US$250b pledge for Latin America
Print Edition
PRESIDENT Xi Jinping has pledged US$250 billion in investment in Latin America over the next 10 years.
Leaders of the Community of Latin American and Caribbean States, or CELAC — a 33-country bloc of all South American countries, some Caribbean states and Mexico — were meeting in Beijing for the first time for a two-day forum yesterday. Xi told them two-way trade between China and Latin America and Caribbean countries 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,” he said.
China and Latin America are cooperating on energy, infrastructure construction, agriculture, manufacturing and technological innovation, Xi said.
The goals were initially discussed during his visit to the region in July last year. China-CELAC pragmatic cooperation has been expanded since the visit, Xi said, adding that he was glad to see a series of cooperation initiatives being put into place.
During that visit, Xi and CELAC leaders announced the establishment of the China-CELAC forum. Xi proposed a cooperation framework and several loans, funds and projects on infrastructure, agriculture, energy resources, manufacturing, high and new technology, people-to-people exchange and other fields.
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 China.
“To repeat what (former) President Hugo Chavez said, China is demonstrating to the world that a country does not necessarily seek hegemony as it grows stronger,” Maduro said in a speech.
Xi said that China and CELAC will put in writing a cooperation plan for the next five years.
The plan — together with the Beijing Declaration, and the Regulations on China-CELAC Forum — will be the major outcome of the first China-CELAC forum ministerial meeting, Xi said.
The declaration will summarize political consensus, set the direction for the forum and define cooperation guidelines.
The cooperation plan will define key areas and specific measures for the overall cooperation from 2015 to 2019.
The regulations aim to set the rules of the forum, define three regular dialogues between China and CELAC and provide a guarantee for the implementation of political consensus and plans.
“Every CELAC country, no matter if it’s rich or poor, is equal under the framework of the forum,” said Xi. “All sides should keep friendly consultation, hold common development and consider interests from all sides in order to ensure a firm political foundation for the cooperation.
“One plus one is bigger than two,” Xi said.
Costa Rica President Luis Guillermo Solis said the China-CELAC forum expands new cooperative fields and is a communication bridge for both.
Solis hoped for more exchanges in investment, trade, interconnection, culture, education, science and technology and environmental protection to achieve sustainable development.
Ecuador President Rafael Correa Delgado said China can help Latin America realize economic restructuring and social transformation.
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