(MENAFN) The Chinese government announced it is planning to invest USD250 billion in Latin America over the next 10 years in efforts to boost resource-hungry China's influence in a region long dominated by the United States, Khaleej Times reported.
The country said that these investments come as the trade between China and the Community of Latin American and Caribbean States, (CELAC), a 33-country bloc that does not include the United States or Canada, is expected to rise to USD500 billion in 10 years.
China also said that it is planning to cooperate with CELAC in different sectors including energy, infrastructure construction, agriculture, manufacturing and technological innovation.
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