China and Colombia increased their economic and cultural cooperation by signing five new bilateral agreements, announced Colombia’s Ministry of Foreign Affairs Monday.
After a meeting between Colombian President Juan Manuel Santos, Colombian Foreign Minister Maria Angel Holguin, and Head of Propaganda and Communications of the Communist Party of China Li Changun, officials signed several agreements which will increase economic, technical and cultural ties between the two nations.
Colombia’s Ministry of Foreign Affairs celebrated the strengthening of economic ties between the two countries and called China one of Colombia’s principle allies.
“The overall trade between the two nations has increased and investment is expected to increase, given the large attractive business network and the significant advances that have occurred in the creation of a safe and reliable legal framework,” said the Ministry of Foreign Affairs on their website.
The majority of the agreements signed were economic pacts in which China agreed to give financial assistance to Colombia.
Officials signed the Convention on Economic and Technical Cooperation, in which China agreed to provide aid to Colombia worth 20 million yuan ($3.2 million), a donation of $200,000 towards Colombia’s flood victims, 32 cars and three buses to help public transport infrastructure, and the training of 25 Colombian technicians.
Cultural Minister Mariana Garces Cordoba also signed the Cultural Exchange Program for 2012-2014, a Letter of Intent establishing cooperation between Colombia’s National Musuem and China’s Capital Museum and an agreement securing the creation of a Confucius Institute at the University of Bogota.
During the meeting, Santos and Changun also finalized the details for Santos’ visit to China which will take place next month.
On the upcoming trip, Santos “hopes to increase the level of cooperation between the two countries in all fields, strengthening economic, scientific and technical ties, as well as consolidating and equalizing the balance of trade with China, increasing investment in the country and addressing the same sectors to stimulate development and contribute to increased employment,” said the Foreign Ministry.