China and Latin American countries have worked continuously to deepen their high-quality infrastructure cooperation, including in the digital and low-carbon sectors, analysts said at a forum.
The issue was raised at the “8th China-Latin America Infrastructure Co-operation Forum” hosted by the Ministry of Commerce of China in Macao on Sept 28.
At the opening of the forum, Wang Shouwen, China’s vice minister of commerce, said trade and economic cooperation with Latin American countries, or LAC, has stood the test of time, even surviving a once-in-a-century pandemic.
He cited figures showing that in 2021, China-LAC trade topped $450 billion for the first time, up 41.1 percent. LAC countries are China’s second largest investment destination and fourth largest project contracting market overseas.
In the same year, China’s direct investment in LAC countries grew by 57 percent, and the value of its newly signed project contracts was up 34.7 percent in LAC countries.
Infrastructure development, the crucial underpinning for economic and social development, has always been a key field and priority in China-LAC trade and economic cooperation, Wang said.
“President Xi Jinping and LAC leaders agree that as developing countries, our two sides face common development goals and global challenges, enjoy broad-based common interests and regard our ties as major development opportunities,” he said.
Alexis Guerrera, minister of transport for Argentina, said that this year marks the 50th anniversary of the establishment of diplomatic relations between the two countries.
“Our common understanding and mutual learning is reflected in a series of cooperation agreements signed by the two countries,” he said.
“Under this framework, the Chinese government and Chinese enterprises have provided Argentina with financing, knowledge and technical support to help Argentina’s products transport more efficiently and people travel faster, more comfortably and safely.”
Thanks to cooperation with China, Argentina has built and improved more than 1,700 kilometers of railways, Guerrera said.
China has also given support and assistance to Argentina at a time when the country urgently needs to promote production and export earnings.
Juan Fernando Lugris Rodriguez, Uruguay’s ambassador to China, said that his country is rich in natural resources and has a very young population, and that it will play a more important role with its dynamic economy.
Next year, China and Uruguay will celebrate the 35th anniversary of the establishment of diplomatic relations.
Anyin Choo, Guyana’s ambassador to China, said that in recent times her country has experienced an unprecedented economic transformation through the discovery of oil and gas offshore.
Chinese investments in Guyana have also increased in recent years, contributing to growth, ensuring the creation of jobs and socio-economic development, while providing market opportunities and access to resources for the Chinese side, said Choo.
“This means that Guyana now has the need for infrastructure development, which is the driving force behind its transformational needs,” she added.
On Sept 29, a Roundtable Dialogue between Latin American and Caribbean diplomats to China and Chinese entrepreneurs on connectivity and high-quality development was also held.
