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
