The 2023 Hunan-Latin American and Caribbean (LAC) Economic and Trade Cooperation Meeting was held in Changsha on May 19. Diplomats from the Bahamas, Mexico, Brazil, Uruguay and other LAC countries in China and commercial associations and enterprises from LAC countries participated to explore new space for economic and trade cooperation between Hunan Province and LAC countries.

More than 100 Hunan-based enterprises, including the Hunan Iron & Steel Group, CRRC subsidiaries in Hunan, and Zoomlion, held over 100 negotiations with LAC enterprises and organizations. The CCPIT Hunan Sub-council reached cooperation agreements with the Mexican Chamber of Commerce in China (MEXCHAM) and the Colombian Chinese Chamber of Commerce (CHICC).

"For tariff consideration, Mexico will be a convenient channel for Hunan products to enter European and American markets. Meanwhile, as an agricultural powerhouse, Mexico has a bright prospect in the agricultural machinery industry. I hope we can collaborate thoroughly with Hunan in such fields as construction machinery and food," said Víctor Cadena, MEXCHAM executive vice president. He led a 30-person delegation to the meeting this time, covering diverse sectors such as finance, clothing, industrial parks, and seafood. He expected to set up subsidiaries in Hunan and welcomed Hunan enterprises to start business in Mexico.

Hunan Province and the Grand Bahama Island of Bahamas signed a letter of intent (LoI) on establishing a friendly province-island relationship last August. Hunan and the Bahamas have conducted in-depth cooperation in agriculture, marine resources, and medical treatment, said Paulette Bethel, ambassador of the Bahamas to China. She expected this meeting would lead to new cooperation outcomes.

Officials from the embassies and consulates of LAC countries, including Mexico, Uruguay, Chile, and Colombia, introduced their countries’ investment policies and business environment. Zoomlion, Longping High-tech, and Yongzhou (China-Cuba) Biotechnology Joint Innovation Center representatives shared their experience in cooperation with LAC countries.

Hunan Province has continuously deepened economic and trade cooperation with LAC countries in recent years. In 2022, Hunan-LAC import and export value amounted to 57.78 billion CNY, increasing by 31.8% year on year.