portion of which must be funded by the private financial sector. The Ministry of Energy and Mines (MINEM) has set a goal for a 33% renewable energy share in the energy matrix by Furthermore, the government has a 15% energy savings goal for the period , relative to projected demand for 2018, in the residential, industrial, services, public, and transportation sectors.

3 Colombia Food and Agriculture The agro business is one of the most important sectors of the Colombian economy, representing about 9% of GDP and nearly 20% of total employment. After oil and coal, food products are the main exports. As illustrated below, the sector is dominated by livestock and coffee. Beef Sector: The sector has been supported by the improved economic situation and the resumption of trade with Venezuela. The production is expected to grow, fuelled by the expanding economy and improved security situation. By 2017, the beef production is expected to grow by 9.4% in relation to 2011/12, reaching 985,000 tonnes. Consumption in Colombia is fairly low by Latin American standards but high compared with emerging markets in other parts of the world. The annual per capita consumption in Colombia is around 19 kg. In recent years, consumption was affected by high domestic prices and the demand declined by 4.0% in Poultry Sector: Poultry production has expanded rapidly over the past few decades, growing almost tenfold since the beginning of the 1980s. In volume terms, poultry production is Colombia's most significant livestock sector. By 2016, the production is expected to grow by 11.3% on the 2011/12 level to reach 1.2 mn tonnes. Poultry has overtaken beef in the last 10 years to become Colombia's main meat, driven by the cheaper price of chicken and its perceived healthiness. Demand grew from 616,000 tonnes in 2001 to 1.2 mn tonnes in 2012, an increase of 87%. Average per capita annual consumption has grown from 16 kg to 24 kg over the same period. Consumption is forecasted to grow by 2.6% in 2014 to reach 1.2 mn tonnes. Pork Sector: Pig farming is on a very small scale compared with beef and poultry. Production has followed a similar trend to beef, expanding rapidly in the 1970s and 1980s before stagnating in the past couple of decades. The pork production is expected to grow by 1.6% in 2014 reaching 190,000 tonnes. By 2016, the production is forecast to rise by 4.5% on the 2012 level to reach 201,600 tonnes. As with production, pork consumption is relatively low. However, in 2013 there was an increase in demand by 5% and in 2014 it is expected to grow by 4,5% to reach 241,400 tonnes, as high prices encourage consumers to move away from beef. By 2017, the consumption is expected to grow by 19.2% on the 2012 level, reaching 262,200 tonnes. Dairy Sector:

4 Colombia's milk output has been growing steadily over the past two decades as the sector has developed and the government has encouraged dairy farming as a means of improving rural employment options. However, in recent years production has been constrained by adverse weather conditions. Despite these difficulties, the production is forecasted to grow by 1.9% in 2014, reaching 8.0 mn tonnes. The demand for other dairy products, such as cheese and butter is also growing. Per capita liquid milk consumption has grown strongly over the past decade, expanding from 103 kg in 1999 to an estimated 123 kg in Consumption is already high by world standards and more than 10 times that of neighbouring Venezuela. Food Sector: The Colombian food industry is one of the largest sectors of the country's economy, accounting for 23% of industrial production and 18% of industrial employment. Important sub-segments of the food industry include the milling industry, dairy and coffee production, fruits, vegetables, fats and oils, the production of prepared foodstuffs, meat and fish products, sugar and confectionery products, etc. Colombia is also a major producer of several intermediate and consumer-ready categories, including sauces and spices, dairy products, breakfast cereals, confectioneries, baked goods, poultry feed and pet food. Between 2013 and 2017 total food consumption is expected to rise by 45.4% (nominal growth rate in local currency terms). The growth will be driven by increased demand for value-added and premium products, with producers investing in Colombia to tap the growing demand for indulgence products, such as chocolate, ice cream, yoghurt and coffee. Health Colombia has one of the region s best healthcare systems, with several clinics, ranked among the best in the region. In spite of this, the newly re-elected President Santos, has promised to continue focusing on social issues and on including the weakest groups of society in Colombia s economic growth. This means increased investments in hospital infrastructure, universal coverage, help to the elderly and disabled, etc. As illustrated below, it is expected that expenditure on public healthcare, will grow steadily over the next years, reaching 25.3 bn USD in Pharmaceutical Sector The Colombian pharmaceutical market is expected to have a steady growth in the years to come, consolidating Colombia s position as the fifth-largest pharmaceutical market in Latin America. The use of pharmaceuticals has been on the rise due to a combination of a growing population, improved medical coverage and a general increase in the

5 Colombian economy. Most multinational pharmaceutical companies are already present on the Colombian market, largely due to the expected increase in pharmaceutical sales, as illustrated below.

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