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In the third version of the Silk Road Forum, China made special mention of some countries in Latin America and the Caribbean, focusing on seducing what it calls the Global South through multi-million dollar investment promises that have received criticism for the debt risk that these entail. Chile, Argentina and Colombia, three of the largest economies in the region, are waiting for agreements with the Asian giant.
China sees with optimism the commercial relationship it can maintain with Latin American countries, and this year, after a decade of launching its Belt and Road initiative, it hopes to invest more money for large connectivity and infrastructure projects in the emerging countries.
And, since 2013 when the project was inaugurated by President Xi Jinping, Chinese knowledge and money have spread throughout Asia, Africa, Latin America and parts of Europe, mainly in the construction of bridges, roads, commercial ports, power plants and telecommunications projects.
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Officially, what the Chinese alternative seeks is to build a “multipolar world” by building ports, railways or airports between Asia, Europe and Africa, and its plan includes more than 3,000 cooperation plans and an investment of almost one billion. of dollars.
The project, however, has not been entirely well received among developed countries. Italy, for example, is the only country of the G7 economies that joined in 2018 and yet announced this year its intention to abandon the initiative after showing that its trade with China has not actually improved.
Since then, many more countries in the region have joined this Chinese initiative, and to date there are already 23 countries in Latin America and the Caribbean.
For the third version of the New Silk Roads Forum, held in Beijing, the governments of Argentina and Chile were enthusiastic about reaching agreements with the Xi Jinping Administration.
China’s trade relations with Argentina, Chile and Colombia
Since last week, Alberto Fernández and Gabriel Boric left for the economic capital of China, while Colombian President Gustavo Petro would join their counterparts on October 25.
On the morning of this Tuesday, October 17, the Argentine president announced from Shanghai his country’s accession to the New Development Bank of the BRICS.
“The New Development Bank (NDB) is essential to provide financing to countries with emerging economies, a great opportunity for the future of Argentina and another step towards an inclusive global financial architecture with more countries involved. The agenda of the Global South continues to strengthen,” Fernández published on his social networks.
Boric, for his part, in a joint statement after the meeting with Xi, spoke of the strong support of both nations.
“Chile recognizes China’s successes in its new era and its commitment to improving the quality of life of its people,” the document reads and also points out the close bilateral relations in force since 1970.
The Chilean president also took the opportunity to reiterate his commitment to the “one China” principle, which recognizes Taiwan as an inalienable part of Chinese territory, and reaffirmed his support for peaceful reunification.
After meeting with President Xi Jinping, we met with Premier Li Qiang to advance new economic and trade opportunities. We continue with the #StateVisit! pic.twitter.com/ZGyK1tfX1D
— Gabriel Boric Font (@GabrielBoric) October 17, 2023
Colombia, another important player in the region for China, also has high expectations at this meeting. In fact, there are currently different Chinese companies that have investments in Colombia or have participated in some of its infrastructure projects. One of them, and perhaps the best known, is the Bogotá Metro, whose first line is being built by the Chinese companies Harbor Engineering Company Limited (CHEC) and Xi’an Metro Company Limited.
Precisely in August of this year, the Asian country became the third destination for Colombian products and, likewise, it is the first origin of imports that arrive in Colombia, which places it, by far, as an investor on the continent. most important Asian market in the country, according to Analdex.
In the figures, according to this same entity, in the comparison of January-August 2022 and the same period in 2023, Colombia’s trade with China grew 12.6%, going from USD 1,390 million to USD 1,567 million.
Coffee, soybean oil and minerals such as copper and gold were the main inputs exported from the South American country.
With EFE and local media
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