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Peru to Welcome Investment ‘With Open Arms,’ New President Says

  • 77-year-old Wall Street vet sworn in as president Thursday
  • Kuczynski pledges to cut tax and boost infrastructure outlays

Pedro Pablo Kuczynski took office as Peru’s new president Thursday pledging to lower taxes, modernize the country’s infrastructure and roll out a program to connect millions of homes with drinking water.

Speaking to congress in Lima, the 77-year-old former finance minister and Wall Street veteran said his government will reduce bottlenecks to existing infrastructure projects within six months, ease regulation for small businesses and cut the sales tax by 1 percentage point Jan. 1.