FENLACC to Create Commercial Bridge with ChinaBy Sofía Hanna | Thu, 07/01/2021 - 17:55
The Business Federation of Latin America and the Caribbean – China (FENLACC) addressed the initiatives the regions are taking to promote trade and business during the "Building Bridges with China" conference.
To highlight the importance of developing a bridge between Latin America and China, Nicole Wong, Former Director-General of Foreign Policy of Panama, showcased the diverse opportunities that are arising across the regions. China has the largest emerging middle class in the world and its government is currently working to improve the business environment for foreign companies. The main areas of opportunity are tourism, minerals, soybeans and derivates, meat products, value chains and infrastructure. Tourism remains a priority because it will be highly sought after once the repercussions of the pandemic recede. Wong also mentioned that this is the right time to start new projects with China as the digital economy is increasingly becoming stronger.
There have been some challenges limiting relations between Latin America and China, mentioned participants during the conference. For example, there is a clear lack of mutual understanding due to customs and language barriers. The distance between China and the Latin American countries also takes its toll, complicating the generation of bridges linking the regions.
The event also mentioned that there exist ways to promote Latin American companies in China, but few businesses are aware of them. Through events such as this one, the federation aims to promote these strategies. For example, some companies use Chinese digital platforms such as Tiktok and Wechat. Wong explained that Latin American companies should know, study and use these platforms. Finally, she addressed the importance of training employees to facilitate the commercial exchange.
FENLACC is a non-profit association incorporating the Chambers of Commerce of China, Mexico, Ecuador, Brazil, Bolivia, Costa Rica, Colombia and Argentina that aims to become the leading business promoting entity between both regions by disseminating initiatives, organizing projects or events and implementing new programs, said Rafael Valdez, President of FENLACC. The federation is divided into three committees: the Committee for the Promotion and Facilitation of Trade, the Committee for the Promotion and Attraction of Investment and Strategic Associations and the LAC-Belt & Road Committee.