November 24, 2009

Beijing in Renewed Push for Latin America Resources

Jia Qinglin, head of Beijing's Chinese People's Political Consultative Conference, is on a deal-making tour of South American nations. Traveling with a large trade delegation, Jia opened a China-Ecuador business meeting in Ecuador's capital, Quito. OPEC member Ecuador announced a Chinese investment of over $1 billion (US dollars) to form a China-Ecuador oil exploration company to exploit the Oglan block in the Amazon rain forest.

In Peru, President Garcia encouraged Jia to bring Chinese investment to Peru's automobile processing and port development. Chinese mining firms are said to be interested in increasing investment into Peruvian mining.

Next stop Brazil where Jia and his delegation will meet with President Lula da Silva. China is now Brazil's largest trade partner surpassing the United States. But the USA remains the biggest investor in Latin America despite all the promises of Chinese investment. China also lags the EU in terms of investment in the region.....

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