China's cumulative investment volume over $192b in Latin America

Chinese enterprises have actively participated in the infrastructure construction in Latin America, with cumulative investment volume reaching more than $192 billion, an official with the National Development and Reform Commission (NDRC) said on Wednesday in a forum.

The forum, part of the 2017 International Industrial Capacity Cooperation Forum and the 9th China Overseas Investment Fair, focused on China-Latin America industrial capacity investment cooperation.

Li Xiaoyan, official of the department of foreign capital and overseas investment under the NDRC, said the commission has actively supported Chinese enterprises' pragmatic investments in Latin American countries.

"We have signed framework agreements on production capacity and investment cooperation with Brazil, Peru, Ecuador, Jamaica, Cuba, Panama and Ecuador," said Li.

Latin America has become one of the most important destinations of China's investment in recent years. China's nonfinancial direct investment to Latin America reached $31 billion in 2016, an increase of 40 percent year-on-year, compared with China's stock of foreign direct investment in Latin America -- $30.6 billion in 2009.

"This is a remarkable number," said Zhang Zhenxi, vice-chairman of China Overseas Development Association. "China put forward the Belt and Road Initiative, which offers a good opportunity for Latin American countries to promote their infrastructure construction."

Fernando Lugris, Uruguay's ambassador to China, said: "China is a very important partner to Latin America. Uruguay will further strengthen cooperation with China under the Belt and Road Initiative."

"We will provide favorable conditions for China, such as preferential tax policy and no restrictions on foreign capital," Lugris added.

Li Xiaoyan suggested Chinese enterprises should abide by the laws and regulations of the host country, respecting the local cultural and religious customs.