Join the conversation:

China underlines interest in Latin American investment

China underlines interest in Latin American investment

Posted by Juan Gavasa on April 26, 2014

China's Foreign Minister ended a Latin American tour Friday, April 25, in Brazil, stressing Beijing's goal of investing in the region as he prepared the way for a July visit by President Xi Jinping.

"There is a complementary economic relationship between China and Latin America and the Caribbean," said Wang Yi. "We would like to deepen cooperation via the China-CELAC forum which will start this year," added Wang, who earlier visited Cuba, Venezuela, and Argentina.

The Chinese president's upcoming July visit coincides with the 6th BRICS summit of developing nations, which will bring together the emerging economic powers of Brazil, China, India, Russia, and South Africa.

Xi will also use the occasion to make an official bilateral visit to Brazil, South America's biggest economy. And he will be in town during a meeting of representatives of the 33-strong CELAC group of Latin American and Caribbean states.

Wang said China was particularly seeking to invest in infrastructure projects - chiefly roads, railways and power generation - and he touched on the proposed creation of a "high value fund to aid infrastructure construction in Latin America and the Caribbean."

Energy-hungry China also has plans to increase investments in major oil producer Venezuela, as well as in Brazil, where last October a multinational consortium with Chinese participation won rights to develop Brazil's biggest oilfield.

With its recent mass buying of commodities from the region, China is a vital trade partner for Latin America, and in 2009 it surpassed the United States and Argentina as Brazil's number one trading partner.

Wang identified strong potential for Chinese investment in Brazil and its neighbors beyond the $16.5 billion in investment the region received from Beijing in 2013.

Link To Full Article: 

Facebook comments



Monthly newsletter featuring articles hand picked by our country managers from the best content across PanamericanWorld.



Monthly newsletter featuring articles hand picked by our country managers from the best content across the Caribbean Region on PanamericanWorld.

PANAMERICANWORLD COUNTRIES