China making LatAm energy investment push
China's Premier Li Keqiang has pledged to deepen investment in Latin America's energy and infrastructure sectors as the region emerges as "a global economic leader."
During his visit to the headquarters of the UN Economic Commission for Latin America and the Caribbean (Eclac) in Santiago at the end of a four-nation Latin American state visit, Li announced the creation of an investment fund and plans to increase investment by Chinese firms in the region.
He said China would contribute US$30bn to a special industrial fund between Beijing and Latin America, according to an Eclac press release.
"China proposes that both sides explore the joint construction of energy, logistics and informatics to achieve virtuous interaction between companies, society and governments and widen financing channels via funds, credits and insurance," Li said.
"China will promote its firms' investment in the region and its cooperation with the region's nations for the processing of energy, mining and agricultural products to forge cooperation across the industrial chain of manufacturing, metals, construction materials, chemicals and food, as well as open areas of cooperation such as new energy sources."
Eclac's executive secretary Alicia Bárcena said China-Latin America relations have reached a sufficient state of maturity to advance toward a strategic link that will bring mutual benefits.
She said China is Latin America's second largest trading partner, and Chile and Brazil's largest, with trade between China and the region as a whole having increased 22-fold between 2000 and 2014.
China and the community of Latin American and Caribbean states (Celac) must carry out an analysis to reach a consensus regarding long-term energy investment prospects in the region with the aim of harnessing natural resources and technology and avoiding social conflict, according to an Eclac report published this week.
China is currently one of the largest foreign investors in oil and gas production in Argentina, Brazil, Colombia, Ecuador, Peru and Venezuela.
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