XVII China-LAC Business Summit: A strategic meeting to strengthen trade relations
The XVII China-Latin America and the Caribbean Business Summit 2024, held at the Olof Palme Convention Center in Nicaragua, has been a key event to strengthen trade ties between the Asian giant and the Latin American region. This meeting, which has established itself as one of the most important in terms of economic and commercial exchange, has brought together businessmen, government authorities and representatives of various organizations to discuss opportunities for collaboration between China and Latin America and the Caribbean.
Below, we present some interviews conducted by Revista en Vivo with Alberto Mora of Channel 4, with prominent participants of the summit, who shared their perspectives on business opportunities and challenges in the context of the relationship between China and the region.
Diego Estévez Ureña: PRODominicana and the Export Opportunity One of the most prominent participants of the summit was Diego Estévez Ureña, Export Executive of PRODominicana, the entity in charge of promoting Dominican exports. Estévez Ureña commented that this is his first participation in the China-LAC Business Summit and that initial expectations have been exceeded. According to the executive, the summit has been an excellent platform to promote distinctive products of the Dominican Republic, such as tobacco, rum and coffee, to an international audience.
"At PRODominicana we are in charge of creating commercial links between exporters from the Dominican Republic and potential buyers worldwide. At this event, we have been able to exhibit products such as cigars, tobacco, rum, coffee, and chocolates. The response has been very positive, especially in terms of the demand for tobacco and rum, which gives us a great opportunity to establish stronger commercial relations with China," Estévez said.
The official highlighted the importance of products such as Dominican tobacco, highlighting the potential of Nicaragua, a country known for the quality of its tobacco, which can open doors for new alliances between both countries. In addition, he shared his enthusiasm for the warmth of the Nicaraguans, mentioning their gastronomic experience, in particular when trying a delicious churrasco with gallo pinto, a typical Nicaraguan dish.
Gustavo Cáceres Pazmiño: Fostering Relations of Trust with China Another of the key participants in the summit was Gustavo Cáceres Pazmiño, President of the Ecuadorian-Chinese Chamber of Commerce and President of the Business Federation of China, Latin America and the Caribbean. Cáceres highlighted the importance of the summit as a platform to strengthen the economic relationship between China and Latin America, underlining the need to build relations of trust with Chinese businessmen.
"This summit is one of the most important initiatives for relations between China and the region. It is an event that takes place alternately in China and Latin America, and in 2022 we had the privilege of organizing it in Guayaquil, Ecuador. The key to success in business with China is to establish relationships of trust, and this type of meeting allows us to have direct contact with Chinese businessmen and learn about their expectations and objectives."
In addition, Cáceres highlighted the importance of plenary sessions and forums as a space to broaden the vision of China and the commercial opportunities that exist. During the summit, he participated in a forum on investment and trade, where he shared his message on the need to promote effective diplomacy between Latin American countries and China to attract foreign investment and strengthen bilateral cooperation.
"These spaces are essential for Latin American countries that are already doing business with China to update themselves, and for those that have not done so, to be encouraged to start commercial relations," added Cáceres, who also highlighted Nicaragua's tourism potential as an attractive destination for Chinese investors.
Francisco Alberto Lima Mena: Central America and its Role in Economic Integration Francisco Alberto Lima Mena, Secretary General of SIECA (Secretariat for Central American Economic Integration), participated in a panel on the economic advances of the Central American region. Lima Mena explained to En Vivo Magazine that SIECA's participation in this type of meeting is strategic, since it allows the region's advances in terms of economic integration to be presented and trade relations with China to be facilitated.
"Central America is a relatively small region, but despite this, it is an interesting market for China. Many countries in the region have already established free trade agreements with China, which facilitates the access of our products to this large market," Lima Mena said.
The Secretary General of SIECA highlighted that the region has made significant progress in facilitating trade and in the digitalization of its processes. In addition, he mentioned the importance of the integration of Central America through a customs union, a strategic objective that would allow for further strengthening of intra-regional trade and with countries such as China.
"We are experiencing a new economic reality thanks to the free trade agreements that are being established. These meetings are essential to take advantage of the opportunities they offer, since the Chinese market is very large and what we have to do is align ourselves to meet that demand," said Lima Mena, who also stressed the need to create strategic alliances between Latin American countries to strengthen production chains and improve the competitiveness of the region in a globalized world.
Nicaragua as a Platform for Trade with China The choice of Nicaragua as the venue for the XVII China-LAC Business Summit was not a coincidence. Our country has strengthened its relations with China in recent years, which has opened new opportunities for trade and investment. Nicaragua's participation in the summit is seen as an opportunity to consolidate its position as a connection point between China and Latin America, especially in key sectors such as tobacco, coffee, mining and tourism.
The representatives present at the summit agreed that Nicaragua has great potential not only in terms of trade, but also as a tourist destination. According to Cáceres Pazmiño, Nicaragua has many things to exploit in the tourism field, and its relationship with China can be a gateway to attract tourists from Asia, especially from China, which is seeing Latin America as an increasingly attractive region for tourism.
The XVII China-Latin America and the Caribbean Business Summit 2024 has been a resounding success in terms of participation and generation of new business opportunities. Businessmen and authorities from the region agreed on the importance of continuing to strengthen ties with China, a country that remains one of the main engines of global economic growth.
The summit has made it clear that, if properly managed, trade relations between China and Latin America can continue to grow, offering mutually beneficial opportunities for both parties. With increased cooperation and diplomacy, the prospects for economic development in the region are more than promising
