A large number of participants and many business transactions are anticipated when the 12th China-LAC Business Summit is held in Zhuhai, for the first time, from Nov 1 to 2.

The China Council for the Promotion of International Trade (CCPIT) announced the selection at a press conference in Beijing on May 4. The summit is alternately held in China and Latin America: Punta del Este, Uruguay last year, and Tangshan in Hebei Province in 2016.

Zhuhai was chosen this time due to its pivotal role in China's relationship with the LAC region, according to Vice Mayor Lu Xiaofeng. The city also has extensive experience in running high-profile events, for instance, the first China-Latin America & Caribbean International Exposition last year.

Press conference [Photo by Zhong Xia / Zhuhai Daily]

The event will promote international cooperation on the Belt & Road Initiative and new opportunities for economic and trade development between China, Latin America, and the Caribbean. Businesses will be encouraged to get involved in global economic governance and a sustainable, prosperous future. Potential is seen in infrastructure, finance, trade, services, development of small and medium-sized enterprises, and construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

It is hailed by the Chinese government as a flagship brand in China-LAC practical cooperation. Since its inception in November 2007, the China-LAC Business Summit, as the first comprehensive conference of its kind, has increased economic and trade cooperation between the countries.

Scheduled are business matchmaking events, seminars, a round-table conference for trade promotion agencies and business associations, and training sessions for industrial and commercial personnel. The China-LAC Industrial Cooperation-Trade Exhibition will be allocated 20,000 sq m (4.9 acres) of space.

State government leaders, experts, representatives of international organizations and business associations, and entrepreneurs will attend.

The event attracts delegates from nearly 30 LAC countries each year. The scale and influence is expected to reach record highs in terms of both the number of attendees and countries represented. Past hosts are Chile, Colombia, Peru, Costa Rica, Mexico, and Uruguay.

Vice Mayor Lu also reviewed preparatory work. She stated that the China-Latin America Economic & Trade Cooperation Park in Hengqin New Area, near the convention venue in Shizimen Central Business District, is playing an important role in economic and trade cooperation with Portuguese- and Spanish-speaking countries.

CCPIT is the sponsor along with the Guangdong Provincial Government, People's Bank of China, and Inter-American Development Bank (IDB). The China Chamber of International Commerce and Zhuhai government are organizing the presentation.

Jiang Zengwei, CCPIT chairman, also attended the press conference.