China and Latin America launched the 13th Caribbean Business Summit on Monday as part of the efforts to boost business ties between the two regions. The two regions aim to strengthen relations in inclusive corporate investment and business as a whole.
According to Xinhua, over 1,000 firms are expected to join the summit that will end on Wednesday. Around 400 companies will take part in China, while Latin American firms are expected to reach up to 600.
Jorge Juan de la Guardia, chief of Panama's Chamber of Commerce, said China is one of the top trading partners of the Panama Canal shipping route and through the summit, stronger ties can be forged for the development of both sides.
A representative for the Central America unit of the Inter-American Development Bank, Veronica Zavala, echoed la Guardia's comments. Zavala pointed out that the expansion of businesses in global terms will be supported by summits and events such as the Panama summit.
Zavala added that through the summit, more opportunities in the investment will be opened between the two regions so businesses can explore possibilities in inclusive development.
Industry experts are looking at potential deals and sales during the summit to hit as much as $190 million. It is also expected that more Chinese companies will invest in Latin America in the coming months.
La Guardia also said of the summit that it is a great opportunity for Panama to showcase its services and logistics platform for Chinese companies in related segments, Prensa Latina reported.
The organizers are also looking at China as Latin America's bridge for attracting other Asian businesses to come over to Panama as a launch pad for Caribbean and Latin American branches.
Since 2007, the China-LAC Summit has brought together business leaders, organizational chiefs, and investors in efforts to further build up corporate and trading ties between the regions.
For China's part in the summit, vice chairman of the China Council for the Promotion of International Trade (CCPIT), Lu Pengqi pointed out that the conference is another display of Beijing's bid to open up the massive Chinese market to global investors.
Last month, China's State Council unveiled a guideline detailing new policies for businesses as part of its opening-up initiative that was announced earlier this year. The council said the policies were targeted at delivering a "fair, transparent, and predictable" business environment for foreign brands.
Economists said that China's willingness to further open up its markets to the world will help boost the global economy and establish a the stronger, more stable cooperative link between the Chinese market and the world.
