From December 2 to 3, the Sixth China-Latin American Countries (LACs) Infrastructure Forum was successfully held in Macao. Wang Bingnan, Vice Minister of Commerce, attended and spoke at the meeting. Mexican Minister of Economy Graciela Marquez, representing the rotating Chair of CELAC, delivered a video speech on behalf of LACs.

Wang said that this forum, which was the first offline special event between China and Latin American and Caribbean countries since the outbreak of the COVID-19 pandemic, has fully shown the genuine wish and firm resolve shared by China and LACs to work in solidarity and overcome the challenges together. “Our reciprocal cooperation has faced the pandemic with strong vitality and resilience, as is demonstrated in our infrastructure cooperation that has evolved to a larger scale, in broader areas, and with new modes.” Wang pointed out that by strengthening infrastructure cooperation, China and LACs would be able to share factors and enhance complementarity more effectively, so as to build stable and unimpeded China-LAC industrial and supply chains. “Facing new realities, both sides should recognize that cooperation and development are the right way out which we should cling to. We should reaffirm our confidence, bolster trust, adopt innovative approaches, identify opportunities in crises, and advance high-quality and sustainable development,” Wang said.

Marquez congratulated on China’s accomplishments in economic transformation and technological advances. She said, “This forum is an important platform for China and LACs to address present and future challenges in infrastructure. China’s experience in new infrastructure will help Mexico better participate in the global value chain.” She said that China is an important investment and trading partner of Mexico, and that as the two countries are emerging economies with complementary advantages and on a common ground for mutual benefit, China’s investment is critical to Mexico’s development strategy. “The Mexican government will create favorable conditions to boost its China relations and promote public and private investment in the two countries to improve the wellbeing of our peoples.,” she highlighted.

The China-LAC Infrastructure Forum is the first specialized forum for infrastructure cooperation under the China-CELAC Forum. This annual forum, which started in 2015, is hosted by the Ministry of Commerce (MOFCOM) of China, and co-sponsored by China International Contractors Association and Macao Trade and Investment Promotion Institute. This year, ambassadors and diplomatic representatives of the 15 Latin American and Caribbean countries attended the sixth forum, as well as over 600 delegates from governments, the financial sector, chambers of commerce, business associations, enterprises, and think tanks.

Infrastructure is at the center of the stage of China-LAC reciprocal cooperation, with the Latin America and Caribbean region as China’s second-largest destination of overseas investment and the third largest market of construction contracts. By far, the total value of Chinese construction contracts in LACs has exceeded US$210 billion, and the total value of performed work, over US$140 billion. From January to October this year, Chinese companies worked hard to overcome the impact of the disease. As a result, the value of their newly signed contracts in LACs increased by 22% year-on-year.