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DB helps thousands of Caribbean SMEs do business with China

WASHINGTON, Oct. 23,CMC – The Inter-American Development Bank (IDB) says it is helping thousands of small and medium enterprises (SMEs) in Latin America and the Caribbean (LAC) do business with Canada.

IDBBThe IDB said 3,000 business meetings were held at the recent 10th China-LAC Business Summit, whose main goal was to support Latin American and Caribbean SMEs with expanding their trade ties with China.

Through these forums, the Washington-based financial institution said it has, over the years, enabled “thousands of SMEs to penetrate the Chinese market, promoting knowledge exchange and business making.”

The IDB said trade between China and the region amounts to US$250 billion and has grown nine times in the last decade.

China is the second largest trading partner in LAC, according to an IDB study.

The IDB said China’s demand for the region’s products is expected grow in the medium and long-term.

“The IDB Group is a gateway to Latin America and the Caribbean. We have the expertise and local presence, and we have a track record of success, including with channeling resources from China effectively,” said the chief executive officer of the Inter-American Investment Corporation of the IDB Group James Scriven.

Since the first summit in 2010, the IDB has organized more than 10,000 business to business (B2B) meetings between Chinese and regional countries.

“The more than 3,000 bilateral business meetings, organized in sectors as diverse as software, fish exports and renewable energy, reflect the enormous potential in terms of product diversification, markets and businesses in our region’s trade with the Asian giant,” said Fabrizio Opertti, chief of the IDB’s Trade and Investment Division.

The IDB said renewable energy and infrastructure were the highlights of the agenda.

It said China is the largest investor in renewable energy, responsible for more than 60 percent of total investments in the energy sector.

And, at the same time, the IDB said China is also the world leader in infrastructure, adding that its companies consider investing in LAC a priority.

The IDB said Chinese companies, such as Envision, led by Mexican entrepreneur Rafael Valdéz in LAC, have been investing consistently in the region, especially in high impact renewable energy projects that can contribute to sustainable development.

The IDB said it channels its support to SMEs through ConnectAmericas, the first business social network of the Americas, a project led by the Bank’s Trade and Investment Division.

  • Countries: Caribbean

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