Date
22 September 2017
Venezuela's President Nicolas Maduro greets President Xi Jinping as Costa Rica's President Luis Guillermo Solis looks on during the opening ceremony of the China-CELAC Forum in Beijing. Photo: Reuters
Venezuela's President Nicolas Maduro greets President Xi Jinping as Costa Rica's President Luis Guillermo Solis looks on during the opening ceremony of the China-CELAC Forum in Beijing. Photo: Reuters

Xi pledges US$250 bln in investment in Latin America

President Xi Jinping pledged on Thursday US$250 billion in investment in Latin America over the next 10 years, Reuters reported.

Leaders of the 33-member Community of Latin American and Caribbean States (CELAC) gathered in Beijing for the first time for a two-day forum Thursday.

Xi said two-way trade between China and Latin America was expected to rise to US$500 billion in 10 years.

“This meeting will … give the world a positive signal about deepening cooperation between China and Latin America and have an important and far-reaching impact on promoting South-South cooperation and prosperity for the world,” he said.

China and Latin America are cooperating on energy, infrastructure construction, agriculture, manufacturing and technological innovation, Xi said.

The world’s second-largest economy is buying oil from Venezuela, copper from Peru and Chile, and soybeans from Argentina and Brazil.

On Wednesday, Venezuelan President Nicolas Maduro said he had secured more than US$20 billion in investment from China, while Ecuador said it obtained a total of US$7.53 billion in credit lines and loans from Beijing.

The cooperation comes despite some countries in the region retaining diplomatic ties with Taiwan, which China regards as a renegade province. Out of 22 states that recognise Taiwan, 12 of them are in Latin America and the Caribbean.

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