With investors in Peru targeting the infrastructure, energy, and ports sectors, there are considerable opportunities for domestic and international law firms operating in the country, says Luis Carlos Rodrigo Prado, partner at Rodrigo, Elías & Medrano Abogados.
“Following a relatively slow 2016, the year 2017 started on a positive note as the government is pro-foreign investment and there are great projects in the pipeline,” Rodrigo Prado says, though he adds that expectations have been dampened in recent weeks due to the potential implications for Peru of the Odebrecht corruption scandal.
Rodrigo Prado says there is a clear need for foreign investment in Peru. He adds: “Business confidence remains stable, and investors are attracted to opportunities in infrastructure, energy and ports, in addition to the usual mining and natural resources ventures.”
International law firms remain interested in opening in Peru, according to Rodrigo Prado, who highlights CMS’ recent alliance with Estudio Grau. He expects the imminent arrival of other international firms and says this signals the “attractiveness and dynamism” of the Peruvian market.
Rodrigo Prado says there have recently been a number of regulatory changes which have generated plenty of work for law firms in areas such as tax, compliance and public procurement. In particular, there has been an increase in instructions relating to compliance, energy and oil and gas. He adds: “There is also an uptick in mining M&A as the sector is receiving renewed interest – other areas of growth include international arbitration and transfer pricing.” Meanwhile, Rodrigo Prado reports that his firm’s Asian desk is increasingly busy.