LIMA (Reuters) -Chinese President Xi Jinping launched a week-long diplomatic blitz of South America on Thursday by inaugurating a massive deep-water port in Peru, a $1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent.

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 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.