China has made a $1.3 billion bet that a new port in Peru will boost access to South America’s agricultural bounty. Cashing in on the investment may be harder than expected.

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.

China is ready to work with Peru to build a new land-sea corridor between China and Latin America with the Chancay Port as a starting point, Xi said.