Latin American countries are seeking greater commercial integration with China, as the latter moves from being the world’s factory to being an innovation leader, said Sebastian Rovira, the Peru representative of the Economic Commission for Latin America and the Caribbean (ECLAC).
(SOUNDBITE, Spanish) Sebastián Rovira, ECLAC representative
“One of the main tasks to fully enjoy this new integration, which is more than commercial, is for Latin America to offer much more and to develop new capacities needed by the Chinese market.”
Rovira, who was speaking at the release of a new study called “Latin American Economic Outlook 2016: Towards a new Partnership with China”, stated that both sides had increased their bilateral trade by 22 times since 2000, but added that “Latin America has much more to offer and can develop new capacities requested by the Chinese market.”
He added that the Asian giant will continue to be one of the most attractive markets for the region but that Latin America needs greater diversification and new development policies to take full advantage of what China offers.
(SOUNDBITE, Spanish) Sebastián Nieto, OECD representative
“There is a second political challenge, in which Latin America needs to build better institution in key sectors, such as education and transport. This will allow the region to get the most out of its ties with China, especially a new China which is requesting completely different services and completely different goods than before.”
The ECLAC investigator added that loans from China to the region have reached 94 billion U.S. dollars in the last 10 years, making China the region’s top financier.