China Plans to Invest Extra $250Mln in Latin America Over Coming Decade

China's President Xi Jinping announced a plan to increase direct investment into Latin America to $250 million and to double trade with economies in the region to reach $500 billion over the coming decade, the China Radio International said Thursday.

MOSCOW, January 8 (Sputnik) – The announcement was made during the president's opening speech at the ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC) being held in Beijing.

"Let's make this meeting a new starting point, seize the new opportunity of collective cooperation, and work toward a new phase of bilateral development between China and CELAC," Xi was quoted as saying by China Radio International.

Earlier in the day, it was announced that China will invest $20 million in Venezuela's economy and provide over $7 million dollars in credit lines and loans to Ecuador.

"Relations between China and our region should be based on mutual benefit and win-win cooperation as well as mutual respect so that we can together promote and reform international order," the President of Ecuador Rafael Correa was quoted as saying by the broadcaster.

CELAC was established in 2011 in Venezuela and comprises 33 Latin American countries. Trade between China and CELAC members has increased from $10 billion to $257 billion in a decade.