China-Latin America cooperation set to grow

High-quality infrastructure building, especially with new energy sources and digital support, could lift up further cooperation among China, Latin America and Caribbean countries, according to the 6th China-LAC Infrastructure Forum.

"Latin American and Caribbean nations are in big need of infrastructure," Uruguayan Ambassador to China Juan Fernando Lugris Rodriguez said at a news conference on Thursday. "Sustainable development requires very good infrastructure."

The region welcomes innovative financing to support local infrastructure development, he said, stressing that only through closer cooperation can various new challenges be overcome.

In his address to the forum in Macao on Wednesday, Wang Bingnan, vice-minister of commerce, called on the different sides to come together to overcome difficulties and upgrade infrastructure and connectivity, involving fields such as medical care, the digital economy, modern logistics and new energy.

The forum, itself one of more than a dozen events at the two-day 11th International Infrastructure Investment and Construction Forum, drew 15 ambassadors and about 600 delegates, making it one of the largest face-to-face meetings this year involving the regions.

Infrastructure construction has been the focal point and highlight of mutually beneficial collaborations between China and Latin American countries, Wang said, with the value of contracting projects signed in Latin America by Chinese enterprises exceeding $210 billion so far.

Mexican Minister of Economy Graciela Marquez said investment in infrastructure has been central for achieving economic and social development.

"The Chinese expertise, on how to enhance innovation through the development of new infrastructure, and especially through the growth of technology, offers news tools to strengthen our participation in global value chains," she said.

As emerging economies with complementary aspects for mutual benefit, the economic ties between the two can reach full potential, and China remains the key investment and trade partner for Mexico. "For the economic growth strategy carried out by the Mexican government, their attraction of Chinese direct investments is essential," she added.

China and Colombia also celebrate this year the 40th anniversary of the establishment of diplomatic relations, and Colombia recognizes the capacity and reputation of Chinese companies in 5G-based pillars of environmental, social, financial and institutional sustainability, said Luis Diego Monsalve Hoyos, the Colombian ambassador to China.

"Undeniably, it's the sector that Latin America needs to improve, creating a perfect match to consolidate our cooperation. We are confident that we'll work closely with Chinese companies in infrastructure," he said.

The Colombian government has been committed to public health and economic reactivation to counter the impact of COVID-19. "In this framework, infrastructure definitely plays a key role", he said, adding that the sector serves as the social and economic backbone of the country, toward connectivity and development.

Luis Maria Kreckler, Argentina's ambassador to China, noted that Chinese companies and banks have become a vital source of capital for the Latin American region, especially for financing public investment in infrastructure and energy.

In the post-pandemic era, Argentina plans to strengthen cooperation with the Chinese government and the private sector to foster the growth of foreign direct investments in strategic sectors such as infrastructure, he said, with investments and technologies in mining, renewable energies, oil and gas most welcome in his country.

Peruvian Ambassador to China Luis Felipe Quesada Inchaustegui, Dominican Ambassador Martin Charles and Ecuadorian Ambassador Carlos Humberto Larrea Davila also introduced their visions for regional cooperation.

Peng Tao, deputy director-general of the department of American and Oceanian affairs of China's Ministry of Commerce, noted that engineers of technology giant Huawei Technologies are helping Latin America build information highways, so that local children can learn at home during the epidemic and adults can work from home.

"In the future, we will gradually form a new pattern of integrated development of traditional infrastructure and new infrastructure," she said.

Fang Yanshui, general manager of China Machinery Engineering Corp, said new infrastructure, 5G and information centers offer great potential in the post-pandemic era.

"For new energy, Latin American countries enjoy rich wind and solar resources which provide opportunities for Chinese companies."

At separate panels, several ambassadors to China from European and African countries also joined bankers and corporate managers in discussing ways to tackle future challenges.