China and Argentina have taken their relationship to a new level with the South American nation joining the China-proposed Belt and Road Initiative this month, a development that coincides with celebrations for 50 years of diplomatic ties.
Argentina's entry into the BRI, which officially took place on Feb 6 during a visit by Argentine President Alberto Fernandez to Beijing for the opening ceremony of the Winter Olympic Games, had been in the works for a few years.
The development marks "a fundamental milestone in the bilateral relationship and reflects the continuity and strengthening of the comprehensive strategic partnership between the two countries", said Cristian Inderkumer, director of research at the Civic Association for Argentina-China Cooperation.
"Argentina and China are complementary economies, and the announced investments are tools that will further consolidate the trade relationship, as well as cooperation, exchanges and friendship between the two nations," Inderkumer said in Buenos Aires, Argentina's capital.
With Argentina joining the BRI as a full member, Beijing and Buenos Aires have entered into several significant agreements to further develop Argentina's infrastructure.
Railways and energy are some of the sectors that will benefit from stronger cooperation between the two sides within the BRI framework.
China is already participating in Argentina's efforts to improve its railways, providing know-how and funding for some projects. Now, with the BRI agreement, such collaboration will gain further momentum, experts say.
"This is a very important step to improve the quality of service in all the lines operated by Trenes Argentinos," said Martin Marinucci, head of Trenes Argentinos, the nation's rail operator.
With this support we will be able to advance much faster on the railway projects, he said.
In late January, the agency signed three agreements to evaluate financing for railway projects under a concession scheme that involves several Chinese firms including China Railway International Group and CRRC Qingdao Sifang Company.
"These are works that improve the quality of life of hundreds of thousands of passengers, both current and those who will see the train arrive at their localities," Marinucci said.
The projects will result in "more train frequencies, more services, better stations", Marinucci said.
In the energy sector, Argentina and China entered into a cooperation agreement on Feb 1 for construction of the Atucha III nuclear plant, which involves a reactor of 1,200 megawatts, in Lima, a city in the province of Buenos Aires. Argentina is investing $8 billion in the project and China is providing the construction and know-how.
"It is a historic event for which we waited many years," Diego Hurtado, vice-president of Argentina's National Atomic Energy Commission, said in a statement.
"Having China as a partner in the fourth power plant for Argentina is a window to multipolarity and, on the other hand, it also means having a locomotive for the nuclear sector."
Hernan Prieto, chief executive of Latin-China Consulting and representative of the Argentine Confederation of the Medium-sized Enterprise in China, said: "Fifty years after the establishment of diplomatic relations between the two countries, it is a more than logical step and excellent news that Argentina has finally joined this initiative."
