Guatemala should build closer economic relationship with China: former minister

As an important economy in Central America and the Caribbean, Guatemala should build closer economic relationships with China for the country's future development, said Guatemalan former Minister of Economy Luis Velasquez.

In an exclusive interview with China Global Television Network (CGTN), Velasquez said China is an important trading partner for Guatemala, and Guatemala should strengthen its commercial presence at the promising Chinese market.

"As Guatemala is the most important economy in Central America and the Caribbean, meaning we have significant leadership, I believe the time has come for us to establish a closer relationship with the People's Republic of China. We can discuss various aspects, including trade, where over 38 percent of our imports already come from China. In that sense, we need to enhance our commercial engagement, attract significant capital investments so that companies from the People's Republic of China can set up operations in Guatemala, export throughout the Americas, and also to the world," said Velasquez.

China's rapid development has set an example for Guatemala, and establishing closer relations with China will promote the vigorous development of business and employment in Guatemala's socioeconomic fields such as trade, technology, culture, industry and services.

"China produces products for billions of people, which effectively lowers the cost of products so that the majority of the population can access them. Indigenous entrepreneurship could also benefit from closer ties, taking inspiration from some of the credit access models that the People's Republic of China has provided for the development and promotion of micro, small, and medium enterprises, and forming partnerships with cooperatives in Guatemala. There is great potential for trade, technology, culture, industry, and services," he said.

"We should send our youth to study Chinese, which will be useful in many Asian countries, and they can also learn technologies that can be effectively implemented in Guatemala to improve our competitiveness, efficiency, and effectiveness, thereby generating more wealth for the majority of Guatemalans and allowing us to export worldwide. There are a number of strengths and opportunities that we should capitalize on for the short, medium, and long term," he said.

Guatemala should build closer economic relationship with China: former minister

The new China-Mongolia cross-border railway is expected to serve as a new bridge for boosting connectivity between the two countries, Chinese Foreign Ministry spokesman Lin Jian said in Beijing on Thursday.

China and Mongolia held a groundbreaking ceremony on Wednesday to mark the official launch of construction on the Gantsmod–Gashuunsukhait rail project, which will be the second cross-border rail link between the two countries.

Lin said at a regular press briefing that the railway would inject new momentum into the development of China-Mongolia bilateral relations.

"On May 14, China and Mongolia held a ceremony to mark the official groundbreaking of the Gantsmod-Gashuunsukhait cross-border railway, which is the second cross-border railway between the two countries. Expanding cooperation in key areas such as economy and trade, energy, mining and connectivity is an important common understanding between President Xi Jinping and Mongolian President Ukhnaa Khurelsukh. In February this year, Premier Li Qiang and Mongolian Prime Minister Luvsannamsrai Oyun-Erdene jointly witnessed the exhibiting of the cooperation agreement on the Gantsmod-Gashuunsukhait railway and coal trade," said Lin.

"The construction of this cross-border railway is not only a concrete step of implementing the important common understanding between the presidents of the two countries, but also an important action to synergize the Belt and Road Initiative and Mongolia's Steppe Road Program. We hope this railway will serve as a new bridge for China-Mongolia connectivity, fostering deeper development integration, promoting industrial synergy, and expanding visits and exchanges, thereby injecting new impetus in to the building of a China-Mongolia community with a shared future," he said.

New cross-border railway to enhance connectivity between China, Mongolia: FM spokesman