Costa Rica seeks to di­ver­sify in­vest­ment

China Daily (Canada) - - FRONT PAGE - By ZHONG­NAN zhong­nan@chi­nadaily.com.cn

Costa Rica’s pres­i­dent said on Wed­nes­day that China will be­come Latin Amer­ica’s big­gest trad­ing part­ner by 2030, as the coun­try is ea­ger to en­hance its business ties with the re­gion through di­ver­si­fied in­vest­ment and trad­ing ac­tiv­i­ties.

Pres­i­dent Luis Guillermo So­lis said in­vest­ments made by com­pa­nies from the United States have fo­cused heav­ily on Latin Amer­ica’s en­ergy sec­tor, and that such a business model can­not de­velop the economies of mem­bers of the Com­mu­nity of Latin Amer­i­can and Caribbean States in a sus­tain­able way.

Costa Rica cur­rently holds the 33-mem­ber group’s ro­tat­ing chair­man­ship. China and Costa Rica will work on a 2016-20 co­op­er­a­tion plan and con­tinue their ex­ist­ing free-trade agree­ments.

“Chi­nese in­vest­ment has en­tered more sec­tors, such as in­fra­struc­ture, agri­cul­ture, dig­i­tal tele­vi­sion, mo­bile tech­nol­ogy and clean en­ergy in Latin Amer­ica, which will help us to pro­duce more high-value-added prod­ucts and di­ver­sify sales chan­nels in the global mar­ket,” So­lis said at the an­nual meet­ing of the China-Latin Amer­ica Business Coun­cil held in Beijing.

Alexan­der

Mora,

Costa

Ri­can min­is­ter of for­eign trade, said his coun­try’s gov­ern­ment will work closely with the gov­ern­ments of the Com­mu­nity of Latin Amer­i­can and Caribbean States to fur­ther cut tar­iffs and elim­i­nate an­tidump­ing mea­sures against Chi­nese prod­ucts, as well as sim­plify the visa pro­ce­dure for Chi­nese business ex­ec­u­tives to fa­cil­i­tate in­vest­ment ac­tiv­i­ties in Latin Amer­ica.

Trade vol­ume be­tween China and Latin Amer­ica amounted to $242 bil­lion from last Jan­uary to Novem­ber, while non­fi­nan­cial in­vest­ment reached $12.4 bil­lion. China has be­come the re­gion’s sec­ond-largest business part­ner after the US.

Jiang Zeng­wei, pres­i­dent of the China Coun­cil for the Pro­mo­tion of In­ter­na­tional Trade, said the two sides are look­ing at closer col­lab­o­ra­tion, beyond tra­di­tional ar­eas of pol­i­tics and trade, that ex­tends into fi­nance and in­vest­ment.

Latin Amer­ica has evolved into an im­por­tant des­ti­na­tion for the large out­flow Chi­nese cap­i­tal in­vest­ment.

“China’s in­vest­ment and tech­nolo­gies come to Costa Rica, and to Latin Amer­i­can coun­tries gen­er­ally, at a crit­i­cal junc­ture, as the re­gion has seen fewer in­vestors be­cause of the global fi­nan­cial cri­sis in re­cent years,” Jiang said.

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