China's Belt and Road Initiative entails the type of infrastructure development that Latin America sorely lacks, according to Mexican economist and China expert Enrique Dussel.
Dussel, who heads the Center for China-Mexico Studies at the National Autonomous University of Mexico (UNAM), believes regional countries should learn more about the innovative global development scheme, so they can participate in and share the benefits.
"We have to learn about China's proposals, initiatives and strategies if we want to start a dialogue," said Dussel.
Inspired by the centuries of trade that thrived along the ancient Silk Road leading from Asia through the Middle East to Europe, Chinese President Xi Jinping in 2013 proposed its modern-day version, or the Silk Road Economic Belt.
Together with the 21st Century Maritime Silk Road, the Belt and Road initiative aims to drive global growth by promoting infrastructure, connectivity, financial mechanisms and public policies needed to spur trade, especially among the world's emerging and developing regions.
Latin America's decision-makers "have to learn about the Belt and Road Initiative, the new Maritime Silk Road," said Dussel.
China is offering the "infrastructure projects that Latin America needs," he stressed.
In fact, China is already "undertaking some 70 infrastructure projects" in the region, he said.
Latin America has invested barely 2 percent of its gross domestic product on infrastructure building over the past two decades, according to Dussel.
This has marked "a huge gap" compared to other regions, said Dussel, who will be traveling to China in September to present a study on the subject titled "Building Development for a New Era: China's Infrastructure Projects in Latin America and the Caribbean."
In the past 40 years, and especially in the last decade, he said, China has driven domestic development by pursuing "successful" infrastructure projects, such as ports and airports, as well as greater connectivity and technology.
"There is no category (of infrastructure project) that it cannot offer in the world, including Latin America, as part of this package," said Dussel, noting both China and countries that take part in the initiative have something to gain.
"This has huge potential," Dussel said.
At the same time, increased collaboration will lead to "greater understanding" between the two sides, he said.
