Peru to "untangle" investment red tape to boost mining output
AREQUIPA, Sept 17
AREQUIPA, Sept 17 (Reuters) - Peru's President Ollanta Humala will ask Congress next week to approve a new package of laws to "untangle" investments from red tape that has delayed mining projects, the finance minister said on Tuesday.
Minister of Economy and Finance Luis Miguel Castilla said lowering investment hurdles would help boost mineral output in Peru at a time when lower mineral prices are hurting the country's export earnings and slowing economic growth.
"We are going to include modifications to the law on public-private investments, change tax methods to improve them, and introduce improved municipal procedures to get larger flows of investment," Castilla told reporters on the sidelines of a mining conference. He offered no further details.
The former World Bank economist, widely praised by investors but targeted by the Peruvian left, also denied recent rumors in local media that he was considering resigning.
"I will continue to work as long as the president continues to trust me. I have no plan to leave the government," Castilla said.