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  HOME | Latin America (Click here for more)

Latin American Countries, China Seek Mutual Commercial Openings

PUNTA DEL ESTE, Uruguay – The Latin American and Caribbean region seeks the opening of China to the rest of the world, as the Asian country is seen as a strong partner to increase global trade, the president of the Inter-American Development Bank (IDB) said on Friday.

This idea was mentioned by the IDB chief Luis Alberto Moreno at the 11th edition of the China LAC business summit, which runs until Saturday in Punta del Este as a forum between businesspeople and authorities in pursuit of greater commercial exchanges.

Moreno recalled the words of Chinese President Xi Jinping, who called for over $500 billion in commercial exchange by 2025.

“An ambitious but highly motivating goal, especially in these times when other capitals are talking about building walls and limiting markets,” said the president of the IDB, the institution that has organized the China LAC summit since its inception.

With the presence of more than 2,500 entrepreneurs – 700 of whom came from China – the present China-LAC summit has become the largest in history.

The deepening of trade relations, investment and government cooperation were the main points of the plenary and parallel sessions of the summit Friday.

The collaboration between China and Latin America and the Caribbean was analyzed during one of the main panels, in which the Uruguayan Foreign Minister, Rodolfo Nin Novoa, referred to the population growth of Asian countries, including China, as key to a potentially massive market.

The wealth of energy resources of Latin America and the technological capacity of China to promote its use and promote its development was another main point of the plenary sessions of the summit, in which executives from different companies presented their experiences and success stories.

Investment in innovation, development and the formation of human capital for the future is also seen as a priority to strengthen Latin America as China’s economic partner.

“Latin America is an important destination for Chinese investments, in sectors such as energy, mining and infrastructure, but also in other sectors such as finance, agriculture, services, manufacturing, electronic commerce or air transport,” said the vice president of the Chinese People’s Consultative Conference, Ma Peihua.

In this regard, Moreno said that the Asian giant could surpass the United States in the next three years in terms of investment in innovation and development and become the leading global economy, something that should encourage the Latin American region to accelerate integration processes to become a great economic platform.

Participation between the public and private sectors was proposed in the panel on “Development and cooperation in infrastructure” as an effective tool to attract investment in this field from the Asian giant to Latin America.

“The possibility of financing projects through the modality of cooperation or public and private co-participation, I believe that it has to play a very important role at this stage in the countries of the region,” said the Minister of Economy of Uruguay, Danilo Astori, during his speech in this session.

This modality, he explained, is based on the “balanced distribution of risks between the public and private sectors.”

With more than 1,000 work meetings scheduled at the summit among participating entrepreneurs, the summit will come to an end on Saturday, which takes place at the Punta del Este Convention Center in a space that covers 5,600 square meters and houses 150 stands of participating companies and countries.

 

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