Chinese companies invest US $ 80 billion in Latin America in infrastructure, mining projects

BEIJING: Chinese companies pumped in US $ 80 billion in resource-rich Latin America last year in infrastructure and mining projects in countries like Brazil and Mexico.

Efforts by Latin American countries to develop their infrastructure have brought opportunities for Chinese companies to enter their markets, particularly Brazil's new industrial policy, Mexico's energy reform and Cuba's special economic zone, China's Commerce Minister, Xu Yingzhen said at a trade forum in southeast China's Guangzhou city.

China has invested US $ 80 billion in Latin America, 13 per cent of China's total global investment. The region is a major investment destination for Chinese enterprises, state-run Xinhua news agency reported. Liu Xia, an official from National Development and Reform Commission, China's planning commission, expects increased cooperation between the two sides as China opens up and Chinese entrepreneurs explore the overseas market.

Liu reckons investments of over US $ 500 billion will flow out of China in the next five years.