Latin America Becomes China's Second-largest Investment Destination

October 21st, 2010 | Caijing

China has tightened its economic ties with Latin America countries, making the region the second largest investment destination.

China has tightened its economic ties with Latin America countries, making the region the second largest investment destination, a trade organization chief told a conference today.

“Latin America has become one of the most important investment destinations for China,” said Wan jifei, Chairman of China’s Council for the Promotion of International Trade (CCPIT), “On circumstances that global economies were harmed by financial crisis in 2009, China doubled its investment in this region to 7.3 billion U.S. dollars from the previous years.”

“Up to now, the stock of China’s outward FDI in Caribbean area has reached 30.6 billion U.S. dollars, accounting for 12.5 percent of China’s overseas stock.“

In the first six months this year, the two sides recorded 79.2 billion U.S. dollars in total export-import volume, Wan said. China currently is Brazil and Chile’s first trade partner and Argentina, Costa Rica and Cuba’s second largest trade partner.

Latin America’s economy is expected to grow 6 percent this year, according to forecasts made by the World Bank and the Economic Commission for Latin America.

Category: Central & South America