China, Latin America solidify cooperation with premier's visit

BEIJING - Chinese Premier Li Keqiang's visit to Latin America, highly anticipated for a raft of business deals, is expected to put China's cooperation with the region on firm footing.

Li, making his first Latin America visit since taking office as premier, arrived in Brasilia on Monday for the first leg of his four-nation tour that will also take him to Colombia, Peru and Chile through May 26.

The four countries are China's closest economic and trade partners in Latin America, accounting for 57 percent of China's total trade with the region in 2014. Brazil is China's largest trading partner in Latin America. Chile and Peru have free trade pacts with China while Colombia and China are also looking at reaching an agreement.

During Li's visit, analysts predict China will sign wide-ranging agreements in trade, finance, energy, science and technology, agriculture, and manufacturing with the four nations.

Cooperation in these fields will enrich China's economic and trade ties with Latin America, which in the past have focused on mineral resources, bulk commodities and farm produce, according to analysts.

China's Ministry of Foreign Affairs revealed that one of Li's key agenda items for this visit is to deepen industrial cooperation. Infrastructure and free trade zone construction, economic and technological cooperation, human resources training and financial support will also be discussed by Li and local leaders.

Industrial cooperation has become a new growth engine for China and Latin America. The value of China's contracts in the region, including projects in natural gas, pipelines, power plants, roads, sea ports, housing, telecommunications and railways, topped $110 billion as of the end of 2014, official data showed.

Wang Zhen, former ambassador to Uruguay and Venezuela told Xinhua that China-built water pipes, railways, bridges, and irrigation facilities have benefited Venezuela. Valdemar Carneiro Leao, Brazilian ambassador to China, said the Brazilian government appreciates China's investment in the country and looks forward to more Chinese investment projects that combine both construction and services.

During Li's visit, China, Brazil, and Peru are expected to sign an agreement on feasibility research for a 4,000-km-long railway linking Brazil's Atlantic coast to Peru's Pacific coast.