The pending development of a $3 billion seaport in Peru will grant China direct access to the South American trade market and will be the first China-controlled port in South America.

This and other proposed port development projects illustrate Beijing’s ambitions to strengthen its footprint and influence in diverse regions around the world. The U. S. must increase economic engagement in Latin America to offer the region competitive alternatives for its development.

For several decades, policymakers in Washington have paid minimal attention to Latin America.

Underinvestment in the region by the U.S. has created an opportunity for the People’s Republic of China, which has stepped in with offers of significant commercial and financial…