China-Latin America BRI cooperation set to accelerate, after Colombia’s formal accession: expert

Date：2025-05-26 09:11:15 Click：57次

A view of Bogota, Colombia's capital File photo: VCG

Cooperation between China and Latin America under the Belt and Road Initiative (BRI) framework has entered a fast lane, evidenced by recent major developments.

Among the highlights is an agreement signed between China and Colombia on BRI cooperation. During Colombian President Gustavo Petro's visit to China in mid-May, the two countries inked a cooperation plan between the two governments on jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, marking the Latin American country's formal accession in the China-proposed global initiative.

Following the signing of the cooperation plan, Colombia officials and Chinese firms expressed greater expectations for deeper collaboration in various fields.

Boosting expectations

Signing the cooperation plan with China will promote Colombia's development and allow Colombia to jointly enjoy opportunities with China in the fields of transportation and connectivity, Edwin Palma, Colombia's Minister of Mines and Energy, told the Global Times at a Colombia-China investment meeting in Beijing last week.

As one of the Chinese companies with long-standing operations in Colombia, Power Construction Corporation of China (PowerChina) has focused its efforts in the country on key areas such as water management, housing construction, renewable energy, and mining. As of the end of April, the company had 16 projects under construction across Colombia, according to a statement the company sent to the Global Times on Thursday.

One of PowerChina's major projects in Colombia is the Ituango Hydroelectric Project, which was signed in 2023 and is currently under construction. It will be the largest hydroelectric generation plant in the country, with an installed capacity of 2,400 megawatts allowing the generation of 13,900 gigawatt-hours per year.

Once completed, the project is expected to meet around 9 percent of Colombia's total electricity demand, serving as a clean energy hub that supports structural economic transformation in the Antioquia region and contributes to the country's overall development, according to the company.

PowerChina currently has over 100 Chinese staff members and more than 2,000 locally hired employees working in Colombia, making a significant contribution to local job creation.

In recent years, the Colombian government has rolled out a series of infrastructure development plans covering highways, railways, ports, energy - particularly renewable energy - and urban transportation systems. Chinese companies, with their technological expertise and cost competitiveness in sectors such as energy and transportation, will be very attractive in these initiatives, PowerChina said.

In addition to PowerChina, China Three Gorges Corporation has also undertaken a major project in Colombia. Located near the city of Baranoa in Atlántico, northern Colombia, the Baranoa I PV Plant was China Three Gorges' first greenfield project in Colombia. It was successfully connected to the grid recently, the company said in February.

In addition to energy projects, the two countries are also eyeing cooperation in emerging sectors such as artificial intelligence.

During his visit to China, Petro said the two sides should deepen political mutual trust, enhance mutual support, advance Belt and Road cooperation, expand cooperation in areas such as trade, infrastructure, new energy and artificial intelligence, and improve people's livelihoods, according to a statement on the website of the Chinese Foreign Ministry.

Palma also said he sees more opportunities for Colombia in the fields of transportation and connectivity. "It will facilitate the growth of our country's exports to Asia, especially in areas where Colombia has potential. Most importantly, this will drive the development of the 'future economy,' which is the knowledge-based economy," Palma said.

Bilateral trade between China and Colombia grew 13.1 percent year on year to reach 149.63 billion yuan ($20.8 billion) in 2024, surpassing 120 billion yuan for the fourth consecutive year, data from the General Administration of Customs showed. China is now Colombia's second-largest trading partner, while Colombia ranks as China's fifth-largest trading partner in Latin America, according to Xinhua News Agency.

In addition to traditional sectors, the countries have seen broadening cooperation in emerging industries as well. According to the People's Daily, Chinese electric car brands such as BYD are quickly gaining popularity in major Colombian cities such as Bogota and Medellin.

Broader significance

Meanwhile, the signing of the BRI cooperation plan between China and Colombia also carries great significance for the broader Latin American region, as it brings fresh momentum, according to officials and experts.

"This is not a matter between the two countries, it is a major plan involving China and the entire Latin America," Palma said.

Colombia's decision to join the BRI underscores the broad recognition among Latin American countries of the benefits brought by the initiative, encouraging more nations in the region to participate in hopes of tapping into the momentum of China's economic growth, Wang Youming, director of the Institute of Developing Countries at the China Institute of International Studies in Beijing, told the Global Times on Sunday.

China's investment aligns closely with the development needs of Latin American countries, particularly in infrastructure, where the region faces a significant funding shortfall, Wang said, noting that's why Chinese investment is widely welcomed across Latin America.

Notably, the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing in mid-May adopted the Beijing declaration of the meeting, and the China-CELAC joint action plan for cooperation in key areas (2025-27).

The Joint Action Plan will outline concrete measures for cooperation in areas such as technological innovation, trade and investment, finance, infrastructure, agriculture and food, industrial informatization, energy development, and joint construction of the BRI.

The BRI, in particular, has brought China into closer partnership with countries across the vast Pacific. To date, more than 20 countries in the region have joined the Belt and Road cooperation framework, and 10 countries have signed cooperation plans with China under the initiative, according to Xinhua.

Zhou Zhiwei, an expert on Latin American studies at the Chinese Academy of Social Sciences, said that China-Latin America cooperation has expanded greatly in recent years, in terms of trade, investment and other areas.

Still, the two sides have vast potential for more cooperation due to their high degree of economic complementarity and common identities and interests as developing nations from the Global South that are facing similar development challenges, striving to advance modernization, and politically committed to reforming the global governance system and establishing a fair and just international order, Zhou told the Global Times.