Economic Developments - November 2017

Presidents of Brazil and Mexico visited China early September in connection with the BRICS Summit in Xiamen, to which Mexico was a special invitee. Chinese media: Chinese authorities publicised the Latin American connection. Mexico faces a challenge over the continuation of NAFTA from the Trump administration. China and Brazil signed 14 cooperation agreements. The two leaders agreed to collaborate on China’s Belt and Road Initiative especially global telecommunications and infrastructure projects, with Temer outlining his privatisation plans to Chinese investors.
China’s inexorable penetration of Latin American economies continues:
• Chinese companies were the highest investors in Brazil over the last decade with a cumulative investment of $46 billion in 87 projects in hydropower, hydrocarbons, power transmission, nuclear energy, ports, automobiles, telecom and agro-industry, entering even the finance sector.
• BAIC, one of 15 largest automakers worldwide, will introduce 4 new models in Mexico, where some US and Japanese companies have downsized or exited. BAIC is also negotiating the production of electric cars in Chile, using its rich lithium reserves.
• Chinese government and enterprises are working with Colombia on drinking water and sanitation projects, solar energy and hydropower in Bolivia.
• Chinese telecom giant Huawei has designated Panama as a regional hub. China Landbridge, CCCC and others are working on the Margarita Island terminal, a hydropower project and a fourth bridge over the Panama Canal.
November 9, 2017


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About the Author

Ambassador Deepak Bhojwani

Former Ambassador of India to Colombia, Venezuela and Cuba and Distinguished Fellow, Ananta Centre

Ambassador Deepak Bhojwani joined the Indian Foreign Service (IFS) in 1978. He retired in February 2012. During his career, he was accredited as Ambassador in seven Latin American countries, resident in Colombia, Venezuela and Cuba, concurrent in Ecuador, Costa Rica, Cuba and the Dominican Republic, and was Consul General in Sao Paulo. He served abroad in three Continents – Asia (Indonesia and Malaysia), Europe (Spain and Czech Republic) and Latin America.

In the Ministry of External Affairs, he served in the Divisions dealing with Administration; West Asia and North Africa; US and Canada; and had a brief stint at the United Nations.

Ambassador Bhojwani also served as Private Secretary to the Prime Minister of India, Mr P.V.Narasimha Rao for two years from 1994 to 1996, and as Special Assistant to the Minister of State for External Affairs and for Science and Technology, Mr K.R.Narayanan, from 1985 till 1988.

He writes extensively on Latin America and its relations with India. He has written a book published in 2015 titled ‘Latin America, the Caribbean and India: Promise and Challenge’.

He is currently a Consultant for Latin America and the Caribbean through his firm LATINDIA (

Ambassador Bhojwani also serves as Independent Director on the Board of Bharat Petroleum Corporation Ltd., one of the largest state oil and gas companies of India.

Since January 2017 he has been Country Manager and Director, Magotteaux Industries Pvt. Ltd.

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