The recent international seminar on “Chinese Modernization and Opportunities for Chile and Latin America and the Caribbean” shed light on the indispensable bond between China and the countries of Latin America and the Caribbean. The seminar, organized by the Economic Commission for Latin America and the Caribbean (ECLAC) and the Embassy of the People’s Republic of China in Chile, emphasized the strategic and historical significance of the relationship between these regions.

José Manuel Salazar-Xirinachs, the Executive Secretary of ECLAC, underscored the necessity for a substantial productive transformation to break free from the constraints of low growth capacity in the region. He emphasized that to achieve higher, sustained, inclusive, and sustainable economic growth, it is vital to invigorate and redirect the economic ties with China in trade, infrastructure construction, FDI flows, financing, and technological cooperation.

Minister Liu Jianchao of the International Department of the Communist Party of China’s Central Committee expressed gratitude to ECLAC for their steadfast support of the comprehensive strategic cooperation between China and the region. He acknowledged ECLAC’s significant contribution to the socioeconomic development of Latin American and Caribbean countries.

The seminar included a panel discussion where senior officials from China shared insights on their country’s modernization process, policy of decentralization, and their vision regarding the relationship with Latin America and the Caribbean. Joseph Manuel Salazar-Xirinachs expressed his deep appreciation to the Embassy of China for selecting ECLAC as the venue for this invaluable event, highlighting the favorable impact of China’s modernization process on the region.

ECLAC’s Executive Secretary pointed out the remarkable 35-fold increase in trade between the region and China over the past two decades, with China now being the second-biggest trading partner of the region, surpassing the European Union. He also emphasized the growing importance of China as an export market for South America. Additionally, he highlighted the free trade agreements signed by several Latin American countries with China and their participation in numerous major projects under the Belt and Road initiative.

Salazar-Xirinachs urged the countries of the region to enhance their specialization in trade with China and increase the technological sophistication and value-added of exports as part of their productive development policies. He emphasized the dual nature of this challenge, recognizing it as both an opportunity and a necessity for the region’s economic growth.

The seminar also saw the participation of prominent Chilean authorities, including former President Eduardo Frei Ruiz-Tagle and Defense Minister Maya Fernández, signifying the importance of the relationship with China for Chile.

The seminar underscored the critical role of relations between China and the countries of Latin America and the Caribbean, shedding light on the potential for mutual benefits and growth. It reiterated ECLAC’s unwavering commitment to facilitating and supporting these relations, underscoring the significant impact it can have on the future of the region.

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