South American highway building ceremony

PUERTO MALDONADO, Peru, Sept. 9 (UPI) -- The Brazilian, Bolivian and Peruvian presidents marked the final phase of a road being built that will connect South America's Pacific and Atlantic coasts.

The foundation stone for the last section of the inter-oceanic highway that will run 1,553 mile was laid on Thursday by Brazilian President Luiz Inacio Lula da Silva, Bolivian President Eduardo Rodriguez and Peruvian President Alejandro Toledo in the Peruvian city of Puerto Maldonado, reported the BBC Friday.

"This is a very important connection that will enable Peru and Brazil to connect the two oceans," said Brazilian Minister for Trade and Development minister Luiz Fernando Furlan.

"We believe that within less than two years there will be a physical connection and there will be a lot of opportunities for development, including the industrialization of raw materials that are abundant in Brazil and Peru."

Economists, as well as politicians and international organizations have stressed the need of the transport link to remain competitive.