TANGSHAN, China – The President of Uruguay opened on Friday the 10th China-Latin America and the Caribbean Business Summit and called for integrated development between China and Latin America.
Tabare Vazquez asserted trade, investment and finance are the three engines to boost economic relations between the two regions.
Chinese Vice President Li Yuanchao was also present at the opening in Tangshan in northern China and underlined ways in which the world’s second-largest economy and the Latin American region complement each other.
Li said energy and resources, infrastructure construction, agriculture, manufacturing, information and communication technologies are priorities for China in its cooperation with Latin America and the Caribbean.
China, added Li, can help provide opportunities to other economies of the world, including the Latin American and Caribbean.
The China Council for the Promotion of International Trade chairman Jiang Zengwei reviewed the development of China’s investment in the Latin American and Caribbean countries, which recently diversified its focus from mining to other sectors that include manufacturing, telecommunications and finance.
Jiang recalled that in 2015 the investment of Chinese enterprises in the region amounted to $21.4 billion, marking an increase of 67.1 percent, as compared to the previous year.
He also acknowledged that the road to global economic recovery, after the financial crisis that began in 2008, is tough and the “downward pressure” affects both developed and emerging countries.
China and other Latin America and the Caribbean countries must explore the potential in investment and financial cooperation to contribute to world economic growth, he added.
Inter-American Development Bank CEO James Scriven said both regions will have work towards developing a more sustainable and intelligent infrastructure and mobilize opportunities for resources and trade.
The volume of trade between China and countries of this region currently exceeds $250 billion annually and has multiplied by nine times in the last decade, said Scriven.