BRI is incomparable for the benefits it brings to Latin America in terms of perspectives, geographical coverage and funds
Published: Jun 09, 2022 06:42 PM
View of a coast in Lima, Peru Photo: VCG

View of a coast in Lima, Peru Photo: VCG

China's cooperation with the Latin American countries under the Belt and Road Initiative (BRI) is a generous offer to Latin American countries, which has a macro perspective and is based on the national priorities of Latin American countries.

The cooperation with China is very important for Latin America and Peru in particular, since this cooperation is oriented to promote the development of the economic structure, including trade, technology, sustainable growth and cultural institutions in the region.

China's cooperation with Latin American countries including Peru has endured over a long period.

In 2012, Chinese government offered $10 billion in credit for infrastructure projects. The cooperation offered by the Chinese government included infrastructure, industrial development and food security, and was the most generous amount offered to Latin America at that time.

The BRI benefits Latin American economies, providing access to new technologies and innovation, modern trade tools like e-commerce, distance education and online healthcare.

It is important to highlight that it is not China that is looking to offer this cooperation to Latin America, but the Latin American countries that are looking for Chinese cooperation, because the BRI cooperation is a non-conditional cooperation, which responds to Latin American priorities and it includes bilateral and regional projects.

The initiative has been very important in the regional fight against COVID-19, as well as strengthening economic, social and cultural cooperation.

Latin American economies can also use BRI to get access to other markets beyond China through digital connectivity and online contact.

There has been a significant increase in the number of countries joining in the initiative. So far, 21 countries in Latin America have signed agreement over the jointed construction of the Belt and Road, with the cooperative field continuing to expand.

No other regional project has the same perspective, geographical coverage and funds than BRI for the benefits of Latin America economies, which is why more Latin American countries are joining this initiative.

Juan Carlos Capu?ay,former Peruvian Ambassador to China Photo: Yin Yeping/GT

Juan Carlos Capuñay,former Peruvian Ambassador to China Photo: Yin Yeping/GT

The author is the former Peruvian Ambassador to China.