China-Latin America Summit Calls for Deeper Integration

Graphic via pulsamerica.co.uk

The sixth China – Latin America & the Caribbean Business Summit was inaugurated on 17 October 2012 in the Chinese city of Hangzhou, capital of the Zhejiang province.

The summit took place over eight days and was designed to reinforce existing trade and investment links and discuss ways to establish new ones. Public officials and entrepreneurs from the UN, China and the Economic Commission for Latin American and Caribbean countries (ECLAC) participated.

According to reporting from Pulsamerica,

The principal item on the agenda for this year’s conference is the unveiling of an investment platform, which is the joint brainchild of the Chinese government and the Inter-American Development Bank (IADB).

The platform will promote Chinese equity investments in Latin America and the Caribbean, and is expected to begin in earnest next year.

Luis Alberto Moreno, President of the IADB, provided an explanation of the specifics of the platform, ‘[It] is expected to take the form of up to three investment funds that will focus on infrastructure, mid-cap companies and in the natural resources sector, respectively. The panel will discuss the overall concept and specific investments strategies.’

Earlier this year the Latin Business Chronicle reported on recent IMF numbers showing increased trade between the two partners. China’s trade with Latin America increased 32.3 percent last year to $236.6 billion.

Chinese exports grew 33.7 percent to $118.4 billion, while imports increased 31 percent to $118.2 billion. China’s trade with Brazil, its top partner in Latin America, grew 35.2 percent to $84.5 billion. Exports jumped 30.2 percent to $31.9 billion, while imports grew 38.4 percent to $52.6 billion.

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