Last week, delegates from the China Youth Center for International Exchange visited our office during their exploratory trip to Chile and Argentina to learn more about the region and promote youth interchange. During the visit, the president of the organization, Ma Xingmin, signed a Memorandum of Understanding with our partner Francisco Saenz in which both parties agreed to provide support to entrepreneurs from China and Latin America looking to expand into each other’s markets.
This agreement serves to deepen ties between Magma and China after we co-launched the Sino-Latin American Accelerator with Kr Space in January 2018 to help connect entrepreneurs and investors in both regions. As part of the agreement, China Youth Center for International Exchange will support the accelerator program and Magma Partners will continue to host events on Latin America in China to teach Chinese investors and entrepreneurs about doing business in Latin America.
Jie Hao, a Beijing-based Partner at Magma Partners noted, “We believe that China will play an important part in Latin America, both at the governmental level and in the high tech ecosystem. I’m excited to continue to support the exchange between China and the region.”
This trip was the China Youth Center for International Exchange’s first visit to Latin America. The Center is part of the All China Youth Federation, the biggest youth organization in China with more than 300 million members. During their visit, the delegates also met with government organizations, banks, businesses, and entrepreneurs.
“I believe it is important to open up communications and cooperation between Chinese and Chilean young entrepreneurs,” said Ma Xingmin during the signing ceremony.
The visit is a sign of China’s increasing interest in the Latin American market. Chile recently joined China’s Belt and Road Initiative and deepened trade relationships with the Asian giant. Francisco Saenz commented on the trend saying, “I am excited about the chance to learn more about China. I went to China in January 2018 and saw that China is ahead of Latin America in many ways, but especially in high tech. There is a lot that we can learn from China.”
China’s growing influence in Latin America is one of the trends we have been watching this year, and we are looking forward to working with the China Youth Center for International Exchange to promote interchange between the two regions.