China and Venezuela are set to sign a package of deals covering energy, mining, finance, infrastructure, agriculture and technology during Chinese President Xi Jinping’s visit to the Latin American country, Ming Pao Daily reported on Tuesday.
The agreements include a US$4 billion credit line in return for Venezuelan crude and other products, BBC News reported.
Xi was welcomed by Venezuelan President Nicolás Maduro on his arrival on Sunday after leaving Argentina. Xi was conferred the Liberator medal, the country’s highest honor for a foreign leader, and the Bolivar sword.
Venezuela is part of Xi’s Latin American tour, which also includes Brazil, Argentina and Cuba. One of his main goals is to help Chinese manufacturers expand into Latin American markets.
Bilateral trade between China and Latin America rose nearly 20-fold to US$261.57 billion in 2013, from US$12.6 billion in 2000.
Zhang Mei, chairwoman of a trade company that has been doing business with Latin American countries, said Xi’s visit brings opportunities of trade and investment as well as helps lower trade barriers.
Zhang said Chinese companies need to gain better understanding of the local markets before they invest, the newspaper said.
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