US border city eager to expand economic relations with China

HOUSTON - Laredo, a US city bordering Mexico, is eager to expand its economic relations with China, said Olivia Varela, president and CEO of the Laredo Economic Development Corporation.

Setting up a booth at the fourth US-China Innovation and Investment Summit that kicked off Thursday here, Varela said her organization has been actively following the summit for years.

Commenting on US-China trade relations, Varela said people in Laredo are strong believers of collaboration.

"We believe that there are very big opportunities between China and Laredo, Texas and the United States," she said. "While there are issues that need to be addressed, we feel that collaboration is the way to really come through."

Earlier this year, a Houston-based investor with Chinese origin signed a contract with a Laredo enterprise to build a free trade center.

The project will become a platform "for not only China but (at) a global scale for trade in many industries," Varela said. "We want to see future collaboration, a meeting of the minds where we can continue to explore the areas of mutual interest."

China is Laredo's second largest trading partner after Mexico.

In 2017, China's trade volume with Laredo, a city with about 260,000 people, increased 5.23 percent to $4.02 billion.

Jointly hosted by China Science and Technology Exchange Center and US-China Innovation Alliance, the innovation and investment summit attracted around 300 participants from China and the United States, including entrepreneurs and investors, to explore cooperation opportunities.