Trade between China and Venezuela has increased by 50 times in the last decade, which has transformed the Asian country into the second largest trade partner of Venezuela, a fact evidenced by the consolidation of bilateral relations.
During the inauguration of the Third Industrial Expo China-Venezuela 2011 in Caracas this Thursday, Venezuela’s Planning and Finance Minister, Jorge Giordani, said that ties between the two countries have been strengthened on the basis of equality, cooperation and fraternity, which has made the expansion of multiple agreements in commercial and productive industries possible.
As of 2011, trade levels between China and Venezuela have reached $10 billion dollars, which represents an increase of 900% compared to the $200 million dollars in trade existent between the two nations in 1999.
“This decade, relations between our peoples, presidents and governments have not just been strengthened, but have also expanded and diversiﬁed. At the beginning, our relationship was just based on energy and agriculture exchange. Currently, it covers the most productive sectors of our economies”, Giordani explained.
A diverse range of agreements have been signed with China, such as in the health sector (to supply medical and healthcare equipment and materials) and in the construction sector (in which the Asian country will contribute to housing construction in the framework of the Venezuelan public housing program “Grand Mission Housing Venezuela”).
The Planning and Finances Minister also emphasized that the relationship with China goes beyond just a commercial link, and both countries now share strong political and cultural ties.