President Xi Jinping offered his encouragement to the nations of Latin America to join the ambitious ‘Belt and Road’ initiative, Xinhua reports, following the 2nd CELAC meeting in Santiago, Chile.
In the letter, Xi drew upon historical similarities between China and South America, stating that have faced significant hardship in recent centuries and are currently trying to establish a peaceful path to prosperity.
Latin American investment into the fund would further economic ties between themselves and China. China already has a significant business presence in Latin America, with Chinese companies having over 2,000 subsidiaries throughout the continent. According to a study conducted by the China Institute of Contemporary International Relations, bilateral trade exceeded $210 billion in the first 10 months of 2017 alone.