Deals worth over $1 bn inked during China-LAC business summit

Deals worth nearly $1.1 billion were signed during the 14th China-Latin America and the Caribbean (LAC) Business Summit held in southwest China's Chongqing Municipality.

The two-day summit that concluded Wednesday saw the inking of 18 cooperation agreements including eight deals between Chinese and Latin American companies covering fields of animal husbandry, minerals, automobiles and medical equipment, Xinhua news agency reported.

China is the second-largest trading partner of the LAC region, and the annual bilateral trade volume has exceeded $300 billion for three consecutive years. The LAC region is also the second-largest destination for China's outbound investment, with more than 2,700 China-funded enterprises operating in Latin America and the Caribbean.

First held in 2007, the summit is China's first economic and trade promotion platform for Latin America. The 15th China-LAC Business Summit will be held in Ecuador.

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(With inputs from IANS)